It can seem like estate planning is all about the execution of a static document. You certainly have to leave behind instructions, but who will follow them, and how will it be done? The process of estate administration should be considered when you are planning your estate, because your understanding of it will impact the choices that you make. Last Wills A lot of people just blindly assume that a last will is the right asset transfer vehicle to utilize unless you are super rich. It can be … [Read more...] about Estate Administration: Keep It Simple
Estate Planning
Whom Do You Want to Get Your Assets?
Most of us have an idea whom we’d choose to receive our assets at our death. But often we don’t contemplate what should happen if the people whom we’ve selected die before us. Read on to learn more about contingent beneficiaries. Whom Do You Want to Get Your Assets? … [Read more...] about Whom Do You Want to Get Your Assets?
Advance Directives Are a Must for Young Adults
The vast majority of Americans do not have estate plans in place, and this is even true when you are talking about people that are in their mid-30s through to the age of 60. Of course, the preparedness level is extremely low among people that are younger than 35. You may say that there is nothing to see here; these figures are just common sense. It is true that the average life expectancy is 78 years, but significant numbers of younger people pass away every day. If you don’t have anyone … [Read more...] about Advance Directives Are a Must for Young Adults
Avoid These Three Estate Planning Traps
People that don’t have enough good information sometimes make estate planning errors that yield negative consequences. In this post, we will look at three common estate planning traps that you would do well to avoid. Going It Alone There are those that know they should put a plan in place, but they keep procrastinating for one reason or another. Some of these folks see ads placed by websites that sell do-it-yourself legal documents, including last wills. Going this route can seem like a good … [Read more...] about Avoid These Three Estate Planning Traps
Best Places to Retire: State Taxation
You owe federal income tax wherever you live. But your overall tax burden can vary dramatically depending on where you live. Read on to learn more. Best Places to Retire: State Taxation … [Read more...] about Best Places to Retire: State Taxation
Don’t Let the State Plan Your Estate
A lot of people know that they should take action to put an estate plan in place, but they procrastinate for one reason or another. It stays on the back burner for years, and the years turn into decades. In far too many instances, these individuals pass away without ever getting around to it. When this happens, the condition of intestacy is the result. Under these circumstances, there is a government mechanism in place to respond, and we will look at the process here. Intestate Estate … [Read more...] about Don’t Let the State Plan Your Estate
Low-Interest Loans: An Estate Planning Technique
The coronavirus has caused upheaval in society and the economy. But, this unique time also opens up opportunities in estate planning. Read on to learn more. Low-Interest Loans: An Estate Planning Technique … [Read more...] about Low-Interest Loans: An Estate Planning Technique
Avoiding Family Chaos in the Coronavirus Age
The novel “coronavirus” (also called “SARS-CoV-2”) causes the disease “COVID-19.” It first appeared in late 2019 and was reported to the World Health Organization (WHO) on December 31, 2019. Here’s a link to the WHO’s site for the latest global information. COVID-19 has impacted the lives of millions of people and countless events around the world. The coronavirus has infected over four million people around the world, including over a million in the United States. It has killed over 80,000 … [Read more...] about Avoiding Family Chaos in the Coronavirus Age
Planning Solution for a Spendthrift Heir
There is no one-size-fits-all estate planning approach, because each case is unique. This is why it is important to discuss your situation with an attorney. Strategies exist to address any type of scenario, and with this in mind, let’s look at planning for a spendthrift heir. Revocable Living Trust Generally speaking, assets that are transferred through the terms of a last will would be distributed in lump sums. This may be a source of concern if you have a poor money manager on your … [Read more...] about Planning Solution for a Spendthrift Heir
Uncompensated Transfers
Medicaid is a state-federal partnership that provides medical benefit assistance to people who qualify, especially those over 65 years of age. However, in order to qualify, you also need to meet certain financial requirements such as asset limits. However, if you have made “uncompensated transfers,” that could lead to a period of disqualification from the program. Read on to learn more. Uncompensated Transfers … [Read more...] about Uncompensated Transfers
