One aspect of estate planning is providing for the management of an inheritance for your beneficiaries, those who receive inherited property. So what happens when that beneficiary is a minor child? If the person leaving the inheritance planned properly, there will be an estate planning tool in place to manage the inheritance until the child reaches a certain age. Popular tools that are used for this purpose include: Trusts: Leaving the inheritance in a trust allows an appointed trustee to … [Read more...] about What Happens When Children Receive an Inheritance?
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Estate and Retirement Planning for the Small Business Owner
Owning your own business has its advantages, but when it comes to estate planning and retirement planning, there can be challenges. In particular, small business owners do not have the luxury of an employer sponsored retirement or pension plan at their disposal – for they are the employer. Over the last two decades, there have been several new retirement plans that have become popular, particularly for the self employed or small business owner. Three of the most popular choices are: Roth … [Read more...] about Estate and Retirement Planning for the Small Business Owner
Five Estate Planning Tools to Minimize Estate Taxes
One of the goals of estate planning is to minimize the burden of your passing on your loved ones. For some families, one burden that needs to be addressed is estate taxes. While the 2011 Federal tax exemption was recently set at $5,000,000, this amount is set to expire at the end of 2012, when the exemption is lowered to $1,000,000 for 2013. While this may sound generous, considering the contents of an estate including your home, investments, retirement accounts and more, there is still a … [Read more...] about Five Estate Planning Tools to Minimize Estate Taxes
Nursing Home Law: What are a Patient’s Rights?
When a senior citizen moves into a nursing home, they do not check their personal rights at the door. There are very specific nursing home laws, both at the federal and state level, that protect a nursing home patient. The rights of a nursing home patient include: Dignity, respect, and freedom: Residents have the right to: be free from mental and physical abuse be free from physical and chemical restraints be treated with consideration, dignity, and respect Access to information: Residents … [Read more...] about Nursing Home Law: What are a Patient’s Rights?
Estate Planning: Defining a Life Estate
A life estate is a legal arrangement that allows a person to have possession of property, such as a residence, during his or her lifetime and, upon their death, for another person or entity to gain ownership of the property. A life estate gives you the right to live in, use and enjoy property during your lifetime. The person granted the life estate is called a life tenant. The person granting the life estate and the actual owner is called the grantor. For the tenant, the ownership in this type … [Read more...] about Estate Planning: Defining a Life Estate
