As the population over the age of 65 continues to grow, unique problems arise. For example, many seniors may have never married, or outlived their spouse and lack confidence that someone will help them make financial and health decisions as it becomes more difficult or when they become incapacitated. A qualified Estate Planning practitioner can provide guidance to address the issues unique to the solo senior.
No matter when or where….Let Your Voice Be Heard. In early February 1990 George H. W. Bush was President. Margaret Thatcher was Prime Minister of the U.K. Nelson Mandela was still imprisoned in apartheid-ridden South Africa. The price of gasoline hovered around $1 per gallon. The internet did not even exist. On February 25, 1990, … Read more
Do-it-yourself (DIY) estate planning sounds like everything you’ve been looking for. You want to create an estate plan on your own terms, and you assume that this is the easiest way of doing so. While it’s an option that many people consider, there’s a lot that can go wrong. And if that happens, it puts … Read more
Estate planning often encompasses, at least in part, business succession planning. Many individuals own family businesses with the idea of passing the business on to the next generation. Of course, the bigger the business, the more complex that endeavor becomes. Yvon Chouinard recently made headlines when he donated 98% of his $3 billion company to an Internal Revenue Code Section 501(c)(4) organization. The move saved him millions in taxes, furthered his family’s political agenda, and embodies a creative solution to a common planning and business succession planning issue.
Few people like surprises so to avoid them have open communication to avoid disputes. In order to minimize the surprise that some of your family members might feel when they sit down to read your Will or trust, consider including relatives in the planning process. If you think that the inclusion of family members will … Read more
The most commonly utilized estate planning device other than a last will is the revocable living trust. If you have always assumed that you will be using a will, you should understand the benefits that living trusts provide so you can make an informed decision. Consolidation of Assets When a will is used, the executor … Read more
President Biden scored a win on some issues, but a loss on others when he signed the Inflation Reduction Act into law. The legislation left the estate and gift tax alone and made modest changes to the income tax. The Act will have a significant impact on those on Medicare because of the cap on out-of-pocket prescription drug costs and insulin.
Could your hospital kill you by deciding that you are too sick and should have treatment withheld? Quite possibly. The Teri Schiavo story showed the importance of expressing your wishes and doing a Living Will, if that is your choice. The case of Hanford Pinette shows, at times a Living Will may conflict with the … Read more
There are currently about 17 million people living with unmarried partners in the U.S. This includes both same-sex and different-sex couples. The number of unmarried couples living together nearly tripled in the past wo decades. Sometimes it seems that married couples get all the advantages. They can file a joint income tax return. They can give … Read more
As interest rates continue to climb, Estate Planning practitioners look to different planning techniques to take advantage of rising rates. Two common estate planning techniques work well in higher-interest rate environments.