Estate Planning Law Articles
Articles written by attorneys and experts worldwide
discussing legal aspects related to Estate Planning.
People creating an estate plan often wonder about how funeral expenses will be paid, and may turn to prepaid funeral plans as one option. If you're considering a pre-paid funeral plan, you should first educate yourself about how they work and what they offer. There are two basic types of these plans: guaranteed and non-guaranteed.
In the state of Indiana, each adult citizen has the right to make his or her own decisions about the kind of medical care provided by health care workers. Your physician's job is to properly inform you about your options and to provide you advice on what to do, but in the end, it is up to you to make the final decision. But what happens when you are no longer able to make your decisions for yourself, or you lose the ability to express your desires?
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.
Paying spousal support to your former spouse after marriage can be an emotionally and financially painful experience. And if a divorce is imminent, she will come at you asking for the kitchen sink. Below are some tactics and techniques that you can use to reduce alimony payments in your divorce case.
Once a person dies leaving behind property, someone has to take on the responsibility to manage that property and then transfer it to new owners. This person, known as an administrator or an executor, has a special duty to protect the estate property and to see the decedent's wishes are followed.
Section 11.118 of the Revised Code of Washington, governs pet trusts. Pursuant to this code section Washington State law allows individuals to set up trusts for the care of their pets. Animal or pet trusts are similar to trusts for children. You must appoint a competent adult to take care of your animal, just as you would for a child.
In a few states, including Texas and Kansas, adopted children can inherit from their biological parents through state intestacy laws in the absence of a Will but parents cannot inherit from the children they gave up through adoption if the child does include them in their will.
Many people decide that they would like to provide for charitable organizations when they are making long-term financial plans. This can be personally rewarding of course, and there are often tax benefits to be gained through philanthropic efforts.
Some thoughts about the problems small business owners face when choosing a business entity. Among other factors limiting the liability of the business owner must be carefully considered. It is important to remember that simply choosing to do business in an entity - corporation or limited liability company- is not enough to eliminate all the liability the small business owner has.
Benjamin Franklin famously declared that “in this world nothing is certain but death and taxes”. Estate planning is a sensitive issue, which many people are reluctant to address, but considering that the plans and documents you make concerning your death are likely to be some of the most important financial documents you will ever make, inheritance is a crucial legal issue which everyone must consider.
You gain a sense of satisfaction from acts of generosity that really cannot be adequately described in words. Being in a position to help others can be extremely rewarding, and even if you are giving in a totally selfless manner, there could be tax advantages realized through acts of giving.
Hollywood is always good for a great story about a money dispute involving someone famous. Actors, producers, authors, and agents are forever arguing about who gets how much of the millions they make each year. These stories rarely have any bearing to the average American’s life. Occasionally, however, a Hollywood story actually does hit home with the average American, as in the case of the recent death of legendary R&B, jazz, and blues singer Etta James.
An overview on the foundation structure, with a particular focus on Private Interest Foundations in Panama. There are many countries offering legal entities known as offshore foundations. A private offshore foundation is a private entity usually set by an individual or married couple to provide for their children and their heirs.
Many people are surprised when they hear just how expensive long-term care has become these days. If you look at the average length of stay which is between two and four years, coupled with the average costs you may be faced with an expense that exceeds $200,000 toward the end of your life.
Transferring assets to your loved ones is the objective when you are planning your estate, and it is important to understand the fact that you have multiple options to this end. You may automatically think that you will be using a last Will to express your wishes, but when you look into the details you may find that this is not the best choice for you.
If your estate is valued above a certain amount, your heirs will be faced with the prospect of paying the federal estate tax. At the present time the estate tax exclusion is $5,120,000 and the rate of the tax is 35%. So the portion of your estate that exceeds the exclusion amount is subject to the 35% tax.
Estate planning has truly become an art form. Along with deciding who will receive what when you die you must attempt to create a plan that limits or avoids estate taxes and the often lengthy probate process. For those with an estate of considerable value, an irrevocable life insurance trust, or ILIT, is an estate planning tool worthy of consideration.
