Planning for retirement involves gaining an understanding of approximately what your expenses will be in the future. This is somewhat challenging, and one factor that is quite relevant is your life expectancy. As we all know anything could happen to anyone at any time. However, you can look at the statistics to gain an idea with regard to probabilities as you are planning ahead toward the future. When you do examine the facts one thing will certainly stand out: People are living longer … [Read more...] about Planning for Retirement
Being a spendthrift isn’t such a bad thing. In New York State, all trusts are usually considered as spendthrift trusts. Spendthrift trusts do not allow the beneficiary to assign income from the trust or to sell the interest in the trust to another party. This provides some protection from garnishments of creditors. There are major exceptions to this general rule. Federal tax liens and child support or alimony payments are enforceable. Judgments of creditors against an individual may be … [Read more...] about Being a Spendthrift is not a Bad Thing
The recession might be over, but you might have a hard time convincing many seniors who are living in or right at the poverty rate. A new study completed days ago shows a less than pretty picture. The reality of long-term repercussions are alarming and the potential unexpected realities might give new meaning to estate planning and asset protection. If you're thinking this will affect your parents and grandparents, you're right – but make no mistake, this is sure to affect you, your children and … [Read more...] about Millions of Seniors Living in Poverty
Many may recall the 2009 lawsuit, filed by a Texas woman whose father died in a car crash in 2001, against his employer. The case, KENNEDY V. PLAN ADMINISTRATOR FOR DUPONT SAVINGS AND INVESTMENT PLAN, 555 U.S. 285, was filed because William Kennedy's daughter, Kari Kennedy, felt as though the $402,000 savings and investment plan proceeds should not have gone to her mother. Her parents divorced decades earlier and Kennedy argued her mother, Liv, had signed a general waiver divesting, or … [Read more...] about Sure Your Estate Plan is Current?
We want to give it all away, but should we? Estate planning attorneys hear this type of question all the time. The answer often times comes with qualifications. Gifts are created any time less than full market value is received for property. Internal Revenue Service regulations limit the size of gifts in most cases. No limits exist on the size of gifts to political organizations, or for medical or educational expenses, provided that money is paid directly to the medical provider or school. The … [Read more...] about Should I Give It Away Now?
A New Jersey man recently became liable for approximately $70 million in state and federal taxes. You probably don’t feel so bad when you realize it was the most recent Powerball winner. He took the cash option and reports state that he will net $152 million of the $221 million payout. He may not have thought about estate planning previously, but this is the time to begin. If he remains a New Jersey resident, the value of his estate over $675,000 will be subject to New Jersey estate taxes with … [Read more...] about Is a Family Limited Partnership Right for You?
It may be time for your estate plan to come in for a checkup. As the seasons turn to spring, most of us have already completed preparing our federal and state tax forms. We know where we stand and hopefully we planned well and have not provided a free loan to the government during the year. We may have already arranged to meet our accountants to make sure we can use all of our proper deductions for this financial year. We should also arrange to review our existing estate plans from time to … [Read more...] about Time for Your Estate Planning Check-up
If it is viewed in its proper context, legacy planning is a long-term process. There are individuals who go through life strictly and exclusively concerned with their own ability to meet their expenses up until the time they pass away. These people are not concerned with what they are going to be leaving to their loved ones if anything. Others take a different approach and set very specific legacy goals. To meet these objectives they have to adhere to a holistic plan that impacts their ongoing … [Read more...] about LLC Can Protect Assets
There are some interesting distinctions that must be made by the IRS regarding the nature of asset transfers, and their decisions can either save you a lot of money or cost you a lot of money. This is one of the reasons why it is wise to engage the services of an experienced estate planning attorney when you are planning your estate. He or she will have a very in-depth understanding of the tax code and advise you with regard to how to pass assets along to your loved ones in the most tax … [Read more...] about Fan Who Caught Jeter Ball May Face Tax