While reviewing their finances for the new year, many well-meaning parents may unknowingly plant a tax bomb for their children in their estate plan. A story on fox61.com says the tax levied on the sale of an asset can be drastically different depending on how the asset became the property of the heir. Parents may… Read More »
Blog Posts Page 63
Estate Planning for Pets
What happens to your pets when you die? In most cases, they will end up in a shelter where, if not adopted, they too will die. But one way pet owners can prevent that is to include your pets in your estate plan, says a story in the Union Leader. Taking in and finding new… Read More »
The Importance of Estate Planning
Estate planning is uncomfortable. But the decisions you make in making your estate plan are actually acts of love and kindness to the people we trust with our affairs. But such acts of love also require courage, says an article on nj.com. The key to estate planning involves the preparation of three documents expressing your… Read More »
Angie’s List Tips on Estate Planning
A recent survey by AARP showed that about 40 percent of Baby Boomers have not drawn up a will. That number jumps to 71 percent for all Americans over age 34. Procrastination, lack of incentives and cost are the top excuses. But a story on fox40.com that quotes Angie Hicks of Angie’s List says not… Read More »
Long-Term Care Insurance Confusing
Obtaining long-term care insurance is an unpredictable and costly prospect. The product is confusing and often unreliable, says a story in the New York Times. That’s why so few people buy it. Seventy percent of people will need it, but only 20 percent have it. As a result, most people who need it pay for… Read More »
Rising Interest Rates And Estate Planning
Now that the Federal Reserve has taken the first step in raising interest rates, wealthy families may want to consider how this changing environment may affect their estate plans. A story in the Wall Street Journal says people may want to take advantage of some wealth-transfer approaches before rates climb even more, while thinking about… Read More »
Robotic Aides May Be The Future
As people live longer, the ranks of the old and frail are growing by leaps and bounds. A big fear is over who will care for them. A story in the New York Times says drones may be the answer. It notes that a University of Illinois robotics designer has received a $1.5 million federal… Read More »
Medicare Encourages End of Life Talks
Medicare patients will be urged to discuss advance care planning with their doctors next year more frequently due to changes in billing codes. Starting in 2016, Medicare will allow payments to doctors for counseling their patients about end of life planning at different times. In the past, it would allow payments only on the first… Read More »
Estate Planning Mistakes
Estate planning can be complex, but it doesn’t have to be, as long as you avoid some common mistakes and pitfalls. A story on wmur.com lists some of those mistakes. They include: * Failing to plan. If you don’t have a will or an estate plan, the state can make decisions for you. * Not… Read More »
Estate Planning in 2016
Estate planning rules change from year to year. Here are a few facts about changes that will affect estate planning next year. They are listed in a story on www.fool.com, the “Motley Fool” site. * The lifetime gift and estate tax exclusion amount increases to $5.45 million. The is up slightly from last year. *… Read More »
Activities of Daily Living Make Up Long-Term Care
Most long-term care involves helping people with basic personal needs rather than providing medical care. Needs for long-term care are measured by looking at whether an individual needs help with six basic activities that most people do every day without help, says a story on elderlawanswers.com. These include bathing, dressing, eating, moving from bed to… Read More »
Estate Planning For The Never Married
For married couples and parents, decisions on who will inherit their assets are usually easy. The surviving spouse and offspring get the money as well as legal and medical authority. But more and more Americans are in a different position. They aren’t married and have no children. These people have to spell things out even… Read More »
Digital Legacies Part of Estate Plan
These days, estate planning includes not just who gets our worldly goods when we die but also what happens to our digital legacies. New companies are springing up to help us make plans and gather all the information our heirs will need in one place. One is called Everplans.com. Another is FinalRoadMap.com. It is one… Read More »
Ways Couples Can Tackle Estate Planning Now
You never want to think about the possibility of a spouse passing away. But failing to prepare for such an eventuality makes it harder to deal with if it were to happen. A story in USA Today lists five basic steps to take to prepare for such a possibility: Determine how much life insurance you… Read More »
Estate planning for Millennials and Xers
Nobody likes to think about the prospect of being old, disabled, incapacitated or dying. But it is when you are young that you should think about your finances, your possessions and your family. The biggest mistake millennials make is that they associate estate planning with the elderly and the rich, says an article on thestreet.com…. Read More »
Planning Your Digital Legacy
Before the digital age, a family member could walk through a home and find physical objects or paper records. The mail could be checked for bank statements and bills. Today, many statements are sent by email and financial records are often stored in the Cloud or on computers. And many people don’t consider all this… Read More »
Facebook Tool For Digital Estate Plan
Facebook has announced a new feature called Legacy Contact that lets users authorize another person to access or modify their accounts when they die. A Legacy Contact can, among other things, write a post to display at the top of the dead person’s timeline, update the person’s profile picture and download an archive of the… Read More »
New Strategy For Passing On Your IRA
Many retired folks have both Roth and traditional tax-deferred IRAs. The conventional wisdom has been that it is better to leave the Roth to your children because they can take tax-free withdrawals over their lifetimes. But this is not always true, says an article on dailyfinance.com. It says your children could end up with a… Read More »
Keep Your Money In Your Family
The inheritance you want to leave to your heirs could be eaten away by taxes and expenses. But there are strategies to prevent that. A story in US News lists five strategies to help keep your money in your family — even though if you are single you can have up to $5.45 million in… Read More »
Estate Planning Not Just For The Rich
The rich aren’t the only ones who can benefit from estate planning. Determining what will happen to your assets and property when you die and planning for the tax implications of passing on your wealth is for everyone, says a story on nerdwallet.com. Even if you don’t have a fortune to leave to your heirs,… Read More »