In the never-ending quest to pass down assets without paying the often exorbitant estate taxes due on estate assets, a grantor retained annuity trust or GRAT, can be an attractive option. Although a GRAT has very specific rules that must be adhered to in order to benefit from the trust, the benefits can be substantial.
Most people are accustomed to taking into account the tax ramifications of purchases expenses and investments as they apply to personal income taxes; however, estate taxes can potentially have an even bigger impact, yet are often forgotten.
There is more than one way to arrange for the transfer of assets to your loved ones after you pass away. Because a last Will is the most well understood estate planning document a lot of people simply assume that they will utilize this document to record their wishes.
2012 is going to be an interesting year in the field of estate planning because there are significant changes looming. Due to provisions that were contained within the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 the estate tax exclusion is $5,120,000 this year and the maximum rate of the tax is 35%.
1. Transferring to a Spouse: Married couples often own property as equal owners with a joint tenancy. Each owner in a joint tenancy may have the right of survivorship, which is the right to automatically inherit the ownership rights of his or her spouse upon that spouse's death.
If you die in Texas without leaving behind a valid last will and testament, all your property goes to owners that are pre-determined under Texas law. These laws, called intestate succession laws, give your property to those related to you. The only way to change these laws from applying to your estate is by creating a valid will and making your choices yourself.
Picture this: you find out you need heart surgery, and you bypass the board certified heart specialist in favor of your family practitioner, just to save some money. It’s a ridiculous idea, isn’t it? And yet, when the issue is estate planning, people are quick to make a similar decision. All too often, clients entrust the future security and well-being of their families to lawyers who just aren’t equipped to do the type of detailed, careful planning that is necessary.
Every parent should consider estate planning as important, but it is extremely important if you have a special needs child. When a parent has an estate plan, they are given a chance to decide who will raise their minor children, and how best to set money aside for those children so that they can be cared for if the parent is no longer there to provide for them.
With the rising cost of long-term care in our elderly years, it makes sense to look for a good long term care insurance policy early on. However there are so many different kinds of policies available that it can be very difficult to compare apples to apples. Here are some tips to make sure that you are choosing the correct company for your insurance needs.
Creating a durable power of attorney for health care is an important part of the estate planning process. After all, you want to make sure that the right person is in charge of your medical care in the event that you become incapacitated. Not having a durable power of attorney for healthcare can cause a variety of different issues between family members who have to make important and difficult decisions on your behalf.
Planning for your care in your older years is critically important. The unfortunate fact is that so many seniors find themselves in a very bad situation in their later years because they did not create a plan that would protect their interests later in life.
It can be a real dilemma: on the one hand, you want to pass on the wealth you’ve worked hard to earn but on the other hand, you don’t want a large inheritance to dull your children’s work ethic, or leave them with a sense of entitlement. One possible solution to this dilemma is the incentive trust.
Times are tough, and credit is still in limited supply. A sign of this is a recent statistic quoted by the Wall Street Journal: 30% of 401(k) savers have an outstanding loan against their retirement plan.
Part of creating your estate plan should include executing a healthcare power of attorney document. This tool allows you to have some control over your medical care, if you’re ever incapacitated. The health care power of attorney is important if you want to make sure that you’re receiving the best care possible and that someone is making good decisions on your behalf. Take a look at some of the information below, to better understand the use of the document.
Renouncing a will means giving up your inheritance as provided in the will of a deceased. But why would anyone want to give up their inheritance? Renunciation may be a tactic used by a spouse who would choose to take a share of an estate as specifically provided by state law, rather than a smaller portion of the estate that may be provided for in the will.
Unlike cash or real estate that can be divided neatly into shares, tangible personal property, including jewelry, furniture and family heirlooms, can pose a challenge when creating a Will.
Avoiding probate requires thoughtful planning. Creating a Living Trust through an experienced Estate Planning attorney is an important tool in ensuring your assets are distributed in accordance with your wishes and without much of the hassle associated with probate. But there are a number of other tools available to help keep your assets away from the probate court.
Your Last Will and Testament is the a starting point for your entire Grafton estate plan. For this reason, your Will should be well thought out and updated on a regular basis. While there are some precipitating events that commonly prompt most people to make a change in their Will, there are some other reasons that may also warrant an update that are frequently overlooked.
