Archive for August 2017
Actor’s Mistake in Estate Plan Is Costly
Philip Seymour Hoffman’s mistakes cost at least $12 million in estate taxes. Some estate planning mistakes made by the late actor Philip Seymour Hoffman turned out to be costly. His estate planning mistakes were not marrying the mother of his three children and not working with an estate planning attorney, according to a Kiplinger in…
Read MoreHow Estate Planning and Business Exit Planning Work Together
Sometimes it’s easier to wrap your head around the idea of selling a business, when you see how the exit plan for a business must, by necessity, be a part of estate planning. This often helps owners more fully understand the process and move forward. As described in Wilmington Insights’ article, “Which Comes First –…
Read MoreWhether You Are 18 or 81, Why You Need a Will
Having a will gives you a voice in what happens to your possessions, and estate planning documents give directions to others about your wishes in the case of incapacity. Many people think that they only need a will if they have a lot of assets, but that’s just not true. Anyone who is older than…
Read MoreA Smart Retirement Plan Includes Life and Disability Insurance
“Will your beneficiaries receive death benefits free of the federal estate tax?” Your long-term personal financial plan should include sufficient life and disability insurance as a key planning element. With the proper balance and advance planning, you can collect life and disability insurance proceeds free of federal taxes. MarketWatch’s recent article, “How to avoid the…
Read MoreIncome Planning During Retirement
Retirement may bring an end to your work life, but your responsibilities just change gears. You have to learn how to navigate Medicare and manage an investment portfolio. People who may have been happy to let their investment company handle their retirement savings face big decisions in retirement, including how much risk they are willing…
Read MoreHow Do Those Assets Get into the Trust?
If you don’t get the assets into the trust, you end up with an “unfunded” trust. If an “unfunded” trust ends up being created because assets were not transferred, there are a number of things that can happen when the trust settlor passes away, according to the NWI Times in “Estate Planning: Unfunded Trust.” If…
Read MoreGive Your Charitable Giving More Impact
Americans are truly generous, supporting causes and organizations and giving in the form of money, time and taking leadership roles. Charity Navigator reports that about 2% of the U.S. gross domestic product—approximately $400 billion—was donated by philanthropically-minded Americans to non-profits last year. Some give checks, others volunteer in programs or as leaders, while others are…
Read MoreLong Term Care Settings the Focus of New Law in Oregon
The State Department of Human Services says that the new law will provide a comprehensive approach to improving both safety and quality of care in long-term care settings. With the passage of House Bill 3359, Oregon legislators are putting changes in place to improve the quality of life for individuals living in licensed long-term care…
Read MoreHelp Loved Ones Avoid the Sneaky Sweepstakes Scammers
The request for personal data seems like a simple thing when the chance to win millions is presented. However, the more information seniors give to sweepstakes scammers, the more vulnerable they become. Ninety-one year old “Jenny,” came very close to joining the ranks of elderly Americans who are scammed by thieves luring victims with the…
Read MorePractical Legislation Addresses Elder Abuse Issues in New York State
A number of important bills were passed at the end of the legislative session, including some surprisingly common-sense solutions to estate planning and elder abuse problems. Among a number of new laws recently passed in New York State are several that provide ways for health care workers and bank employees to do a better job…
Read More