Augulis Law Firm

Each person that you are going to be giving an inheritance to is a unique individual. We all have our different strengths and weaknesses, and some of us live our lives under special circumstances.

There is a certain inertia that can set in when it comes to estate planning. Most responsible adults are aware of the fact that they should execute the appropriate estate planning documents.

You may not be aware of the fact that your estate must be probated after you pass away if you utilize a last will as your primary vehicle of asset transfer.

Some people who visit elder law attorneys are very pleased to hear that Medicaid will pay for long-term care.

Unless you look into the subject on behalf of an aging relative there is no particular reason why you would have any understanding of the state of assisted living costs. However, a high percentage of people will eventually require living assistance so the matter is important to all of us. Medicare is in place to provide a health care safety net for senior citizens who qualify, but it does not pay for long-term care.

Many people within the elder law community are concerned about the future solvency of the Social Security program. Indeed, given the rapid aging of the population there will be an added strain on the system. Exactly how to go about cutting costs is a matter of ongoing debate, but the Social Security Administration has been taking some steps that would seem to be quite logical to most people.

Estate planning involves making provisions for those that you care about, and with this in mind you must remember to include your pet. Yes, pet planning is an important part of any holistic estate plan and you must make sure that your pet will be properly cared for if you pass away first.

It is important to be aggressive about tax planning in light of the heavy toll that the federal estate tax can take on your legacy. To be able to act intelligently you must gain an understanding of the taxation that is imposed on significant asset transfers and we will shed some light here.

We like to pass along news about the estate planning successes and failures of celebrities from time to time and there is an interesting situation unfolding around the estate of the recently deceased comedic actor Sherman Hemsley.

Sometimes you make a decision that seems like an economical one at the moment, but this attempt to save money can actually have the reverse result. In the end unintended consequences can arise and they can sometimes be extremely costly. This is something to keep firmly in mind when you are thinking about constructing an estate plan on your own using an online download of some sort.

There are those who decide that opening a joint account or accounts is a substitute for a properly constructed estate plan. After all they reason, if you have a last will professionally drawn up you will be choosing an executor. This is going to have to be someone that you trust to take care of things in accordance with your wishes.

When it comes to retirement and estate planning a lot of people in America seem to be ignoring the advice that is routinely and constantly given by experts. Statistics are continually being presented that indicate a lack of retirement preparedness among the baby boomer generation. And of course if you are not in a position to retire comfortably you will not be in a position to leave behind significant resources to your loved ones after you pass away.

There are innumerable reasons why it is advisable to speak with a truly qualified trust attorney when you are interested in positioning your assets intelligently with asset protection and tax efficiency in mind

If the value of your estate is such that you will be exposed to the estate tax, you may want to consider transferring resources to family members who are in line for inheritances while you are still alive. There is a gift tax in place to stand in the way of this practice for the most part, but there are certain exemptions. Among them is the $13,000 per year, per person exemption.

If you sit around waiting for retirement to arrive you may be waiting for a very long time. As the baby boomers reach the typical retirement age far too many of them are finding out the hard way that retirement does not come easy. While it is true that we have safety net programs in place such as Medicare and Social Security you are probably not going to get very far on your Social Security check alone.

You have to be aware of the possibility of challenges to your estate planning documents when you are making preparations for the future. This is especially true if there are more than one set of documents circulating. As a layperson, do you know how to go about updating an existing estate plan on your own? It is likely that your answer will be no, but this is what the painter Thomas Kinkade apparently attempted to do before he passed away.

Estate planning is approached differently by different individuals. Some people are very diligent about envisioning the future and they do everything possible to make things simple for the loved ones that they will be leaving behind. Others fail to plan ahead adequately. We are not suggesting that they care about their families any less, but for one reason or another they are not properly prepared and often times difficult situations emerge.

The estate tax exclusion is the amount of financial assets that you can pass on to your heirs before the federal estate tax is applied. At the present time this amount is $5.12 million. This $5.12 million exclusion is afforded to every taxpayer as an individual. So, if you are married you and your spouse each have $5.12 million to work with before the estate tax kicks in.

If you were to be among the many who are going to require living assistance when you reach an advanced age you have some decisions to make. A lot of people will decide to reside in an assisted living community. Depending on your physical condition, your financial capabilities, and your personal preferences this may indeed be the best choice for you.

