What about heirlooms? You can make specific provisions for family heirlooms and specialty items in your Estate Plan. Many times the family heirlooms or special personal items are considered the most important or emotionally valuable part of any Estate. In other words, your Grandfather’s watch that he wore every day may be more important to... [Read More]
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Care Facility and Mental Disability Planning
In your Mental Disability Planning inside your Living Trust you can be specific as to what particular care facility and what particular location you would like to reside, if necessary. One of the top administrators at a large Retirement Community in the area (that includes independent housing, assisted living and Skilled or Nursing Home care),... [Read More]
NEW YEARS RESOLUTION
As we start a new year we decide to get our lives in order. The number one resolution for Americans is to lose weight. I am right there and have started Weight Watchers. I am looking forward to feeling better with less weight. Other things we do at the beginning of the year is to... [Read More]
TAKE CHANCES!
My Estate Planning clients most often mention something they didn’t do as their biggest regret. My Dad said “the trips” were the most fun thing he did in his life. His biggest regret in life was that he and mom didn’t take a trip with some close friends. (He could have taken many... [Read More]
2013 ESTATE TAX RATES
Under the 2012 Tax Law, the Federal Estate Tax Exemption remains high for 2013. For 2013, the Federal Estate Tax is not due until the total value of the Estate is over $5.25 million. Last year the number was $5.12 million, but has gone up with the Cost of Living Inflation Index. The top Estate... [Read More]
New Tax Law
Highlights of the New Tax Law include keeping the Estate Tax Exemption at $5.12 million dollars, but increasing the top tax rate to 40%. Single earners earning income of more than $400,000, or couples earning more than $450,000, will have their income tax rates raised to a higher bracket. Those earning more than $250,000 per... [Read More]
New Tax Law
Highlights of the New Tax Law include keeping the Estate Tax Exemption at $5.12 million dollars, but increasing the top tax rate to 40%. Single earners earning income of more than $400,000, or couples earning more than $450,000, will have their income tax rates raised to a higher bracket. Those earning more than $250,000 per... [Read More]
Fiscal Cliff Looms – Tick Tock
The fiscal cliff hits January 1, 2013, a few days away. Congress and the White House still are unable to reach an agreement on the Tax Code and spending cuts. Remember, the budget is really a version of your checkbook. It is a matter of how much money you pay out (expenditures and entitlements) and... [Read More]
The Tax Opportunity Door Is Closing
The Bush Tax Cuts are scheduled to expire on December 31st. We know from what we are hearing in negotiations between the Speaker of the House and White House, that taxes are going up. Whether it is the expiration of the Bush Tax Cuts or the implementation of a new Tax Code, whether this year... [Read More]
7 Major Errors in Estate Planning
Forbes Magazine on April 25 published an article titled “7 Major Errors in Estate Planning.” The seven errors listed are a no-nonsense list of the mistakes we Estate Planning lawyers see daily. They are: 1. “Not having an Estate Plan.” 2. “Online Do-It-Yourself Estate Planning rather than using an experienced Estate Planning attorney do the... [Read More]