Wealthy Americans who haven't yet taken advantage of the $5.12 million gift tax exemption, your time is running short. Unless congress takes action before the end of the year, the exemption will go the way of the Dodo come 2013. Until then, however, parents can pass lifetime gifts to their children without fear of having to pay any taxes on the gift's value. At midnight on December 31st, 2012, the $5.12 million gift tax exemption will expire, and the traditional $1 million level will replace … [Read more...] about Gift Tax Exemption Expiring
Estate Planning
Creating an Estate Plan With Your Religious Values in Mind – 3 Tips
While estate planning attorneys are experts in advising clients on how to create an estate plan that fits their needs, there is one part of that equation the attorney is unable to answer. You are the only person who can tell your attorney what your religious values are and how important it is to you to reflect those values in your estate plan. Here are three tips you can use to help you decide what role your religious values should play as you create your estate plan. Tip 1: Consider your … [Read more...] about Creating an Estate Plan With Your Religious Values in Mind – 3 Tips
The Art Collector’s Estate Plan – 2 Questions
Many baby boomers have spent a lifetime of indulging their passion for art by acquiring a significant art collection. As they begin the estate planning process, art collectors face specific issues that others may not have to consider. If you are an art collector and are beginning the estate planning process, there are a couple of questions you'll need to ask yourself to ensure your collection is dealt with properly. Question 1: Do your children share your love of art? It is especially … [Read more...] about The Art Collector’s Estate Plan – 2 Questions
Mike Wallace and Dementia – 3 Facts About Advance Directives
Famed journalist Mike Wallace died in early April at the age of 93.While he had earned his reputation as a hard-nosed investigator and interviewer after decades of work, he suffered from all too common ailments. In addition to a lifetime struggle against depression, Mr. Wallace suffered from dementia in the final years of his life. While there is no cure for dementia, there are legal steps you can take to prepare yourself for the effects. Fact 1: You can give someone else the ability to make … [Read more...] about Mike Wallace and Dementia – 3 Facts About Advance Directives
A New Alternative to Tombstones: The Digital Memorial
Until very recently, the tombstone was the only real option most people had when choosing what form of permanent legacy to leave behind. These monuments of stone and marble, though durable, offered very little in the way of leaving behind something easily accessed and more substantive to remind others about your life. Now, however, new websites are allowing people to create digital memorials that may last much longer and at least offer the chance to leave behind more than a few words. Digital … [Read more...] about A New Alternative to Tombstones: The Digital Memorial
What is Decanting and Why is it Important ?– 3 Questions
Question 1: What is decanting? Decanting is the process of transferring property from one trust to another. Specifically, the term applies when a trustee transfers property from one irrevocable trust to a new trust that has terms different than the original. Question 2: Why is decanting useful? The terms of an irrevocable trust are typically not subject to change. With decanting, a trustee has the ability to effectively change the terms even though he or she is doing so by transferring … [Read more...] about What is Decanting and Why is it Important ?– 3 Questions
Estate Planning For Non-Married Couples – 3 Questions
Question 1: My girlfriend/boyfriend and I have been living together for years. Do we automatically inherit from one another if one of us should die? Answer: No. While the law grants married couples the right to automatically inherit from one another, there is no such automatic right for unmarried couples regardless of how long you've been living together. For cohabiting couples it's important to create an estate plan that will provide for your partner in the event you die, if that is what you … [Read more...] about Estate Planning For Non-Married Couples – 3 Questions
Rise in Obesity Causing Rise in Medicaid Costs
The numbers behind the alarming increase in obesity since 1960 are startling. The number of obese Americans has increased to about 34% of the population, while the number of morbidly obese Americans has gone from 1% to 6%. Accompanying this rise in body weight is a significant increase in the cost associated with lost productivity, increased health care expenses, and increases in insurance premiums and Medicaid costs. A new study published by economists at Duke University details exactly how … [Read more...] about Rise in Obesity Causing Rise in Medicaid Costs
Do I Inherit If I’m a Common-law Spouse? 3 Questions About Common-Law Marriage
A lot of people in long-term relationships have heard the term “common-law marriage” without really knowing what it means. Common-law marriages are not very uncommon. Even if you think of yourself as a common-law couple that doesn't necessarily mean you have the right to inherit from one another. Let's take a look at three common questions about common-law marriages and how they can impact your inheritance. Question 1: What is a common-law marriage? A common-law marriage exists only under very … [Read more...] about Do I Inherit If I’m a Common-law Spouse? 3 Questions About Common-Law Marriage
Creating a Will and Using a Notary – 3 Questions
Question 1: Do I need to have a notary sign my Will? A public notary is a state official who can official recognize signatures and administer oaths. Because of this official capacity, some people believe that having a notary sign your will means that the Will becomes legal. This is not true. No state requires you to notarize your Will, and doing so will not by itself make the will of valid document. Question 2: If I don't need a notary, what do I need? In order to create a valid Will … [Read more...] about Creating a Will and Using a Notary – 3 Questions
