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...] about What Are POD Accounts?
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...] about Incentive Trusts Can Provide Guidance
One of the things that will be missing from the lives of the people that you leave behind after your passing will be your wisdom. This can seem like a trite thing to assert, but in fact there is no substitute for experience. When you have lived a long life and gone through many different trials and tribulations you attain a certain amount of wisdom that cannot be taught. There are certain times in our lives when we do in fact need some guidance from our elders. One of these would be when … [Read more...] about Ethical Will Can Provide Needed Insight
A surprising percentage of people are going through life without an estate plan. Different studies are conducted at different times, but if you include adults of all ages it is safe to say that those who are fully prepared are a minority. This is a curious phenomenon because perhaps the only thing we know with 100% certainty is that each and every one of us will pass away at some point in time. The above having been stated, if you do put the procrastination behind you and start to think … [Read more...] about You Have Stated Your Wishes—Who Carries Them Out?
Every adult should have an estate plan in place regardless of your age and regardless of your financial status. Far too many people procrastinate with regard to estate planning and you are in fact taking a big risk when you go through life without making the proper preparations for the inevitable. There are a few basic estate plan essentials that everyone should have in place. One of these is some type of vehicle of asset transfer. The most commonly utilized instrument would be the last will, … [Read more...] about Basic Estate Plan Essentials
If you are a senior citizen you may have lost a spouse along the way, and in many cases you may not have as much contact with your children and grandchildren as you might like. Loneliness can indeed be factor in the lives of our nation's elders, and while you cannot replace human family members pet ownership can certainly give you a boost. Many people are aware of this, but they choose not to purchase or adopt a pet because they have concerns. They wonder what would happen to the pet if they … [Read more...] about Get Your Ohio Pet Planning Report
The term "fiscal cliff" was coined to describe the paradigm that we faced toward the end of 2012. There were a number of tax increases and automatic spending cuts that would have been implemented at the end of the year if no new fiscal legislation was passed to change things. A failure to reach an agreement that would stop these tax increases and spending cuts would have resulted in a plunge over the so-called "cliff." An increase in the estate tax rate and a decrease in the exclusion … [Read more...] about Estate Tax Impacted by American Taxpayer Relief Act of 2012
The process of estate planning is a two-way street. On the one hand you as the individual doing the planning have to evaluate your assets, decide who is on your inheritance list, and make decisions regarding what everyone will be receiving. That's the side of the giver, but you also have to consider each recipient. There will probably be people on your inheritance list who are established and perfectly capable of handling any inheritances that they may receive. Giving someone who fits this … [Read more...] about Concerned About Money Handling Ability of an Heir?
Those who are drawing up an estate plan have absolute freedom. How you would like to bequeath your property is completely up to you. There is nothing legally stopping you from disinheriting someone who may be a close relative. Given the above there are individuals who feel as though they have been unfairly left out of a last will. They lash out as a response and decide that they're going to challenge the validity of the will. This may be understandable, but from a legal perspective you can't … [Read more...] about Consider Acceptable Grounds Before Challenging Will
Estate planning attorneys advise clients to look at estate planning as a process rather than a one-time event. Life doesn't stand still, and when you go through changes you may have to update your estate plan. In addition to things that happen within your own life there are things that happen throughout society as a whole that can also make an estate plan revision necessary. A second suggestion that you will often hear from experienced attorneys pertains to do-it-yourself estate planning. If … [Read more...] about Courtroom Avoided in Kinkade Estate Case