Hollywood is never short on sensational accounts of legal disputes over money. Often, these disputes are over million dollar deals for recording contracts or movie scripts of publishing rights topics that have little relevance to the average American’s life. Sometimes, though, Hollywood money disputes can be relevant and actually teach us something.
Estate planning can be complicated, even for a relatively small estate. If you are fortunate enough to have a sizable estate, estate planning becomes even more complicated, yet takes on a heightened importance as well. Along with deciding who will receive your assets upon death, you must take into consideration things such as avoidance of estate taxes and limiting the assets that will be part of the probate process.
If you have spent a lifetime building up your estate, then you likely don’t want to lose half of it to estate taxes upon your death. Unfortunately, without careful estate planning, that can happen. Although each estate is entitled to an exemption amount which is subject to change, any estate assets above the exemption amount will be subject to the typically high rate of estate taxes.
Trusts are an integral part of estate planning and trusts only work when trustees carry out trust instructions. To that end, we’re answering your trustee questions here. If you have additional questions or need help choosing a trustee, ask your estate planning attorney.
A loved one with dementia has special needs that should be taken into consideration, especially when choosing a long term care facility. It’s important to take extra care so that your loved one is able to live a comfortable and safe life. There are steps that you can take to make sure that you’re choosing the best possible facility for your loved one. We discuss those steps below.
Think about your online life. Many of us bank online, communicate online, conduct business online, socialize online, and market our businesses online. Keep a notebook next to your computer for one month. Each time you access an account or digital asset site, jot down the account number, web address, password, user ID, and PIN. Then, organize the list so your loved ones will be able to handle your digital assets if you become incapacitated or die.
If you’re like most people, you’ve heard the term, “probate, «but aren’t really sure what it means other than it happens when someone dies and lawyers are involved. To bring some clarity to the subject of probate, we’re answering common probate questions below:
Managing a trust is an extremely important responsibility. For the trustee, it is crucial to become well informed of their rights and responsibilities in order to avoid any legal conflict in the future. It is not uncommon for people to be confused about what exactly a trust is and what its functions are. A trust refers to property given to a trustee to manage for the benefit of a third person.
Many people assume that an estate plan is a relatively easy tool that can be completed in a matter of minutes by downloading documents from the internet. This is why many people attempt to do their own planning. It’s important to understand how beneficial a custom plan can be for you and your life and how worthless a generic is.
When creating a will, it’s important to take extra care to ensure that you have a legal and valid will. This can allow your wishes to be respected and can help to keep a will contest, or challenge of a will, at bay. Are you wondering what may warrant a will contest? Take a look below, to learn more.
If you’re like many people, you may have the desire to avoid the probate process. Because it can be a public, lengthy, and expensive process, many people plan their estate in hopes to avoid it. There are reasons why probate is necessary in some cases. Take a look at the reasons below to see how probate can be helpful. If you have any questions, or if you’d like to discuss the probate process, contact an estate planning – probate attorney.
A pour-over-will is the will that is used in trust based estate planning. It has three important functions. The pour-over function funnels any assets not funded into your revocable living trust at your death, into the trust, through the probate process. In addition, you appoint your personal representative (i.e. executor) and guardians for your minor children in your pour-over-will.
Unintended heirs are those people who end up with your money, without you intending to give it to them. Often the government, your surviving spouse’s new significant other, or an estranged relative are unintended heirs. Unfortunately, children are unintentionally disinherited with poor estate planning and inappropriate asset ownership. Instead the assets go to unintended heirs. Every adult needs a comprehensive up-to-date estate plan that is customized for his or her individual situation.
If child custody and/or visitation arrangements have not worked out, the non- custodial parent can bring an application to either the Family Court or Supreme Court to modify the child custody arrangements (if the parties have remarried). Men often do poorly when dealing with the Family Court or the Supreme Court in child custody and visitation matters.
Everyone, who has attained the age of 18, needs his or her own will. There is often some confusion about what a will can and cannot do so we created this will fact sheet to guide our clients. We hope you find it helpful.
