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A House Divided Posted By : Jeffery Voudrie
One of the biggest issues seniors face as they get older is how to preserve an inheritance for their children. Their biggest fear is spending all of that money on assisted living and/or nursing home care. As each family situation is different, so is each solution. Perhaps you can learn something from the experience of one of my clients.
Set Up A Living Trust To For the Sake of Your Descendants Posted By : Poly Muthumbi
Living trusts are usually set up so that any assets may be passed to inheritors or beneficiaries without necessarily going the probate way. Many people have experienced cases where, when owners of assets pass away, the beneficiaries fight over these assets just because there was no established living trust that will directly pass the assets to the real beneficiaries.
Tune Up Your Finances Posted By : Jeffery Voudrie
With the beginning of a new year, it seems everywhere you turn you hear something about self-improvement. There are plans for weight loss, exercise regimens, quitting smoking, going green and more. What about your finances? Even if you think your finances are in 'good shape', everyone could use a little 'tune up' to make sure everything is running smoothly. And it's not as hard to do as you think. There are some very simple steps you can take that can make a world of difference.
Estate Planning - Some Simple Advice Posted By : Steve Allen
Most Americans do not know how their assets will be divided once they die. Arizona attorney Steve Allen, known as the "estate planning doctor," has started a website to explain the complicated subjects of wills and trust.
Don't Fail to Plan for the Inevitable Posted By : Steve Allen
The American Bar Association says that 19 percent of Americans do not have a will. Steven Allen, an estate planning expert, says this can cause families more grief and heartache after a loved one dies.
Estate: Readers Question: A Trust for Grandchildren Posted By : Jeffery Voudrie
Imagine what it would be like if each one of your grandchildren earned a scholarship to pay their college costs. Wouldn't that be great? In a sense they can. Not only that, they could receive grants to help them purchase their first home, start a business and even provide additional retirement funds! Read on to find out how.
Estate: How to Lower the Price of Gas Posted By : Jeffery Voudrie
Gas prices seem near all-time highs and the summer driving season hasn't even started yet! A recent email presented a simple solution that will force gas prices back to the $1.25 a gallon range. Read on for details and to learn basic principals that may make investing more profitable.
Doing Well by Doing Good: Philanthropy at the Heart of Estate Planning Posted By : John Fraker
Do you know that under the current tax law, once a person's Gross Estate exceeds the Unified Credit Amount, the Federal Government will tax the excess at a rate up to 46 per cent? Learn how philanthropy in estate planning can help others and leave more to your children.
How a Charitable Remainder Trust Avoids Capital Gains Posted By : Robert D. Cavanaugh
Do you own a highly appreciated asset that produces little or no income? Are you selling your business? Are you highly compensated and looking to shelter more of your income? Put the charitable remainder trust in your list of options.
When Not to Name Your Spouse the Beneficiary of Your IRA Posted By : Robert D. Cavanaugh
Have you blindly named your spouse as the beneficiary of your IRA? Is this your best choice? Depending on your situation and objectives, other beneficiary elections may be better. Here are three options you may not have considered.
ILIT - The Irrevocable Life Insurance Trust Posted By : Robert D. Cavanaugh
If you are contemplating buying life insurance to pay estimated future estate taxes, you will probably want to use an Irrevocable Life Insurance Trust. Here's why...
Estate: She Came Out Of Nowhere Posted By : Jeffery Voudrie
"If you'd hit her in the passenger door, you probably would have killed her," the officer told me as I looked over the crumpled front of my mini-van. I was a bit shaken, but relieved. It could have been so much worse, especially for 'Marge'.
Estate: Surviving Your Estate Posted By : Jeffery Voudrie
Recently I shared the heart-wrenching story of a young soldier who had to deal with the unexpected death of his mother. She didn't have her affairs in order and now her son has the extremely difficult task of recreating her financial details from scratch. Here are some simple steps you can take to ensure that your loved ones aren't left in a lurch.
Estate: When Friends And Family WANT Your Money Posted By : Jeffery Voudrie
Few situations have a greater potential for problems as when dealing with money and relatives. If you've ever had a child ask you for a loan or a distant relative request money to start a business, then you know just how touchy these situations can be. Here are some real-life situations, along with some simple steps to help you safely navigate the tricky waters that result from mixing family and finances.
