Giving gifts during your lifetime can be an important part of your overall estate plan. While often used to provide for and protect family members, friends, and organizations, lifetime gifting allows you to enjoy the results of your gift while still alive, pay for education or medical needs of others, and fulfil charitable and altruistic inclinations. Also, gifting can provide for a smooth transition of a small or family-owned business to family members.
Monthly Archive for August, 2009
“Save family farms and small businesses -repeal the death tax!” With an election looming, candidates once again dust off the estate tax issue (spun as “death tax” for emotional appeal). Unfortunately, the rhetoric doesn’t stand up to the facts.
A slick salesman offers a living trust for just a few thousand dollars that will reduce taxes, avoid probate, save time and money, and avoid creditors. It almost seems too good to be true! Beware – it may be. Real benefits of these “trust factories” (often non-attorneys) often fail to live up to the claims.
As the air chills and kids head back to school, thoughts turn to college plans – and for the parents, college costs. Last year, the average cost of a four-year public college increased 6.6% to $12,127, and 5.7% to $29,026 for a private four-year college. Congress, attempting to help parents save for their children’s education, enacted tax code section 529 creating the 529 plan.
Earlier, we discussed essential components of estate planning emphasizing an extra measure of protection for non-traditional couples. When a will contest appears likely or additional tax planning is needed, however, more advance planning techniques are advised.
Continue reading ‘Estate Planning for Non-Married Couples Part II – Advanced Planning Techniques’
The loss of a life partner can be devastating, regardless of marital status and sexual orientation, but the grief is compounded for most non-married couples whose relationship is not legally recognized. In illness, the partner is often shut out of the decision making process during incapacity, and even denied visitation.
Continue reading ‘Estate Planning for Non-Married Couples Part I – The Essentials’
The New Year is a great time to reflect on accomplishments and future plans. If you resolve to get your finances in order, an estate plan is essential to an overall financial plan. Unfortunately, seven in ten people never create a will or estate plan. Every adult should have a will, advance medical directives including a living will, and a durable power of attorney. If you don’t – you should!
Continue reading ‘A Resolution Worth Keeping: Your Estate plan’
Whether professionally prepared or done yourself, a comprehensive estate plan is composed of a number of important elements – a single omission can have serious consequences for those left behind. A properly planned and executed estate plan can provide comfort for your family during a difficult time and prevent unnecessary stress.
Think you don’t have a will? You do – the state intestate provisions. These are the default the state imposes on those you leave behind should you fail to make other arrangements.