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Estate Planning Archives

How to provide for everyone in your blended family

Within the United States, the familial structure has never been so complex. Among those Americans who do marry, roughly 50 percent will eventually divorce; however, many of these divorcees will marry again. A 2013 report by the Pew Research Center revealed that four out of every 10 new marriages involves at least one individual who was previously married. Adding to the complexity of the modern family structure in the U.S. are statistics from the Centers for Disease and Prevention, which show that nearly 41 percent of births in the U.S. are to unwed mothers.

Heirs advised to seek advice and assistance regarding inheritance assets

For many older Americans, a key estate planning goal centers on passing wealth and property down to children and grandchildren. Over the course of the next three to four decades, financial experts estimate that baby boomers will pass on upwards of $30 trillion to heirs. For those individuals on the receiving end of an inheritance, it's wise to take steps to safeguard against potential pitfalls and to seek the advice and counsel of a financial and estate planning professional.

Are you single? Why estate planning is so important

During 2014 the U.S. Bureau of Labor Statistics revealed that, for the first time in recorded U.S. history, the percentage of unmarried adults surpassed those who are married. While nationally, an estimated 50.2 percent of U.S. adults are single, the number of single adults in large metropolitan areas tends to be higher. In New York City, for example, a survey by NerdWallet found that 57.84 percent of the adult population is single. This percentage was significantly higher in other large cities including Washington D.C., with 70.27 percent and Boston where 69.32 percent of adults are single.

Planning for the distribution of IRA assets

According to the Centers for Disease Control and Prevention, the current life expectancy in the U.S. is roughly 78 years. Additionally, a recent Gallup poll revealed that the average retirement age in the U.S. is 62. This means that, on average, an individual must ensure that he or she has enough retirement savings to account for both the planned and unplanned events during the 16 or so years after he or she retires.

Divorce triggers important estate planning changes

By now, most New York City residents have likely heard about former NBA player Lamar Odom's recent serious health scare. After being found unconscious due to a suspected drug overdose, Odom was rushed to a Nevada hospital where doctors reportedly questioned whether or not he would survive.

How do annual gift exclusions work?

If you've just started putting your estate plan together, then you likely have a lot of questions. Don't worry. You're not alone. Properly laying out an estate plan takes time and a lot of effort on your part. It also requires a deep understanding of the law as well, which is not something everyone has. Questions, therefore, are a natural part of establishing an estate plan - questions that are best directed toward an experienced estate planning attorney.

A living will gives you a voice in critical and personal health care decisions

Anyone who has ever witnessed the physical demise of a loved one understands the tremendous emotional and mental pain and sadness that are tied to such an event. In cases where the life of a parent, spouse or adult child hangs in the balance after a serious heart attack or car accident, family members often agonize over questions and decisions related to what a loved one would want with regard to life-saving interventions.

A single adult's guide to estate planning

When it comes to estate planning, there's often a lot of focus on taking steps to provide for a surviving spouse or child. These discussions often leave many single adults feeling left out and scratching their heads wondering how estate planning applies to them and their individual concerns and circumstances.

Taking the time to plan today, can pay off big in the future

We all go through many stages and experiences in lifeā€”some good and others painful. From births, marriages and financial successes to deaths, divorces and financial hardships; we are constantly forced to evaluate our current situation and to make changes and adjustments accordingly.

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