Estate Planning is really about the family and not about taxes. When I have asked my clients what their primary concerns are, their first answer is they want to protect themselves in the event of physical and mental disability and protect the surviving spouse in the event of physical or mental disability and in the... [Read More]
Category: Living Trust
President Trying to Raise Taxes Again
I told you so! Most thought that the tax raises that went into effect in the American Taxpayer Relief Act of 2012 would be the end of the raised taxes. The Republicans agreed to raise taxes without receiving any concessions in spending from the White House in negotiating over the American Taxpayer Relief Act of... [Read More]
Special Needs Class Well Received
Steve’s continuing education class for professionals on special needs planning was well received by the CPAs, Insurance and Financial Professionals in attendance. Some of the information received that was most meaningful to the attendees included: “The ability to keep the challenged child on SSI and Medicaid if properly done.” “Special Needs Trusts clarification.” “The relationship... [Read More]
You Have to Prepare for Storms
In the same way that you have to prepare for physical storms of life, such as hurricanes, high winds, and snow storms, you have to be prepared for the other storms in life. Those storms can include stroke, dementia, heart attack, mental disability, your children’s divorce, car wreck law suits, and law suits by tenants... [Read More]
Plan for Mental Disability
You are six times more likely to become mentally disabled in a year than to pass on. Estate Planning is about planning for as many contingencies as possible. Mental decline, dementia, Alzheimer’s, or some other version of mental decline seems to be growing as we age. In a Revocable Living Trust a/k/a Living Trust, you... [Read More]
75% of Estate Plans Are Not Current
Studies show that approximately 75% of us do not have a current Estate Plan. They don’t match the desire of the individual to take care of themselves in the event of their mental disability or take care of their loved ones after they become mental disabled or after they pass on. If you don’t have... [Read More]
Regardless of the Election
Regardless of the outcome the federal and state elections, Probate Court Costs in North Carolina can be up to $6,000.00 per person or $12,000.00 per couple. Administrative costs, much of that including attorney’s fees, will still average 5% to 7% of your assets that move through Probate Court. The average time to move through Probate... [Read More]
You Have to Know the Truth
If you do not know and understand the truth about how different estate planning vehicles work and are administered, you cannot make good, informed decisions on what you want. If you do not understand that certain estate planning vehicles push your assets through Probate Court, the result will not be what you or your loved... [Read More]
Estate Planning for Blended Families Is an Adventure
Any time you are doing Estate Planning for Blended Families, it is always a balancing act. You have to balance the couple’s desire to take care of each other vs. their desire to take care of their children from their previous marriage. As usual, a Revocable Living Trust is the best foundational Estate Planning tool. ... [Read More]
Ready or Not, Here It Comes
Studies show that 75% of us do not even have a current Will, let alone the needed legal planning in the event we become sick and our loved ones are unable to authorize medical treatment for us. Nor do we have the proper legal planning in place for loved ones and friends to ask medical... [Read More]