When you are planning your estate, you are going to have to make choices with regard to how your resources will be distributed. This can be a simple matter for some people. For example, you and your spouse may decide to leave all assets to the surviving spouse. You can then leave each of your … [Read more...] about Will Your Estate Be Challenged?
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This Looming Expense Can Consume Your Legacy
When you are planning ahead for retirement, you anticipate the expenses that you expect to incur. Since you will have Medicare, you can make reasonable projections about your medical expenses. A Medicare supplement can help to fill the gaps, and you should be protected. However, there is one … [Read more...] about This Looming Expense Can Consume Your Legacy
Life Estates for Transferring Home Ownership: A Good Way?
A life estate can potentially be used to facilitate the transfer of your home and other real property. There are some benefits, but there is also a major drawback, and we will provide the details in this post. Probate Avoidance If you establish a life estate, you would be called the “life tenant,” … [Read more...] about Life Estates for Transferring Home Ownership: A Good Way?
Self- Service Estate Planning Can Yield Negative Outcomes
Far too many people think that it is easy to execute a legally binding document using tools that you can get online. In fairness, a layperson can create a document that would stand up in court using DIY tools, but the this may not be a good thing. Power of Attorney Dispute Sometimes you come … [Read more...] about Self- Service Estate Planning Can Yield Negative Outcomes
How Can You Limit Your Estate Tax Exposure?
Estate planning for high-net-worth individuals will involve wealth preservation. The federal estate tax carries a 40 percent maximum rate, so it can consume a significant portion of your legacy. There are steps that can be taken to reduce your exposure if the tax will be a factor for your family. … [Read more...] about How Can You Limit Your Estate Tax Exposure?
Simple Will as an Asset Transfer Vehicle: Is It Right?
We often clear up misconceptions that people have about the different estate planning asset transfer vehicles. One of them is the idea that a last will is the only logical choice for people that are not extremely wealthy. In reality, this is not the case at all. It can seem like a last will is a … [Read more...] about Simple Will as an Asset Transfer Vehicle: Is It Right?