If you have not yet handled your estate planning affairs, you will want to carefully consider your needs to determine your individual estate planning goals. It's important to have planning in place so that you're always prepared. If you don't have an estate plan, you may have to deal with serious consequences.
Taking the time to develop your estate plan can be an overwhelming and confusing process. When you’re new to planning, you will likely have a lot of questions and concerns. It’s important to have an open line of communication with your attorney so that you’re able to better understand your planning and get the help that you need.
If you want to have the best estate plan possible, you need to be aware of potential pitfalls and plan so that you avoid potential problems. Your wishes may also not be respected if there are errors. Take a look at the following information, to learn more. If you have any questions, or if you’d like begin creating your estate plan, contact an estate planning attorney.
In 2006, Anna Nicole Smith made headlines when she appealed a 9th Circuit Court of Appeals decision all the way to the U.S. Supreme Court. The famous model and later reality television star made headlines when she married billionaire J. Howard Marshall. Marshall, 62 years older than Smith, was her second husband. Many speculated that she wed Marshall solely for his sizeable estate and wealth.
It may seem confusing and scary having to plan your own estate planning affairs. Know that by creating a plan you will be taking the first steps in preparing yourself for the future. If you’re just getting started with your planning, take a look at the following steps; this will help to guide you throughout the process. If you have any questions, or if you’d like to begin your estate planning, contact an estate planning attorney.
When most people think of the elderly, they envision someone that is very thrifty with their money, and in some cases they’d be right. Some of the elderly people of today lived through events like the Great Depression. Due to their experiences, these people learned to put away for a rainy day, and only purchase items that were necessary.
For many people life insurance is an important safety net for their loved ones. With a life insurance policy you know that your family will be financially secure even if something was to happen and you could no longer provide for them. When you have a young family, there is no doubt that life insurance is very important, but is it as important once you are retired?
Have you heard of incapacity planning, guardianships, or conservatorship? Have you heard of a living willpowers of attorney, and trust planning. If you’re like most folks, you’ve heard the terms somewhere but don’t have a full grasp of how it all fits together; that’s totally normal. But, incapacity planning is much more important than you think. Just ask anyone who’s ever had to use a disability plan, which worked or didn’t work.
If you’re planning for the future, you will have many planning needs, including a living will in your comprehensive estate plan. This will allow you to legally spell out your end of life treatment decisions. Without a plan in place, others will be left to guess and make difficult choices. Take a look at the following information, to learn more about this planning need.
Sometimes, probate lawyers become involved in cases where their clients ask for their assistance in drafting wills that will give their spouses very little of their estates or nothing at all. Probate lawyers may also become involved in cases representing spouses who receive nothing through disinheritance.
If your children are minors and/or you want to protect the assets that go to your children from creditors and divorcing spouses, you need trust planning. As a single parent, there is no back up if you become incapacitated or die. A strong, comprehensive, and up-to-date trust-based estate plan needs to be in place to protect your children.
If you’ve been named as a guardian for minor children in a loved one’s will, your hands will be full if you are called upon to act. It’s important to fully understand your duties before agreeing to serve as a guardian. This will allow you to be better prepared and can make it possible for you to decide if you’re the right fit.
One way that you can invest in your retirement is through annuities, though this retirement tool may not be right for everyone. If you are still young and would like to save more for retirement than what you can contribute to your retirement plan each year, an annuity may be a good option.
Many parents with young children have difficulty deciding on a guardian. In many of these cases the parents have many possible guardians to choose from or they don’t have someone who is a complete fit. This is completely normal. If you’re having trouble deciding on a guardian, take a look at some of the tips below. Your estate planning attorney can help you decide on a guardian for your children.
A will is an important estate planning document that many people never take the time to create. A will can help you achieve many of your estate planning goals. It can also be used to determine how many of your affairs will be handled after your death. Take a look at the following 5 benefits to creating a will. If you have any questions, or if you’d like to create a will, meet with an estate planning attorney.
The Wall Street Journal reported, “[a]ccording to the National Association of Unclaimed Property Administrators, state treasurers currently hold $32.9 billion in unclaimed bank accounts and other assets. (You can search for unclaimed assets at MissingMoney.com.)” For the most part, this is money heirs didn’t know about because their loved ones either didn’t do estate planning or didn’t stay organized and it was missed.
If you’re planning or updating your estate plan, you may want to consider creating a revocable living trust. Trusts are a highly beneficial estate planning tool. Take a look at the following information, to better understand 10 benefits of a revocable living trust. If you have any questions, or if you’d like to create a trust, contact an estate planning attorney.
In estate planning circles the estate tax is always a core issue, but it was an especially hot topic in 2010. A provision contained in the Economic Growth and Tax Relief Reconciliation Act of 2001 (commonly referred to as the “Bush tax cuts”) called for a repeal of the estate tax for the 2010 calendar year. It was set to return in 2011 with an exclusion of just $1 million and a top rate of a whopping 55% (it was 45% in '09).
Some of the concerns related to the changing economy and an agricultural relationship between the generations of farmers, in an industry that pushes small businesses to failure. A simple understanding of how to leave your small business or farm to the right persons or family members in planning your estate ahead of time can be vexing, especially when such an action is necessary.
A lot of people these days are not seeing consistent growth in their retirement savings, if they have a retirement account at all. The reason why retirement accounts fail to grow often has nothing to do with the market, and everything to do with the everyday cost of living.
The “death tax” is a euphemism for the estate tax. Estate tax is imposed "on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States.
Elder Law is a term that has been coined to encompass the body of law regarding the aging population. It is an area of law that has seen significant growth as the baby boomer generation ages.
If you’re like most people, you’ve heard of the term, “probate.” Essentially, the term “probate” and “estate administration are used interchangeably and refer to the winding down of a person’s financial life after death. Technically, the term, “probate,» refers to court validation of your will.
Arkansas enacted its Pet Trust Law in 2005. Since then, pet owners have been able to create a Trust to ensure that their pets are properly cared for after the pet owners die. Though you should talk to a qualified estate planning attorney if you want assistance creating a Pet Trust or have specific questions, let’s take a moment to look at what the Arkansas statute states.
Creating a will is the starting point of estate planning, but it certainly should not be the ending point. While there are several other documents that make up a comprehensive estate plan, we answer questions involving the most important document, the will.
The practice of elder law is an area of expertise that developed from the need of a growing population of senior citizens with specific legal issues. What can an elder law attorney do for you or a loved one? Elder law is a relative new area in the practice of law, arising from the need of a growing population of senior citizens with specific legal needs.
Despite its purpose, a will is a living document, meaning it should be updated or changed as situations warrant and life changes occur. In fact, even if circumstances do not change, a will should be reviewed every three to five years.
One aspect of estate planning involves disability planning, which is creating a contingency plan in case of incapacitation in later years. A living trust is one estate planning tool that can often be put to good use within a disability plan.
Estate planning for clients who are in their second marriage often presents some challenges that are not present where the clients are in their first marriage.Sorting through a confusing mix of what belongs to whom, and who gets what belonging to whom, can produce feelings of hurt and resentment.
When most people create their Last Will and Testament, they nominate a spouse, partner, child or parent as the executor of the Will without giving much thought to what the position of executor actually entails. However, once you understand the complex nature of the duties of an executor, you may decide to give a little more thought to the choice of the executor.
Payroll tax problems are highly unique by a number of measures. Payroll tax problems are generally regarded much more seriously than other tax issues and are also detected and moved against by the IRS much faster. In addition Payroll Tax Problems are different in another way – the number of people who can be personally liable. When it comes to payroll tax problems it’s not just the business owners or the “corporation” that can be held liable for the back taxes.
Anyone who has a substantial estate knows that avoiding estate taxes is one of the primary goals of estate planning. The estate tax rate changes on a regular basis; however, it is typically high, meaning an estate could lose as much as half of its value to taxes. One option for avoiding estate taxes is to gift assets to family members and loved ones during your lifetime.
Back in 2010, there was a lot of uncertainty surrounding the estate tax. The tax was repealed for that year due to provisions contained within the Bush era tax cuts. However, as the laws stood throughout most of 2010, the estate tax was scheduled to reappear in 2011. At that time the exclusion was scheduled to be $1 million, and the maximum rate was set at 55%.
Taxes are an interesting thing because they can spawn conflicting emotions. Money is hard earned and nobody wants to part with a significant portion their earnings and give them to the tax man. However, the vast majority of thinking people recognize the need to fund certain foundational elements of society.
Under § 16 (1) of the German Law on inheritance and gift tax a tax free amount on the taxable acquisition of up to €500 000 (depending on the degree of kinship) is generally granted. However, this exemption is only €2 000 if both the decedent and the beneficiary are not resident in Germany. The new law now allows to avoid choose the application of the full tax free amount if the beneficiary taxes his worldwide acquisition.
People tend to procrastinate when it comes to addressing the issues of aging and the inevitability of death and you are probably among them. Of course, these are not especially pleasant subjects to consider. These are realities all the same and it is useful to remember that you are assisting your family members when you take action and make the appropriate arrangements.
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.
Among the many estate planning tools, an irrevocable life insurance trust, or ILIT, offers numerous advantages with few disadvantages. The primary goal of an estate plan is to determine how you wish your assets to be distributed upon your death; however, there are often important secondary goals and considerations.
Generally, Florida law does not allow an adopted child to inherit through intestacy from his or her biological parents. The limited exception to this rule is when an adopted child’s birth parent dies but his or her surviving parent remarries a stepparent who subsequently adopts his or her deceased spouse’s biological child. In this limited situation, the adopted child of his or her stepparent and biological child of his or her deceased parent can inherit from both parents.
Many states enacted estate tax programs which supplemented the federal estate income tax laws. Known as “pick-up” taxes, state estate tax programs typically picked up where federal taxes left-off. Thus, since most estates did not owe federal income taxes, a small number of Floridians paid state pick-up estate taxes.
Why Nil Rate Band Trusts in Wills should be reviewed. Until 2008 lots of people made what was called nil rate band trusts in their Wills. They were designed to save inheritance tax. This is how they worked: Inheritance tax (IHT) can be charged on gifts of money or property during someone’s lifetime and when they die.
If you expect to retire when you are in your mid-60s, you are going to have to save enough money to provide for your needs for perhaps 20 years or more. Most people will require a thoughtful and practical plan to be able to accumulate the resources that they need to comfortably enjoy their retirement years.
Adam J. Blahnik, a Minnesota divorce and family law lawyer, explains how Minnesota is considered a common law property State (or marital property State) as opposed to a community property State. He then details the difference between "marital property" and "non-marital property" in Minnesota.
If it’s time for a loved one to move to a nursing home, it is likely that your entire family is upset about the situation. This is because living in a nursing home is a big change. Luckily, there are steps that you can take that will make the move easier. Take a look at the following information to learn more. If you have any questions, or if you’d like to discuss nursing home options, contact an estate planning attorney.
Even if you don't have a lot of property, you can benefit by creating an estate plan that chooses how your property passes after you die. If you don't set your choices out in a legally recognized manner, Arkansas state law makes the decision for you through its laws of intestate succession. These laws are quite complicated and can lead to a number of different scenarios, so you should talk to a qualified estate planning attorney for specific advice about what might happen to your estate.
When you are anticipating the eventualities of aging long-term budget projections are necessary. To estimate your future expenses accurately you have to be fully aware of the facts, and with this in mind you would do well to know a few things about long-term care and the costs involved.
If you are not apprised of current elder law statistics you may be somewhat surprised to hear about the facts regarding incapacity among those who reach an advanced age. According to the Alzheimer's Association, some 13% of senior citizens are afflicted by the disease. Alzheimer’s causes dementia, which can rob its victims of the ability to make sound personal, financial and medical decisions.
Nobody wants to pay their taxes twice, and this is why a lot of people take umbrage with the federal estate tax. The estate tax can be logically called an instance of double taxation, and we will explain by way of example. Let's say that you work for a company and receive direct deposits every two weeks throughout your forty-year career. When that money gets to your account it is going to be markedly less than your gross income, right?