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Archive for September, 2010

September 21st, 2010

The Sandwich Generation Feels The Squeeze

(Estate Planners) - Waves of demographic change can often have significant economic and social implications, particularly for the lives of the people behind the numbers. Look at the current impact of wrinkles in birthrates, history and new developments in medicine and technology on the "greatest generation" who lived through the Great Depression and World War II to today's retiring baby boomers and generations "X" and "Y" in the throes of raising families, paying bills, and saving for retirement. Regardless of your age, when you are the central figure

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September 21st, 2010

Wealth Transfer

(Estate Planners) - As political change sweeps through Washington, D.C., the future of the Estate Tax is far from settled. Under the current law, the tax on the value of your estate declines to zero in 2010, but is scheduled to reappear with a vengeance in 2011 with rates as high as 55% and hitting estates as small as $1 million. Subsequent modifications between now and January 1, 2011, by Congress and the President Obama are likely

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September 21st, 2010

Estate Law

(Estate Planners) - Estate law deals with a person's property. An estate is simply the net worth of an individual. To calculate a person's net worth, find out how much his assets are worth and how many liabilities he has. Subtract the liabilities from the assets to arrive at net worth. For example, Jack's assets are $3,500 in a savings account, a house worth $93,500, and a car worth $3,500. Jack still owes $25,000 on his house mortgage and $500 on his car loan. Jack's net worth would be $100,500 of assets minus $25,500 of liabilities, so his net worth would be $75,000. If Jack passed

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September 21st, 2010

Estate Planning

(Estate Planners) - Estate planning involves making decisions about what will happen to your property and assets after you die. Planning ahead of time exactly how you want your assets distributed and to whom will make your passing easier on your family and friends since your final wishes will be clearly defined through documents such as a will, a power of attorney, a medical power of attorney, and funeral arrangement requests. Estate planning

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September 21st, 2010

Estate Planning Attorneys

(Estate Planners) - Estate planning attorneys specialize in areas of the law that affect the property that a person leaves when he dies. Estate planning attorneys assist their clients in making decisions about how their estate should be handled while they are living in order to plan for their eventual death. One of the main areas estate planning attorneys will focus on is the tax consequences of different courses of action. Naturally, the main goal will be to minimize the amount of taxes

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September 21st, 2010

Estate Probate Law

(Estate Planners) - Estate probate law deals with the property that a person has accumulated at the time of his or her death. The estate is the net worth of a person when he or she dies. If a person has more assets than liabilities, he has an estate. If he has more liabilities than assets, he does not have any estate because his creditors are entitled to his property to pay the debts that he owes. For example, if James has a house worth $100,000 but still owes $30,000 on his mortgage, then his net worth is $70,000. However, if he has a checking account

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September 21st, 2010

Estate Taxes

(Estate Planners) - Estate taxes, also known as inheritance or death taxes, are levied on the estate of a deceased person by the state or country where he lives. The rates of estate taxes at the federal level have decreased in recent years with the passage of President Bush.s Economic Growth and Tax Relief Reconciliation Act of 2001. This Act increased the amount of a deceased's

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