Your Successor Trustee is the person you’ll appoint to step in and take over the property owned by your Revocable Living Trust in the event of your disability or death. The person you choose will have an important and possibly complex job to do, and you’ll want to make your selection wisely. Here are just a few of the qualities you’ll want to consider when choosing a Successor Trustee: Organized: Your Successor Trustee will likely be in charge of financial accounts and investments as well as … [Read more...] about Qualities to Look for In a Successor Trustee
The Rule of 72
We all know the power of compound interest, and the Rule of 72 is a simple and elegant mathematical expression of that concept. It’s also a quick and easy way to figure out how long it will take an investment to double, and the only information you need to make the calculation is a fixed annual rate of return for the investment in question. How does it work? You divide 72 by the rate of return, and you’ll get a rough estimate of the number of years it will take for your money to double. So, … [Read more...] about The Rule of 72
Advance Planning is Essential for Preserving the Family Farm
How do you ensure that your farm or ranch remains an active operation and stays in the family after you’ve passed away? Perhaps the best way is to have an estate plan, including a succession plan, in place far in advance. It's also important to include your family members in the planning process. What happens without a plan? Simply put, without a plan, the future of your family farm is at risk. For example, as the older generation ages, the need for long-term care becomes an ever-increasing … [Read more...] about Advance Planning is Essential for Preserving the Family Farm
Estate Tax Planning for Nontraditional Couples
Last December, when President Obama signed the Tax Relief Act of 2010 into law, many wealthy and affluent married couples breathed a sigh of relief. One effect of the law was to raise the federal estate tax exemption to $5 million per person. As always, the first spouse to pass away can pass his or her entire estate to the surviving spouse without paying any estate tax (this is known as the unlimited marital deduction). Plus, the law includes a portability provision that allows married couples … [Read more...] about Estate Tax Planning for Nontraditional Couples
Contesting That Will Might Not be as Easy as You Think
Dealing with the death of a loved one is never easy, and the experience can be all the more difficult when you don’t receive the inheritance you were expecting. Estate planning attorneys frequently get phone calls from potential clients who believe they were treated unfairly and want to contest a loved one’s will. However, just being dissatisfied with how you’re treated in the will – no matter how unfair that treatment might be – is not enough to successfully challenge a will. In order to … [Read more...] about Contesting That Will Might Not be as Easy as You Think
What is Normal Retirement Age?
What is normal retirement age for purposes of Social Security? The answer to this question depends on your date of birth. Normal retirement age, as defined by the Social Security Administration, operates on a sliding scale system. For example: If you were born in 1937 or before, then your normal retirement age is 65. For those born after 1960, normal retirement age is 67. If you were born in between 1937 and 1960, your normal retirement age is somewhere between age 65 and age 67. You can … [Read more...] about What is Normal Retirement Age?
Can a Trust be Contested?
We’ve all heard of Will contests. Once a Will is admitted to Probate, a notice is published that lets the public know the Probate process is underway, and disgruntled heirs or beneficiaries who are unhappy with their share of a loved one’s estate have a chance to join in the already-in-progress legal proceeding to voice their discontent. Of course, there are rules that must be followed, and specific facts that have to be proved in order to win a Will contest, but filing a Will contest – and … [Read more...] about Can a Trust be Contested?
How Will You Pay for Long-Term Care?
Americans are living longer and healthier lives than ever before. And while this is true, it’s also true that more of us than ever before will need some form of long-term care. This fact changes the way we look at both retirement planning and estate planning. There are three main ways to pay for long-term care: Pay out-of-pocket through savings or by selling off assets. This method of paying for care requires advance planning and may have a great effect on the size and type of inheritance … [Read more...] about How Will You Pay for Long-Term Care?
Estate Planning Mistake: Leaving Money to Your Pet
Sometimes, our pets can seem so much like our children that it’s hard to remember they’re not actually people. And when it comes to estate planning, it’s easy to make the mistake of treating a pet like a person by including Fido or Fluffy in your Will, and leaving property directly to him or her. The problem with this is that, in the eyes of the law, pets are property themselves, so you can’t leave property to them. There are two ways to provide for your pet after you’re gone. 1. Leave … [Read more...] about Estate Planning Mistake: Leaving Money to Your Pet
Estate Plan Update: Time to Choose a New Guardian?
If you’re a parent, you likely put a lot of time and careful thought into choosing a guardian for your children when they were babies or toddlers. But, as time passes and your children grow, the person who initially would have made the perfect guardian might not seem like such a great choice. For example, the grandmother or grandfather who was in perfect health ten years ago might be in a nursing home now. Or, the close family friend whom your children adored when they were preschoolers might … [Read more...] about Estate Plan Update: Time to Choose a New Guardian?
