There is a more comprehensive approach to the estate preparation process that can be better described as legacy planning. A legacy plan can include acts of charitable giving if you are in a position to set aside resources for worthwhile causes and institutions. Before we look at the charitable part of the equation, we will touch upon some of the other steps that you can take to shape the way you will be remembered after you are gone. Matters of the Heart and Soul Ethical wills stem from … [Read more...] about Charitable Giving Can Enhance Your Legacy
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What Is a HIPAA Release?
The acronym HIPAA stands for the Health Insurance Portability and Accountability Act of 1996. In this post, we will explain why this piece of legislation is something to take into consideration when you are planning your estate. Advance Directives for Health Care Everyone is well aware of the fact that you have to facilitate postmortem asset transfers when you put your estate plan in place. A lot of people think this is the long and short of it, but a proper estate plan will also address … [Read more...] about What Is a HIPAA Release?
Planning Is Important
Planning is important. End-of-year tax planning is one part of that planning. This year you should also consider whether you’ve had any payroll tax withholdings deferred. If your employer deferred those withholdings, you’ll have more money withheld next year than usual. That means you’ll have less money for other things, like IRA contributions. Read on to learn more. … [Read more...] about Planning Is Important
Chadwick Boseman Demonstrates the Importance of Planning
Chadwick Boseman played many heroic American roles and the superhero role of the Black Panther. His death at age 43 demonstrated how it’s important to have at least a basic estate plan in place even if you’re young. Read on to learn more. … [Read more...] about Chadwick Boseman Demonstrates the Importance of Planning
Puerto Ricans are Unique, as Is Estate Planning for Them
Puerto Ricans hold a unique position under U.S. law. U.S. estate taxation treats those from Puerto Rico different from other U.S. citizens or citizens from other countries. Read on to learn more. … [Read more...] about Puerto Ricans are Unique, as Is Estate Planning for Them
Generational Wealth is Key to Leveling the Playing Field
Generational wealth is wealth earned by one generation and passed on to the next. Generational wealth is key to allowing the next generation to be free from the burden of having to live hand-to-mouth and allows them to pursue an education and build a career or business to build a better life for themselves. Read on to learn more. … [Read more...] about Generational Wealth is Key to Leveling the Playing Field
Are Inheritances Subject to Capital Gains Taxes?
When you are entering into the estate planning process, you will invariably consider the matter of taxation. We are going to look at the capital gains tax per se in this post, but before we focus on that specific tax, we will share some broader information about the way taxation can impact inheritances. Income Taxes A lot of people are pleasantly surprised when they hear that you do not have to claim an inheritance when you file your state and federal income tax returns. This applies to … [Read more...] about Are Inheritances Subject to Capital Gains Taxes?
What Is a Conservatorship?
Estate planning is often thought of as a strictly financial endeavor. Obviously, asset transfers are at the core, but you should also prepare for eventualities that you may face toward the end of your life. This is why most estate planning attorneys provide elder law assistance as well. Incapacity Among Elders You should accept some inconvenient truths when you are considering the challenges that you may face during your twilight years. Everyone has heard of Alzheimer’s disease, but a lot of … [Read more...] about What Is a Conservatorship?
Do You Lose Control of Assets in a Trust?
There are estate planning misconceptions that float around about trusts in general. Many people are under the impression that you lose direct personal control of assets that you convey into any type of trust. Though there is some truth in this notion, the absolute nature of the statement is completely false, and we will provide some clarity here. Irrevocable Trusts Though there are variations under these umbrellas, there are essentially two different types of trusts: revocable trusts and … [Read more...] about Do You Lose Control of Assets in a Trust?
Address These Three Legacy Threats
Estate planning can appear to be quite simple on the surface. There is emotion involved, but from a purely analytical standpoint, you are slicing up a pie. You decide on the recipients and the sizes of each slice, and that's the long and short of it. There is a lot of truth in that analogy, but to take it a step further, what about the size of the pie itself? If you do not consider certain looming threats, the value of your estate can be significantly diminished, and we will look at three … [Read more...] about Address These Three Legacy Threats
