IRAs are complex assets to handle in an estate plan. There are tax issues during life and after death. Read this article to find out more. Basics of Estate Planning: IRAs … [Read more...]
Law in the U.S. can be Participatory
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. In some countries, like a dictatorship or a true monarchy (not a constitutional monarchy such as the United Kingdom), people do not really participate in making the law. The law is handed down by fiat. In the United States, our laws are enacted by our elected representatives. Sometimes, those laws may be viewed as violating the fundamental rights guaranteed to all … [Read more...]
Basics of Estate Planning: Getting the Most out of Charitable Gifts
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. Often, an individual wants to make a gift to charity. They don’t want something complicated, but they want to get the most bang for their buck. Estate planning attorneys and other financial professionals know the client could just contribute cash to the charity. Certainly, that would be … [Read more...]
Basics of Estate Planning: Lack of Coordination
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. Perhaps the most common mistake in estate planning is a lack of coordination. This is not where the client, attorney, or advisor cannot walk and chew gum at the same time. This is a failure to consider all the different aspects of a plan and how they may (or may not) work together. An … [Read more...]
Basics of Estate Planning: Two Common Mistakes with Trusts
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is another in a series of blogs on the basics of estate planning. Trusts are incredibly useful tools. But, like other useful tools, they do not fit every circumstance. They must be used appropriately. For example, a hammer is an exceptional tool to use when looking to drive a nail into a wall. But, if you hit the nail with a glancing blow, the nail will … [Read more...]
Be Aware Of Long-Term Care Costs
As you are doing the math and projecting a budget for the latter stages of your life you would do well to be aware of the high and rising costs associated with long-term care. First off, if you are under the impression that it is unlikely that you will ever need such care you may want to reconsider your stance. In fact most people who are fortunate enough to reach the age of 65 will eventually need living assistance, so this is something that is relevant to everyone. According to … [Read more...]
What Are POD Accounts?
When you are opening an account at a bank you may be offered the opportunity to select a payable on death (POD) option. This can also be done at some financial services companies that you may use when you buy and sell securities. With these accounts you name a beneficiary. As the name suggests, when you as the primary account holder pass away the assets that are left in the account become the property of your beneficiary. There are some positives that come along with these accounts. They … [Read more...]
Social Security & Medicare: When Will I Be Eligible?
While you may have to prioritize things that are taking place in the present it is also important to keep an eye on the future. The baseball manager Dusty Baker is credited with saying "The measure of intelligence is the ability to hold multiple thoughts in mind at the same time (or something to that effect)." This ability comes in handy on a financial planning level. As you are looking forward toward the future and setting a retirement date one of the things that you need to know is your age … [Read more...]
Workplace Introduction To Advance Planning
Being proactive about seeking out estate planning advice is certainly a good idea. It is important to recognize the fact that you are gambling with the well-being of your loved ones when you are going through life without an estate plan, and this is really not acceptable. While it is wise to take action, in fact advance planning opportunities are usually going to come to you. Most people are first introduced to a basic plan for the future when they get their first "real job." A high … [Read more...]
Incentive Trusts Can Provide Guidance
It is a good feeling to recognize the fact that you will be able to provide significant financial resources to your loved ones after you pass away. However, coming into a large sum of money when you are not fully developed as a human being is not always a good thing. People who are in a position to bequeath life-changing amounts of money to their family members have had these concerns for generations. One solution is to make an heir the beneficiary of an incentive trust. As the name would … [Read more...]
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