Relationships generally are going to unfold step-by-step, and when you have already been married before you may be in no hurry to actually tie the knot in a legally binding manner. In fact, census statistics are indicating that people are not remarrying as much as they used to, but this does not necessarily mean that they are not getting involved in committed relationships.

Retirement planning attorneys are going to tell you that it is important to accumulate financial resources in anticipation of being able to put your working years behind you someday. This is however just one thing piece to the puzzle.

There are some people who will go to any lengths to line their own pockets, and they will even stoop so low as to target senior citizens. Indeed, elder financial abuse is all too common these days and expert observers are finding that the problem is on the rise.

When you are enjoying your prime earning years you have a certain amount of financial power. Once you retire you may find yourself living on a fixed income with little flexibility available to you. As a result you must look ahead toward the future when you are still working and plan ahead intelligently so that you can enjoy your retirement years to the fullest without any financial concerns.

There is an old saying about "things taking care of themselves," but do things really work that way? Perhaps some matters can fall into place organically from time to time but this is certainly not the case when it comes to estate planning.

If you were to decide to use a revocable living trust rather than a last Will to facilitate the transfer of your assets after your passing you would find that there are three primary participants. The creator of the trust is of course one of them, and this individual is known as the grantor or settlor of the trust.

To be comprehensively prepared for the inevitable you must consider all of the basic hand to mouth details. One of these would be funeral arrangements. There are those who assume that this is something that family members should take care of, but in fact there are a lot of choices that must be made and it may be best to make them yourself.

At the present time the details regarding the way that the late TV icon Dick Clark planned his estate have not yet been made public. One thing is for sure though: If Clark did not take steps to gain tax efficiency his heirs will be faced with an enormous estate tax bill.

Procrastination is common as we all live busy lives, and time can get past you in a hurry. If you have been planning on discussing your situation with a good Central New Jersey financial planning lawyer this year you may want to take action because we are already well into 2012.

It may be human nature to avoid subjects that are not especially pleasant, and this is one of the reasons why people often procrastinate when it comes to incapacity planning. Though it is not hard to understand why someone may prefer to avoid the topic, if you do you are putting yourself and your family members in a vulnerable position.

There was speculation regarding the Amy Winehouse estate shortly after she passed away last summer. Sources were saying that they had reason to believe that the troubled singer had taken the time to put a solid estate plan in place after she got divorced from her ex-husband Blake Fielder-Civil.

If you find yourself in a position where you have more than ample resources to last throughout your lifetime you have to start to consider how you will be preserving your wealth. Two individuals who certainly are in this category would be Facebook founders Mark Zuckerberg and Dustin Moskovitz.

If you were to enjoy extraordinary financial success one of the first things that may cross your mind would be to share the wealth with your loved ones. While generosity is almost universally viewed as a positive trait, you would do well to consider the tax code before you divest yourself of any significant quantity of resources.

Some people recommend payable on death or transfer on death accounts as a way to transfer assets to your loved ones after you pass away. You can open payable on death accounts at banks, savings and loans, and at some brokerages. While it is true that these accounts can achieve direct asset transfers, it is important to understand their limitations.

The typical layperson is usually going to equate estate planning with drawing up a last Will and in fact there are entities out there that will sell you a blank last Will document. They tell you that you just have to fill in the blanks and everything will be set in the event of your death.

The Federal estate tax is considered to be unfair by many observers who are familiar with the details. One of their contentions is that the estate tax is an instance of double taxation.

You are not required to utilize the same vehicle of asset transfer to facilitate the distribution of assets to each of your heirs. This is something to keep in mind, especially if you have someone on your inheritance list who you feel as though may need some guidance.

These days you see various entities offering blank generic legal forms. They would like you to believe that anyone can plan his or her own estate. All you have to do is purchase one of these forms and fill in the blanks. You then have an ironclad estate plan in place and you have no need for any further action.

Military service is demanding on many different levels and it is not something that everyone is going to be suited for. Without question there are a lot of sacrifices that go along with serving your country but at the same time there are some rewards to be had, especially if you serve for a significant period of time.

Some of the financial planning instruments that are routinely utilized can be a mouthful to say and can also be a little bit difficult to understand. On the other hand, there are some that are pretty self-explanatory and reverse mortgages would fit this category.

