You’re getting older and you want to leave gifts for your heirs. But when to do it? Now or after you pass away? Under current law, you are exempt from gift taxes up to a lifetime max of $5.34 million. In addition, in any year you can give up to $14,000 per recipient. According to… Read More »
Blog Posts Page 74
Casey Kasem And End Of Life Care
Casey Kasem was a world famous disc jockey who died this year at age 82. But he will also be remembered for the legal battle among his family over what would be the best care he could get towards the end of his life. The fight dated back years and involved his wife, Jean, and… Read More »
Why You Need Long Term Care Insurance
Most Californians age 40 and older don’t have long term care insurance. According to an article in the Los Angeles Times, many of these people are going to need it – but they don’t know that. Many think that Medicare will cover their long term care needs. Long term care insurance typically covers extended care… Read More »
Sting Stingy To His Kids
The rock star Sting says isn’t going to leave his kids any of his millions. Sting is said to be worth about $300 million, but, according to a story in the Daily Mail, he has told his six children not to expect much. “I told them there won’t be much money left because we are… Read More »
Boomers Inherit Plenty, Including Complications
Sara Rowbotham Cornell inherited her parents’ 1870s-era New Hampshire farmhouse when her mother passed away. She has a watercolor of it hanging in her own home. But it took her several years to be emotionally ready to sell the place. The cost of upkeep, plus a visit to the empty house convinced her that she… Read More »
Contesting A Will Can Be Costly In A Variety Of Ways
You can contest a will, but it can be expensive and time-consuming. And the chances of success are slim. An article on AARP.com tells the story of a man whose mother died and left her entire $600,000 estate to his sister. He and his daughter were left out entirely, even though his mother had doted… Read More »
Lessons From Paul Walker’s Estate
Paul William Walker IV, the start of the Fast & Furious movies, died in a car accident Nov. 30, 2013. He was survived by his parents and his 15-year-old daughter, Meadow Rain. His father recently filed to open his son’s estate, including his will. It sheds some valuable estate planning lessons, according to an article… Read More »
Sparing Your Heirs A Battle Over Things
An estate planning attorney in New York was faced with a thorny problem posed by a client: how to split a painting in half. The client’s mother specified that each of her sons get half of her assets, but she didn’t make special provisions for her personal possessions, and their was a painting that both… Read More »
Reverse Mortgages Getting Safer
The rules for obtaining a reverse mortgage are getting tougher, and that’s a good thing for those who need them. Reverse mortgages allow homeowners to borrow against the equity in their homes. They can take it in a lump sum, monthly payments or as a line of credit to take as needed. But many homeowners… Read More »
Nursing Home Costs Now Near $90K A Year
Nursing home costs keep rising. The cost of a private nursing home in the United States jumped 4.4 percent this year, bringing the median yearly cost to $87,600. This data comes from a cost of care survey conducted yearly by the insurer Genworth. It was reported in a story on jdsupra.com. The median cost of… Read More »
Tips For Finding Care For An Aging Family Member
Although it can be expensive to hire somebody to care for an aging or ailing family member at home, at least the fees charged have been relatively stable for years. For the most part, it costs, on average, $19 per hour for a hired homemaker and slightly more for a home health aide. These prices… Read More »
Death Planning A Final Gift To Loved Ones
Death planning is emotionally taxing, but it is important for families and survivors. Your loved ones may not know your intentions until they are written down. It may be too late to wait for the will to be read or the estate plan to be executed. So death planning allows a way for you to… Read More »
Starting Conversation With An Aging Parent
Beginning a conversation with an aging parent about their health and the care they may need in the future can be difficult. There are several approaches that can be taken to start the ball rolling. A story on careconversations.org suggests three ways to get started: 1) Be specific. You don’t necessarily have to start with… Read More »
Change In Medicare Coverage Of Long Term Care
The recent settlement of a class action suit has led to an important change in what Medicare will pay for in terms of long term care. Prior to the settlement, Medicare’s policy was to cover skilled nursing care only when patients were deemed likely to improve. Now, the key criterion for coverage is a demonstrated… Read More »
Bob Marley Estate Battle Continues Decades After His Death
Thirty-three years after reggae legend Bob Marley’s death from cancer, lawyers are continuing to battle over his estate. Marley, a Rastafarian, did not leave a will for religious reasons. As a result, he left a probate mess that continues to this day, according to an article on insurancenewsnet.com. There have been multiple lawsuits filed in… Read More »
Early Signs Your Aging Loved One Needs Help
Aging poses many challenges. There are physical issues. and mental issues. Every person is different. But there are a few things that indicate that help may be needed – either having to do with medical care or emotional support. A story on careconversations.com lists three early warning signs that an aging loved one may need assistance…. Read More »
Oscar Winners Teach Estate Planning Lessons
Looking at the deaths of some famous actors gives a glimpse into the way they used — or failed to use — estate planning strategies. Here are some examples as outlined in an article in Forbes. 1) Phillip Seymour Hoffman. He made many mistakes with his estate including no estate tax planning and a failure… Read More »
Estate Planning For The 99 Percent
Many lawyers and financial managers love to brag about their super wealthy clients. But privately, they admit most of their clients fall into a lower category. These are clients with net worths of between $5 million and $10 million, according to an article in Forbes. And for these clients, the best thing that has happened… Read More »
Naming Trustee Critical To Setting Up Trusts
Are you are planning to leave property or other assets to heirs by using a trust? If so, one of the key considerations is deciding who will run the trust once you pass on. This person — called a fiduciary — is responsible for managing the assets in the trust and making distributions to your… Read More »
Estate Planning Mistakes Made By Physicians
For most doctors, one of the most important steps in their personal and legal planning, after setting up a retirement account, is basic estate planning. This is usually in the form of a will or revocable living trust. But there are many common mistakes physicians make in this area, according to an article on physicianspractice.com…. Read More »