Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2020 is just starting, it’s not too early to think about planning for whatever it may bring your way. As 2019 draws to a close and a new decade dawns, we need to think of… tax planning! Some years Congress tweaks the laws more than other years. This was a relatively quiet year for changes. Still, even in a quiet year, some things change due to inflation increases, etc. Estate Tax … [Read more...] about Tax Planning for 2020
The Questions of Estate Planning, Part 6: Why
Estate Planning is often misunderstood. People often think it’s only for the really rich, the really old, or both. But the truth is Estate Planning is appropriate for all of us. Any of us could have a tragedy strike, even early in life. And it’s not just our death that Estate Planning considers, it’s also for our incapacity. Estate Planning can provide sophisticated solutions for those with substantial means and complex needs. But, perhaps most importantly, Estate Planning also appoints those … [Read more...] about The Questions of Estate Planning, Part 6: Why
The Questions of Estate Planning, Part 5: How
Estate Planning is often misunderstood. People often think it’s only for the really rich, the really old, or both. But the truth is Estate Planning is appropriate for all of us. One of the most frequent points of misunderstanding is that we focus on “who” we want to receive our assets, rather than “how” they should receive them. For some beneficiaries, an outright distribution might be appropriate. However, ask yourself if one of your beneficiaries might be like the beneficiaries … [Read more...] about The Questions of Estate Planning, Part 5: How
The Questions of Estate Planning, Part 4: Where
Estate Planning is often misunderstood. Questions often arise regarding “where.” First, where should you go to do your Estate Planning? The answer is simple, an attorney who focuses their practice in Estate Planning (or the related areas of Estate Planning, Elder Law, and Taxation). Estate Planning is far too intricate to rely on a general practitioner. You certainly don’t want to rely on an attorney who does multiple practice areas like patent law, corporate law, and personal injury … [Read more...] about The Questions of Estate Planning, Part 4: Where
The Questions of Estate Planning, Part 3: When
Estate Planning is often misunderstood. People often think it’s only for the really rich, the really old, or both. But the truth is Estate Planning is appropriate for all of us. Any of us could have a tragedy strike, even early in life. And it’s not just our death that Estate Planning considers, it’s also for our incapacity. Estate Planning can provide sophisticated solutions for those with substantial means and complex needs. But, perhaps most importantly, Estate Planning also appoints those … [Read more...] about The Questions of Estate Planning, Part 3: When
The Questions of Estate Planning, Part 2 – What
Estate Planning is often misunderstood. Some people think it only involves preparing a simple Will. Some think it only involves preparing a Will or a trust. How hard could that be? But it entails so much more than that. It involves coordinating all the various aspects of a person’s assets so they achieve the goals of the person. Typically, this involves a Will and / or a trust. But it also involves coordinating beneficiary designations on life insurance, IRAs, retirement plans, etc. It also … [Read more...] about The Questions of Estate Planning, Part 2 – What
The Questions of Estate Planning, Part I: Who
People often have questions on Estate Planning - like, “who” should do Estate Planning? Estate Planning considers many factors. But when most people think of Estate Planning, they just think it answers the question of who gets what. Certainly, it should answer that question. But it is so much more. While Estate Planning is about more than just who gets what, it does include that question. If your plan did not include directions as to who should get what, you would have died “intestate.” … [Read more...] about The Questions of Estate Planning, Part I: Who
Make Your Own Plan
Some people plan their estates carefully. Some people don’t have an estate plan at all. That’s called dying intestate. In that situation, the state in which they live at their death has a default plan for them which determines who gets their assets. The state’s plan might suit them, or it might not suit them at all. For example, Fred was unmarried and had a girlfriend of 5 years, Ethel. Ethel had a daughter, Lucy, whom Fred adored. Fred’s parents and grandparents had died, but he had two … [Read more...] about Make Your Own Plan
How Will You Obtain the Care You Need?
As Americans grow older, more and more of us need help with our daily activities. It could be a little help or a lot of help, depending on the situation. Of course, the level of assistance we need can change over time. According to a recent study by Bankers Life Center for a Secure Retirement, 68% of middle-income boomers are providing care for a parent and 17% are providing care for a spouse or partner. According to the survey, about two-thirds of those boomers prefer to be cared for in … [Read more...] about How Will You Obtain the Care You Need?
Planning for Education Expenses
You want the most for your child. Above all you want to make sure they get a good start in life. That includes getting the education and training they need for a good foundation and a good career. But, if you were to die before they’ve received that foundation, how can you be sure they would still get it? You could leave them money at your death. But, if you leave money to them outright, they could use the money for something else. Here’s a sad, but illustrative story: Alice had a son, John. … [Read more...] about Planning for Education Expenses