A lot of people want to satisfy certain philanthropic urges that they have when they are making preparations for the future. We have all heard of famous private family foundations started by high profile wealthy individuals. Though it might be nice to make such a foundation part of your legacy, the costs associated with creating and maintaining a foundation dissuade many people from going this route. A popular alternative would be to contribute money into a donor advised fund.

It is important to consult with a Central New Jersey Estate Planning attorney when you are making plans for the future regardless of your family dynamic. There are a lot of different bases to cover if you want to be comprehensively prepared for all the eventualities of aging and your eventual death. Professional guidance is key if you want to be certain that nothing is being overlooked.

The estate tax can have an enormous impact on the family members that you will be leaving behind and it is something to be very aware of when you are making preparations for the future. A single imposition of this federal levy is a big deal because it carries a 35% rate at the present time, and in fact this rate is scheduled to rise to 55% at the beginning of next year. But imagine having to pay this twice.

A high percentage of people are not at all prepared for the eventualities of aging. One of the primary reasons for this is the fact that many individuals don't want to consider unpleasant possibilities. While this may be understandable on a particular level it is actually quite irresponsible. There are certain realities that are facts of life and there is really no excuse for refusing to accept them.

When you use a last will to direct the transfer of your assets after your death it is not just passed around among your loved ones. The probate or surrogate court must determine its validity, and most lay people have no understanding of the expectations of the probate court. This is one of the reasons why the guidance of a good central New Jersey probate lawyer is important when you are drawing up your will.

Significant gifts come with a cost in the United States via the imposition of the federal gift tax. This tax is carrying a 35% rate at the present time, and any tax that consumes over a third of the amount in question is attention-getting. However, 35% looks almost good when you consider the fact that the gift tax is scheduled to rise to 55% once 2013 rolls around.

We have a federal gift tax in place, and at the present time it is carrying a 35% rate. When you think about any tax that will consume over a third of the resources in question such a high rate may get your attention. And when you are talking about a levy that is imposed when you are attempting to engage in an act of generosity this rate and the tax itself may cause you to scratch your head a bit.

If you are like a lot of people when you inventory your assets you may find that your home is the most valuable thing that you own.

You have to keep abreast of the ever-changing tax laws if you want to be prepared every step of the way as you are crafting your legacy over the years.

Americans who are relying on Social Security too heavily can find it difficult to get by, especially given the ever-increasing costs that they face. The law does allow for regular cost-of-living adjustments that are tied to the rate of inflation on a yearly basis.

Al Davis was an enigmatic figure who was loved by most in the “Raider Nation” but was sometimes criticized by outsiders.

It is always sad to see a person pass away at a young age under any circumstances and perhaps we really shouldn't place celebrities on such a pedestal.

When you hear that the estate tax is poised to take 35% of the taxable portion of your estate you may get to thinking about giving gifts to your loved ones while you are still alive.

You will usually find that those who are in fact enjoying retirement to the utmost with no financial worries are those who had the foresight to plan in advance.

There are those who are under the impression that estate planning is something that only the elderly must consider, but this is not a very pragmatic way of thinking

There are a lot of factors to consider when you are making final plans, and with so much to take into account it would not be impossible to overlook some of the “little things.”

Retirement planning is a tricky matter because expenses that may possibly come your way can vary dramatically. It is easy to make sweeping statements about what one "should do" that come from the perspective that everyone has more than ample financial resources to handle any and all possible contingencies. However, things are simply not that way for most people, even those who would say that they have been successful throughout their lives.

One of the first things that you need to determine when you are planning your estate is whether or not it is exposed to the estate tax.

Estate planning has everything to do with making sure that your loved ones are properly provided for after you pass away.

It is often said that you should use the correct tool for the job at hand, and in a very real sense the difference between amateurs and professionals has everything to do with utilizing the right tools.

There was an interesting challenge issued earlier this year by two iconic figures who in a very real sense represent the quintessence of extraordinary wealth in the United States.

After spending a lifetime working hard to grow your assets you find that when it comes to your legacy, too much success can become a liability.

Are you aware that you could become mentally disabled at any time during life? If you do become disabled without a proper plan in place, a judge will create a guardianship.