Fans of television during the 1960s through 1980s certainly remember the impact that Larry Hagman had on the entertainment industry. The legacy of the actor, who died on the day after Thanksgiving at the age of 81, will live on through his extraordinary body of work. Hagman first rose to stardom via the character Anthony Nelson in the I Dream of Jeannie sitcom. Subsequently he landed the role of J.R. Ewing in the dramatic series Dallas, and he captured the imagination of the masses as this …
Unusual Estate Tax Case Finally Resolved
The esteemed art dealer Ileana Sonnabend passed away in 2007. At that time she was in possession of an art collection valued at around $1 billion. When you consult with a local Long Island estate planning attorney he or she will emphasize the impact that the estate tax can have on your legacy. This case gives you an idea about just how severe it can be. The children of Ileana Sonnabend had to pay out $471 million to cover estate taxes on both the federal and the state level. It would be …
Estate Administration: Consider Practical Realities
The process of estate planning can on the surface seem like a matter of executing legal documents. It is indeed important to draw up a last will or create a trust to direct the future transfer of your financial assets. One should also have a living will and the appropriate durable powers of attorney to prepare for the possibility of incapacitation. The above having been emphasized you should also consider the matters of incapacity planning and estate administration and the practical …
Beneficiary Can “Stretch” Individual Retirement Account
The process of retirement planning can involve contributing into an individual retirement account over an extended period of time. With these accounts you can accumulate resources that you can utilize as a financial underpinning during your senior years. With the traditional IRA you make contributions before paying taxes. As a result, when you receive distributions eventually they are subject to taxation. Similarly, if there was a remainder in the account after you passed away your …
Make 2013 the Year You Seize Control of Your Future
The future is bright for people who are making measurable financial progress every day. When you work within a solid framework with specific goals in mind you make intelligent choices on a consistent basis, and you invariably feel quite good about them. Conversely, if you are just meandering along with no real long-term financial strategy you are probably going to feel some sense of insecurity and discontent. This is natural when you know deep down inside that you are really not prepared …
Social Security: How, When & How Much?
When you speak with a retirement planning attorney about your future he or she is going to explain the limitations of Social Security. Thinking that you will be able to get by on Social Security alone is a mistake, and this is why advance planning with the benefit of expert guidance is so important. Why is it a mistake? The answer is because Social Security benefits are quite limited. The average monthly benefit in 2012 was less than $1250, and even the maximum of $2513 is not exactly a …
Have You Calculated Your Current Net Worth?
It is wise to look at your financial situation in a long-term and holistic manner. One thing leads to another, and there are different expenses that you are going to face as you reach different plateaus during your life. If you work with an experienced attorney who has a background helping people who are planning for retirement as they simultaneously shape a fitting legacy you will have a cogent framework to guide you. Everything that you do in the present impacts the future, and this is …
Your Parents May Need Your Help Someday
When we are children we look up to our parents and rely on them for everything. Once we enter adulthood we still need our parents in any number of ways, and this dynamic is something that is embedded in all of us. However, the truth is that your parents may well need your help some day when they reach an advanced age. Most people who reach their middle 60s will indeed need some help with their day-to-day needs eventually. According to the Medicare website 70% of this assistance is provided by …
Free Report on Trust Administration Now Available
We do everything possible to demystify estate planning for our neighbors here in and around Commack. When you understand the reasons why certain courses of action are necessary everything falls into place, and you do in fact take the necessary steps for your own well-being and that of your family. One of our initiatives has been to create a series of free reports that we are offering to people here in Long Island free of charge. The report that we are now making available explains the process …
Question for Procrastinators: What About the Children?
Young adults may hear about the topic of estate planning and quickly hurry on feeling as though it is something that is only applicable to older people. Of course it is absolutely true that senior citizens pass away more frequently than people who are in their 20s, 30s, and 40s. But then again, the children of senior citizens are going to be people who are already grown up and self-supporting. So yes, it is less likely that younger people will pass away, but the consequences of a lack …
Are Private Family Foundations Only for Billionaires?
Many people are in a position to leave behind a charitable legacy, and this can certainly be a rewarding parting act. Exactly what cause or causes you would like to support can be something that you carefully craft to reflect your own passions and interests. If you decide that you would like to engage in acts of philanthropy as you are planning your estate you will have some decisions to make with regard to vehicles of charitable giving. