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Posts tagged "estate planning"

Planning for long-term care: be realistic about payment options

When aging and chronic health concerns are involved, there is no easy answer to estate planning questions. If the ability to perform daily tasks becomes badly compromised, long-term care may be necessary. But as we discussed in our March 13 post, the sticker shock that comes from pondering the price of long-term care insurance is very real.

Revocable trusts: a useful estate plan tool for spouses

One of the themes of this blog is that estate planning is not a one-and-done activity. To be sure, for a married couple it may seem straightforward to simply leave everything to each other. After all, that is what a tenancy by the entirety is intended to do for jointly held property. And a will can pass along other property, often via a trust.

Gift taxes to increase in 2013

In 2012, Americans could give up to $5.2 million worth of gifts before being taxed 35 percent on additional gifts. Next year, that amount drops to $1 million and gift-givers may face a tax rate of up to 55 percent. While it is possible that Congress will extend the tax breaks, there is no time like the present to start giving.

Estate Planning Is Crucial for Women

Estate planning is the process of legally designating who will receive your money and property when you die. Traditionally, women may not have been as actively involved in estate planning, but in current times every woman should meet with an experienced estate planning attorney to discuss her situation.

Look Before Leaping: State Fiduciary Income Taxes to Consider

Sometimes people try to settle their financial matters themselves before passing away. Although this do-it-yourself estate planning is performed dutifully and with the best of intentions, it may actually lead to complications for the fiduciaries or beneficiaries later if not done right. One major cause for concern is where to establish trusts, because each state treats fiduciary income taxes on certain trusts differently.

Modern Realities Cause Increases in Estate Planning Feuds

According to experts, longevity and other changes that the modern world has brought to families are causing an increase in feuds among family members when it comes time to engage in estate planning. With changes in family dynamics and loved ones living longer, some potential heirs expecting an inheritance are in for a rude awakening.

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