Don’t wait until the very last minute to make sure you are prepared, says Michael H. Milarski, a partner and senior financial advisor with Signature Financial Planning.
Have you checked your list and you’re sure you’re ready to retire? You may have a few items to address before your golden years can begin.
A recent Fox Business article, titled “5 Things to Do Now if You’re Near Retirement,”says that these are the five important things to work on in the five years before you retire.
Thus far, many people have attempted to establish a link – none have been successful. If no one claims the inheritance in 30 years, the money goes to the British crown.
No will or other estate planning documents could be found for Kathleen Hilda Ryan, who passed away in Greenwhich, United Kingdom in 2013 with an estate valued at $788,000. She had inherited the bulk of it from her sister, Joan.
Kathleen had no children of her own and no living siblings.
So how do you know if your estate plan is out-of-date? If your will or trust predates these four key “freshness dates,” it may be time to visit your attorney for a review.
Estate plans are not meant to be a one-time deal. If life changes – or the law changes – you need to update your plan accordingly.
The website nextavenue.org recently posted a very informative article, titled “Why Your Will May Be Out of Date,” which states that although your estate planning documents are still valid, they may no longer work the way you originally thought they would.
“‘Do you have any important business online?’ That is now just as important of a conversation as asking somebody their health care preferences in a life-threatening situation.”
Leaving your digital accounts out of your Houston estate plan can prove to be a big, bad mistake.
Most digital accounts require passwords for access, even accounts we would not have considered as important even a decade ago.
At Hospice of Anchorage, end of life planning is what clinical director Alison O'Donnell encourages. Having advanced directives, or a living will, and a power of attorney in place is a gift to family, she said.
Near retirees all over the country are starting to think about downsizing for retirement. Consignment shop owner Christy Carter knows this all too well, as she helps those downsizing sell their belongings. Ms. Carter said in a KTUU.com article, “End of life planning a 'gift for family,' experts say,”that she also receives a lot of merchandise from families who are cleaning up the estate of a loved one who has recently passed away. Most of the furniture she sells are from estates.
Many who have already lost a loved one don't want to deal with all of the details because they're going through their grief process emotionally. However, end of life planning is what the clinical director of an Anchorage area hospice recommends. Having advanced directives or a living will, and a power of attorney in place is a gift to family, she said.
Make it a point to learn about the factors and areas that must be addressed in estate planning in order to maximize, protect and preserve your legacy the absolute best way.
You don’t have to be ultra-wealthy to have an estate plan.
The Kokomo Perspective’s May 16 article, “Don’t Forget About This,” reminds us that the ultimate goal of estate planning is to pass on as much of your unused assets with the least amount of taxes, expenses, fees and time—and do it as privately as possible. You want to protect and preserve your legacy for your family, loved ones, and charitable causes.
Actually the trusts are Crummey trusts named after one D. Clifford Crummey who won a decision in the Ninth Circuit in 1968, when I was just a high school lad. Israel and Erna Mikel were just in Tax Court showing how powerful the Crummey power can be as they used it to shelter over $1.4 million in transfers to their family trust from gift taxes. An arbitration clause that called for the use of a religious court caused the IRS to challenge the validity of the exclusions, but the Tax Court ruled in the taxpayer’s favor.
Trusts can have pretty funny names. Take the Crummey trust for example – doesn’t sound very good, does it? Who wants a “crumby” trust? Let’s explore this tool further.
A recent Forbes article, titled “Religious Arbitration Clause Does Not Hurt Million Plus Gift Tax Exclusion,” reminds us that there’s an annual exclusion from gift tax. Reminder: every year you can give the annual exclusion amount ($14,000 this year) to as many people as you want without any gift taxes or disturbing the unified credit against transfer taxes. However, to qualify for the exclusion, the gift has to be of a “present interest”.
A Walnut Ridge woman was arrested Thursday for forging a will after someone else had died.
Another scammer made the news recently, this time involving a forged will.
KAIT reported the story in an article titled "Woman arrested for forging new will after someone died."
“We are delighted to inform the public that the court has appointed Bobby Brown and Pat Houston as co-guardians of Bobbi Kristina Brown (‘Krissi’),” read a statement issued by David Long-Daniels, counsel for Pat Houston and Cissy Houston, and Christopher Brown, an attorney for Bobby Brown. “Both Mr. Brown and Ms. Houston are jointly responsible for decisions related to Krissi’s care and medical needs.” A court-appointed attorney, Bedelia Hargrove, will act as a conservator for the 22-year-old.
The court-appointed attorney specializes in fiduciary litigation, probate and estate administration, estate planning, personal injury and wrongful death cases, as well as general civil litigation.
As conservator, the attorney “is responsible for Krissi’s assets, including her likeness, rights and legal claims,” according to the statement read by attorneys for the family.
There are several corners of your financial life that can be simplified through consolidation.
If you feel like your finances are all over the place and hard to manage, you just need to take a moment to de-clutter and get a system going. Also, it’s ok to ask for help!
A recent article in The Tahoe Daily Tribune’s, titled “Simplify your financial life,”provides some very helpful advice on de-cluttering and organizing your important information:
