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May 2013 Archives

Estate Taxes

It is always kind of difficult to part with your hard earned money and hand it over to the taxman. In spite of this, the vast majority of people can accept the fact that paying taxes is simply a part of life and that the revenue that is generated is necessary.

Are You Prepared for Incapacity?

When you think about estate planning the financial aspect may be the first thing that comes to mind and of course it is important to prepare your assets for eventual distribution to your loved ones after your passing. However, this is not the only component to a well conceived, holistic estate plan. To be fully prepared it is important to consider the possibility of incapacitation as well.

Social Security Facts

When you are planning for retirement you may want to set a target date to shoot for so that you have a destination firmly in sight as you traverse your life's path. While it is not wise to be overly reliant on Social Security because of the limitations of the program, a lot of people will plan their retirement dates based on their age of Social Security eligibility. It is important to recognize the fact that there is no one age at which everyone becomes eligible for this program.

Is Do-it-yourself Estate Planning a Good Idea?

A lot of people like to roll up their sleeves and engage in do-it-yourself projects and there are a number of reasons why it is easier than ever to take on DIY projects. For one thing, we have all sorts of home-improvement superstores on virtually every corner these days. And there are craft and art supply outlets and auto parts stores that provide you with anything you need to get the job done.

I am under 50. Do I need an estate plan?

There are those who are under the impression that estate planning is something that is only relevant to people who have reached retirement age. It is obviously true that it becomes more likely that you will pass away as you reach an advanced age. However, estate planning is something that is important for people of all ages and it can be properly viewed as a core responsibility of adulthood.

Avoid Probate and Save Money

If you choose to use a last will as your primary vehicle of asset transfer your estate must pass through a process called probate. During this period of time the probate court will examine the will to determine its validity and otherwise supervise the administration of the estate. The actual "legwork" as it were is done by the personal representative or executor.

Is It Important to Execute an Advance Health Care Directive?

Clearly there is a financial component that lies at the core of your estate planning efforts, but this is not the only thing to take into consideration. If you want to be comprehensively prepared for the future it is important to consider all of the eventualities that go along with aging. People who reach an advanced age often decline gradually, and this can sometimes include a period of incapacitation.

Long Term Care Cost is a Concern for Everyone

One of the issues that is much discussed throughout the elder law community is that of the high and ever rising costs associated with long-term care. When you are healthy and active it can be hard to wrap your head around the possibility of a future stay in a long-term care facility of some sort. You may recognize the fact that there are those who do require long-term care but assume that you won't be among them.

Estate Tax Parameters that You Want to Be Aware of

One of the first things that you are going to want to determine when you are engaged in estate planning is whether or not your estate is subject to the federal estate tax. This levy can have a significant impact on the future of your family and it is something to take very seriously when you are crafting your legacy.

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