Estate: Don't Leave Loved Ones In a Lurch Posted By : Jeffery Voudrie
Nothing brings home the importance of having our affairs in order than seeing the effects firsthand in your own family. My mother-in-law's recent death means my family is dealing with the realities of settling her affairs. Her advanced-planning greatly simplified the process. And it will for you, too.
Estate: Signed, Sealed, Delivered - It's Theirs Posted By : Jeffery Voudrie
My last few articles have focused on various end-of-life issues that were made very real to me due my mother-in-law's recent death. In this article, we'll discuss the simple steps you can take that will make dividing your personal possessions easier on your family.
Estate: When The Battle Begins At Home Posted By : Jeffery Voudrie
I received a heart-wrenching phone call from a young soldier recently. His mother had just died and he was left with the responsibility of settling her estate. He had no idea the difficulties he would encounter-not on the battlefield but here in East Tennessee. The worst part is it could have been completely avoided.
Estate: Planning To Make Your Money Last Forever Posted By : Jeffery Voudrie
It's true that you can't take it with you, but many are becoming more concerned about what happens to what they leave behind. Thanks to some recent changes in estate laws, strategies that were once only doable by the extremely wealthy are now more accessible by those of more modest means. Read on to see if you can take advantage of these estate planning tools and create a living legacy for your family.
Greenville Attorney Warns Of Estate Planning Complications Posted By : Carol Caroll
Elder Law is a somewhat new specialized field of law dealing with the issues and problems met by the fastest growing segment of the U.S. population, the elderly. It incorporates the elements of Estate Planning, Wills and Trusts, Health Care Planning, Conservatorship and Medicare/Medicaid Planning.
Estate: Protect Your Beneficiary's Inheritance Posted By : Jeffery Voudrie
An inheritance is the precious fruit of years of labor. It is an expression of love. Nowadays, more than ever, an inheritance is something that should be protected. All too often, inheritances are squandered or lost because of a lack of planning by those giving it. Read on to discover how to easily change that.
Estate: Your Questions Answered - Can You Stretch A 401K? Posted By : Jeffery Voudrie
A reader recently asked if his 401(k) could be rolled over, by his beneficiary, to a 'stretch' IRA after his death. Read on to discover an answer that will protect your beneficiaries from tens of thousands of dollars in unnecessary taxes and keep your gift to them alive for generations to come.
Estate: Your Questions Answered - Health Savings And Power Of Attorney Posted By : Jeffery Voudrie
Q. Jeff, I want to ask your opinion regarding Health Savings Accounts. On April 1st, the company I work for is changing our current Blue Cross health insurance to Guardian Insurance set up as a HRA. I am single and currently have a $500 deductible. Under the HRA, the deductible will be $2,000.
Estate: Beyond The Living Will Posted By : Jeffery Voudrie
Living wills have received a great deal of attention due to the recent Terry Schiavo situation. Because her end-of-life wishes were in dispute, family members battled each other in the courts over her treatment and care. By having a proper Living Will, you can avoid such confusion. But a Living Will doesn't ensure you have all your bases covered. There are other equally important documents you must have in place.
Estate: How To Legally Avoid Paying Taxes On Gifts And Inheritances Posted By : Jeffery Voudrie
Nobody likes to pay taxes. If done incorrectly, though, the way you inherit an asset can result in you needlessly paying tens of thousands of dollars in taxes. Knowing some simple rules will reduce your tax bill and allow you to keep more of what you inherit. And it will also keep you from creating tax headaches for loved ones to whom you wish to gift assets.
Estate: How To Legally Avoid Paying Taxes On Gifts And Inheritances - Part 2 Posted By : Jeffery Voudrie
Last week I explained in theory how you can legally avoid paying taxes on gifts and inheritances. Avoiding taxes on gifts and inheritances is based on cost-basis. To help you apply this to your situation, I want to share some real-life examples of how my clients use these principles to legally avoid paying taxes on gifts and inheritances.
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