December offers many opportunities for family to gather and celebrate the holiday season. It's also a time when adult children, dispersed by life's demands, often return under the same roof as their aging parents. While it's still wise to avoid discussing politics and religion at the table, it can be the perfect time to bring up practical issues concerning plans for the future.
There are a few things required to justify creating an asset protection plan. Contrary to what most people think, being as rich as a Rockefeller is not one of them. More important is to appreciate that life is about more than the here and now. If you are married, with or without children, you can make creating an inheritable legacy through various legal tools part of a comprehensive estate plan. If you are single, a trust could help cover your financial needs in old age.
When you think of collectors the first thing that might come to mind is art. Stamps or coins might surface next, along with comic books, cars and baseball cards. But anything can be the object of personal passion. What qualifies can seem odd to others, but to the one doing the collecting, the process is one that feeds his or her joy.
Do you ever think about what your legacy will be? Legacy is commonly defined as, "a gift by will, especially of money or other personal property." But legacy includes much more, such as the values you live by and that you want to convey to future generations.
New Yorkers are our own breed: Our pets are our 'fur babies'. They come in all sorts of shapes and sizes and are, unequivocally, an integral part of the family. Perhaps a tough thought, but what happens to them should you pass away?
November is known as the month of giving. The reason for that is shrouded in history and tradition, but that does not diminish the fact. What makes this year different from years past, though, is that it is the first November since Congress enacted massive tax reforms.
There are numerous reasons to develop a thorough estate plan early in life. It ensures your loved ones honor your wishes after death, but that is dependent on your family members being able to locate the documents.
Leaving your lover is a big focus of pop music. Michael Bublé sings "It's a Beautiful Day" now that his lover is gone away. Paul Simon offers that there's no "need to be coy, Roy. Just get yourself free." But what if the loved thing is something only a parent could love?
The family of Tim Conway--co-star of the Carol Burnett Show--has recently announced that he is suffering from dementia. Progression of the disease is advanced. Conway is no longer able to take care of his own daily needs, and he is largely unresponsive.
This is a midterm election year. Among accomplishments claimed by the Republican Party controlling national government is the passage late last year of major tax reform. As we noted in a previous post, the package contains a great many benefits, not the least of which is the passing of what is commonly called the death tax; the levy governments use to tax benefits transferred to a decedent's heirs and beneficiaries.