Preserve Your Legacy

Estate Planning | Elder Law | Special Needs Planning

Blog Posts in December, 2010

  • Simple & Direct Inheritance Planning Vehicles

    Common sense goes a long way in every aspect of life, and it is vital to the process of estate planning as well. You just need to understand the asset transfer vehicles that are available to you and utilize them in an intelligent and well-timed manner. Depending on the specific details of your estate and the dynamics of your family, you may find that the best strategies for you are rather simple ...
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  • Gifting Health Care

    We have highlighted the inheritance planning strategy of gift giving previously, but there is an exemption that is often overlooked that we would like to look at today. To provide some context the purpose of giving gifts from an estate planning perspective is to reduce the value of your estate in an effort to limit or eliminate your heirs’ estate tax exposure. On a personal level, when you give ...
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  • GRATs Can Create Space

    When the value of your estate exceeds the estate tax exclusion amount your estate planning objective is to rearrange your assets to create space and bring the value of your estate under that exclusion. Giving gifts is one way of doing this, but of course the IRS is well aware of this so there is the gift tax to contend with. However, there are financial instruments that can be used to facilitate ...
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  • Young Children & Inheritance Planning

    There are those who proceed from the standpoint that estate planning is not something that younger people need to be concerned about, but the matter does not revolve exclusively around age. It is true that the possibility of death increases as you get older, but people of all ages die every day. The purpose of estate planning is to make preparations for the well being of your family if you were to ...
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  • Legislation Reduces Estate Tax

    Estate planning involves financial projections, and this can only be done with a reasonable modicum of accuracy when there is some kind of consistency within the numerical pattering you are working with. However, the recent wild swings in the estate tax parameters year to year has made estate planning quite challenging because what makes sense on December 31st of a given year may not be ...
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  • What Is a Buy-Sell Agreement?

    When you are involved in a business partnership and you are planning your estate, you have to consider the matter of succession. Your share in the business may well be one of your most significant assets. But when you pass on, how is your share carved out and passed along to your heirs without negatively impacting your partners and the viability of the business? This may sound rather challenging, ...
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  • Revocable Living Trusts Can Improve Efficiency

    Efficiency is the name of the game when you are engaged in estate planning, and when you choose to execute a will as your instrument of transfer you may be choosing an inefficient route. A will has to pass through the legal process of probate, and this is when the probate or surrogate court supervises the administration of your estate. Probate is not a bad thing in many cases because some estates ...
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  • Long Term Planning & Cost Control

    When you are planning for the more active segment of your retirement years through to the end of your life you have little choice but to proceed with a good bit of speculation. It is easy to be cavalier and talk about planning for all of the eventualities of aging as though it is a simple matter of moving numbers around. But depending on where you are in your life now, how your latter years ...
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  • Remarriage & Estate Planning

    Planning your estate is not something that you complete with one single action. It is an ongoing process, and every time something significant happens in your life, it will probably affect your estate plan in some way. For this reason it is important to schedule a visit with your estate planning attorney every time one of these life altering events takes place. One such occasion is a change of ...
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  • Inheritance Plan in Action

    When you give gifts to the people who you would be leaving an inheritance to after you pass away you remove the value of these gifts from the overall value of your estate, and that is going to provide you with estate tax efficiency. Of course there is the gift tax that stands in the way of simply giving away all of your estate before you die to avoid the estate tax. However, there are gift tax ...
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  • Post Nuptial Agreements & Your Estate

    Estate planning is challenging in many ways, but it is also a very nice feeling to be able to make a difference in the lives of your loved ones and perhaps even your favorite charities and/or non-profit organizations. You may be sitting in your favorite chair watching a Syracuse basketball game thinking back on all of the great times you had there as an undergraduate at the Carrier Dome and decide ...
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