Your normal life seems a million miles away. This is the first time you have been able to go away together, just the two of you. It seems like just yesterday the kids were chasing fireflies in the back yard after the family barbeque. Time seems to have a way of accelerating. They are now grown and the loss of everyday contact has given you both newfound freedom and independence. As you built your lives together, you also built a good nest egg to use during your … [Read more...]
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Your Ex-Spouse May Get Most of Your Assets
Imagine you have divorced many years ago and remarried. Perhaps you have children with your new spouse and have been happily married for years. However, you have not changed any of the estate planning documents you had done before. Then, your family’s world crumbles as you are stricken by an accident or illness. You are unable to make health care decisions and your physician calls your Agent under your existing Health Care Power of Attorney, who happens to be your ex-spouse. In some states, the … [Read more...]
Use It Before It’s Gone
The amount you can pass free from estate tax is at a record high of $11.7 million per person. There’s legislation that would lower the exclusion to $3.5 million per person. Married people can take advantage of the current exemption. Read on to learn more. … [Read more...]
Which Costs More: Probate or Trust Administration?
There is no question that a Living Trust allows you to avoid probate – if, of course, the Trust is properly drafted and funded. But does this mean a Living Trust is more cost-effective than a Will? Some people say that a Living Trust offers no net savings over a Will. In their opinion, the cost of preparing a Living Trust plus the cost of Trust Administration at death, equals or exceeds the costs of preparing a Will and probating an estate. Is this the truth? The following is an example … [Read more...]
Planning Reduces Stress in Times of Tragedy
Each of us, to varying degrees, is affected by this national tragedy. We face similar issues in environmental tragedies such as hurricanes and in personal tragedies such as serious illnesses. In each instance, we prepare the best we can. We plan for ourselves, so that we can reduce anxiety if a crisis arises. We plan for our aging parents who nurtured and guided us. We plan for our spouse or life partner who has helped us to grow in ways we could not have imagined when we … [Read more...]
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