It is fairly common for families to disagree when it comes to a loved one’s final arrangements. One family member may believe that cremation is the best option, while the others want a more traditional funeral and internment. These types of disagreements can cause problems in families for years to come. The law actually dictates who has the right to make decisions concerning your final arrangements. The order in which this usually goes is first the spouse, if you are not married or your spouse … [Read more...] about Disagreements Over Final Arrangements
Estate Planning
When Probate is a Benefit
When you think of estate planning, most of the time the first thing that will come to mind is finding methods that will help keep your estate out of probate. It’s true that in many cases this is the best for the family and the estate, but in some cases probate might actually be beneficial. For most small to medium estates, probate can easily be avoided and is also unnecessary in many cases, but with larger estates there may be some benefit to letting the estate go through probate. The main … [Read more...] about When Probate is a Benefit
Should You Agree to be a Trustee?
If you have been asked to be the trustee for someone’s trust, you will want to carefully consider the responsibilities and expense involved before agreeing to take on this job. Most people look at this as a great honor and it is. However, it is also a great responsibility, as well as a job that can become very tedious. For one thing, when you are appointed as trustee to someone’s trust, everything that you do could be scrutinized at some point in the future. Even if you are acting in good … [Read more...] about Should You Agree to be a Trustee?
Should You Amend Your Will
There could be any number of reasons why you might want to amend your will. Possibly you have changed your mind about who your beneficiaries will be, or you have added significant assets to your estate and must change your will to reflect your changing situation. At one time, it was common for people to simply go to an attorney and have their will amended to reflect the changes that they wanted, but today this is no longer practical for many reasons. The first being that the laws change on a … [Read more...] about Should You Amend Your Will
Telling Someone About Your Estate Plan
The most important element of estate planning is to actually get it done. A very large number of people never get beyond the first initial thought of estate planning. They may start thinking that they need an estate plan at some point in their lives, but never get beyond that point. Once you get beyond the point of just thinking about your estate plan and actually take action, you are still not done. No matter how solid your estate plan is, if no one is aware of it, the plan will not do what it … [Read more...] about Telling Someone About Your Estate Plan
Small Business Succession Planning
There is a great deal to consider when you are engaged in the process of estate planning, especially if your assets are diverse and existing in a number of different forms. It is difficult and near to impossible to expect the layperson to understand all the legal intricacies involved in a complex estate. This is why it is so important to consult with an estate planning attorney, because it is very likely that any investment that you make will yield significant rewards in the long run. Aside from … [Read more...] about Small Business Succession Planning
Estate Planning Is Not Just For Seniors
Many people go through life feeling as though the time for engaging in estate planning is "later." To be fair, it is natural for people to procrastinate about the things that they don't especially want to think about and those that would not seem to be immediately relevant. However, the thing about estate planning is that if you put it off, you are taking a calculated risk. Many would say that if they choose to take a risk it is their business, but estate planning is unique because you're not … [Read more...] about Estate Planning Is Not Just For Seniors
QPRT Can Provide Estate Tax Efficiency
When you decide to get serious about planning your estate, one of the first things you need to identify is where you stand in relationship to the estate tax exclusion. As a result of the tax relief measure that was passed toward the end of last year, the estate tax exclusion is now $5 million, and the top rate of the tax is 35%. This means that the portion of your estate that exceeds $5 million in value is subject to a 35% federal levy. It should be mentioned that these figures are only in place … [Read more...] about QPRT Can Provide Estate Tax Efficiency
Reminder: Estate Tax Changes Not Permanent
In estate planning circles, one of the big stories in 2010 was the fact that the Bush era tax cuts were set to expire at the end of the year. If this was to take place, the estate tax exclusion would have reverted back to the $1 million that was in place in 2002, and the maximum rate of the tax would have returned to the 55% that was in place in 2001. To put this in some perspective in 2009, the last time the estate tax was in effect, (it was repealed for 2010) the maximum rate of the tax was … [Read more...] about Reminder: Estate Tax Changes Not Permanent
A Look At Donor Advised Funds
Just last summer, two of the most high profile businessmen of our time, billionaires Bill Gates and Warren Buffett, challenged the nation's richest individuals to give away at least half of their wealth to charity over the course of their lives. Indeed, Buffett himself has already given billions to the Bill and Melinda Gates Foundation so he's certainly walking the walk. Without question, need exists on many different levels and this type of philanthropy can make a very positive impact. Of … [Read more...] about A Look At Donor Advised Funds
