Estate planning can be approached in two different ways. You can stay in the present without any particular legacy plan and resolve to leave behind anything that may be left after your passing. The alternative is more intentional and comprehensive. Some people have specific legacy goals, and they want to make sure that they protect the well-being of their loved ones every step of the way. If you fall in the latter category, life insurance can be quite useful, and we will take a look at the … [Read more...] about Life Insurance Can Be a Useful Part of Your Estate Plan
When your property is passed on to your loved ones after you are gone, your legacy will live on. We all need monetary assets, but there is also a sentimental component, so these transfers are quite meaningful. As you start to get up there in years and contemplate your legacy, asset protection should be in the forefront of your thinking, because there is a looming threat. Long-Term Care Costs Once you reach the age of 67, your life expectancy is 87 years if you are woman, and it is 85 years … [Read more...] about Medicaid Planning: Take Action to Protect Your Legacy
Passing away is one of the sure things of life, but most people have done nothing to prepare for this inevitable event. How significant is the lack of preparedness? Caring.com endeavors to answer this question each year when they conduct their annual surveys, and the 2021 results have been released. Good News and Bad News Over recent years, fewer and fewer people have estate plans in place, but the COVID-19 pandemic seems to have gotten the attention of younger adults. Without question, … [Read more...] about 2021 Estate Planning Survey Yields Surprising Results
Probate is a legal process that is necessary when you transfer assets through the terms of a will. In New York, the Surrogate’s Court has jurisdiction over estate matters. This court also provides supervision when someone passes away without any estate planning documents at all. It should be noted that there is a simplified probate process in New York for small estates with a gross value of $50,000 or less. When you are planning your estate, you should definitely have some understanding of … [Read more...] about Four Things You Should Know About Probate
There can be some confusion when it comes to the taxes that can be levied on inheritances. You may have heard the terms “estate tax” and “inheritance tax” utilized, and they can leave you scratching your head. Are these two different taxes, or are the terms used interchangeably? Do they refer to income taxes on inheritances? These are good questions, and we will provide clarifications in this post. Income Taxes Life insurance policy proceeds and an inheritance that you receive through the … [Read more...] about Is There an Inheritance Tax and an Estate Tax?