Everyone knows that estate planning involves the use of a will or a trust to state your wishes regarding way you want your assets to be transferred after you die. Once you have the document in place, you have fulfilled your responsibility, and that’s the end of the story. This is actually a shortsighted point of view. You will need to tend to many details. You may not recognize these details, so we will look at some of them here. Collection Liquidation If you collect antiques, classic … [Read more...] about Four Estate Planning Details You May Overlook
Estate Planning
What Happens If You Die Without a Will?
Caring.com conducts annual estate planning preparedness surveys. In 2021, they found that just 32.9 percent of American adults had wills or trusts in place. For people that are 55 years of age and older, the figure was a surprising 44 percent. The lack of preparedness is not confined to younger people. That being stated, last year, a paltry 22.5 percent of individuals that are between 35 and 54 years of age had wills. A single person with no dependents encounters minimal risk if they pass … [Read more...] about What Happens If You Die Without a Will?
Address These Questions to Create an Estate Plan Outline (Part 1)
Caring.com conducts surveys on an annual basis to gauge the estate planning preparedness of people in America. The results of the survey are broken down by age group. The survey suggest that only 44 percent of people that are 55 years of age and older had an estate plan in place in 2021. This is a reduction from the 60% seen in 2019 for individuals in the same age group. When this survey was conducted at the beginning of 2021, only 32.9 percent of all adults in the United States had estate … [Read more...] about Address These Questions to Create an Estate Plan Outline (Part 1)
Why Is Estate Planning Necessary?
A lot of people think that you do not have to put much time and effort into planning your estate. This perspective this a gross oversimplification. The reality is there are many important factors that you should carefully consider when you are planning your estate. You should take the time needed to understand the facts so you can make decisions in a fully informed manner. Choose the Right Asset Transfer Vehicle The notion that a will is all you need is incorrect. If you are going to be … [Read more...] about Why Is Estate Planning Necessary?
Do You Have Final Arrangement Preferences?
If you want to be comprehensively prepared, you may want to consider all of the finer details when you are devising your estate plan. It is possible to address important elements in advance, including your final arrangements, as this can ease the burden on your family. Personal Decision Do you want to be cremated or buried? Is there a certain type of memorial service that you would prefer? Do you have a particular member of the clergy in mind? These are personal questions, and you can … [Read more...] about Do You Have Final Arrangement Preferences?
Three Estate Planning Tips That Can Make a Difference
Less than 30 percent of Americans under the age of 55 have estate plans, even though most know it is important. Many procrastinate, or believe the process is very straightforward. In fact, this is a gross oversimplification, and can cost your family time and money. Don’t overlook long-term care costs. We all know that some elders require nursing home care. However, may believe "it will never happen to me." You can certainly take good care of yourself and hope for the best, but the … [Read more...] about Three Estate Planning Tips That Can Make a Difference
Three Misconceptions That Lead to Estate Plan Mistakes
People sometimes pass around information about estate planning that is incomplete or distorted, and they take action that is based on these misguided notions. In this post, we will look at three of these misconceptions to help you avoid mistakes that may yield negative consequences. #1-You can plan your estate yourself with generic documents that you can get online. If you search for information about estate planning on the internet, you will run across ads that are placed by companies that sell … [Read more...] about Three Misconceptions That Lead to Estate Plan Mistakes
Five Living Trust Benefits That May Surprise You
Many attorneys and financial professionals recommend you have a revocable living trust as it facilitates asset transfers outside of probate. If you use a will, it is admitted to probate, which can be a costly and time-consuming legal process. In addition to the time and money factor, there is a loss of privacy because the records are available to the public. When a living trust is used, the assets are distributed outside of probate, so these drawbacks are avoided. This is a major positive, … [Read more...] about Five Living Trust Benefits That May Surprise You
Anniversary of Jim Morrison’s Death Serves as an Estate Planning Reminder
A handful of classic rock artists have captured the public's imagination before they passed away at young ages. Jim Morrison is one of them. As the lead singer of The Doors, he was the voice of many memorable hits that people are still enjoying to this day. The 50th anniversary of his passing was recognized on July 3, 2021, with a great deal of attention. From an estate planning perspective, Morrison did one thing right, but he made some major mistakes. You can learn from them as we … [Read more...] about Anniversary of Jim Morrison’s Death Serves as an Estate Planning Reminder
How Do You Gain Estate Tax Efficiency?
Financial success carries great benefits, but it can present a challenge as well. The federal estate tax looms large for high net worth individuals because it carries a 40 percent top rate. A certain amount may be transferred tax-free upon your death through a credit or exclusion. Currently, the exclusion is $11.7 million, so it does not impact most Americans today. However, by law, the exclusion will drop to $5 million in 2026, and Congress could make additional changes at any … [Read more...] about How Do You Gain Estate Tax Efficiency?
