There are people that cannot understand the role of an estate planning lawyer as it applies to most families. They get the fact that multimillionaires need attorneys to sort out the distribution of multigenerational wealth and estate tax responsibilities. However, they assume that a simple DIY will can suffice for everyone else. In reality, there are many reasons why qualified legal counsel can be invaluable when you are planning your estate. We will look at some of them here, and it starts … [Read more...] about Why Do You Need a Lawyer to Plan Your Estate?
Zappos online shoe store seems like a fixture that has been around forever, but it actually became a reality due to an interesting twist of fate. In 1999, a young entrepreneur named Nick Swinmurn was looking for capital to actualize his vision of an online shoe store that would dominate the marketplace. Though it is hard for younger people to understand, at that time, there was a lot of room in the online universe. During those early days, investors had decided that footwear was not a good … [Read more...] about Lessons Learned From the Estate of Zappos Multimillionaire Tony Hsieh
U.S. military veterans who served for at least 20 years become eligible for a retirement pension. The exact details vary depending on the dates of service. The benefit amount increases if you serve beyond the 20-year threshold. If you are a veteran, you made sacrifices for your country. This pension can facilitate a comfortable retirement. You could remain in the service for your entire career. In this case, you would step away with a sizable pension to combine with your Social Security … [Read more...] about Are You Aware of the VA Aid and Attendance Pension?
Unless you put your estate plan in place late in your life, revisions will probably be necessary. Circumstances in your life will evolve. There may also be changes in the law. Either one of these can directly impact aspects of your estate plan. Let’s look at the details. Family Growth An estate plan for a responsible single person will be simple and straightforward. The plan should include enough life insurance to ensure your final expenses will be covered. And it will include a will or a … [Read more...] about Estate Plan Revisions May Be Necessary
One of the reasons why personalized attention is important when you are creating your estate plan is because every family is different. The right way to proceed for one person may not make sense for the next. As a layperson, you will not understand all the estate planning tools that are available and why you should use one instead of another. In this post, we will demonstrate this point by explaining three distinct scenarios that require different approaches. Providing for a Spendthrift … [Read more...] about A Look at Three Targeted Estate Planning Solutions
Most people think that they should use a will as an asset transfer vehicle. Unfortunately, many of them do not think about the estate administration phase. The executor that is named in the document will complete the hands-on tasks, and the probate court will provide supervision. It is important to have a basic understanding of the probate process when you are planning your estate. In this post, we will take a look at some of the exceptions to the rule with regard to the necessity of … [Read more...] about Are There Any Probate Shortcuts in Oklahoma?
We do not discuss estate taxes very often because they do not impact most Americans. However, there is the condition of being “land rich and cash poor.” In addition, there is going to be a wider estate tax net cast in the near future, so more families will be exposed to this tax. Estate Tax Exclusion The majority of people do not have to worry about estate taxes because there is a multimillion dollar exclusion. This is an amount that can be transferred tax free. The remainder of the estate … [Read more...] about Be Aware of Pending Estate Tax Expansion
Some people think that you have to use a will when you plan your estate unless you are very wealthy. If there are drawbacks or limitations, that’s the way it goes. In reality, you have options, and you can provide for each inheritor in the ideal manner. Spendthrift Protections Every named beneficiary would receive lump-sum inheritances if you use a simple will with no other provisions. This can be disconcerting if you are going to be leaving inheritances to loved ones that are not particularly … [Read more...] about Adapt Your Estate Plan Based On the Beneficiaries
Elder law attorneys are sharing information about some important topics that are a bit disconcerting. As unpleasant as they may be, you should be aware of the eventualities that can come about when you reach an advanced age. In this article we will discuss some of those eventualities and look at what appropriate precautions you can take. Alzheimer’s and Incapacity The Alzheimer’s Association provides a lot of eye-opening information on their site. Over the last 10 years or so, the population … [Read more...] about Experts: Alzheimer’s Explosion Will Unfold
When you are in possession of appreciated assets you have to be concerned about capital gains taxes when you realize a gain. “Realizing” is not as sophisticated as it sounds. You realize a gain when you sell an asset that increased in value while you were holding onto it. Short-Term vs. Long-Term Capital Gains There are short-term gains, and long-term capital gains. Short-term gains are realized less than a year after you acquire the asset. As you would imagine, if you sell an asset more than … [Read more...] about Do You Pay Capital Gains Taxes When You Inherit Assets?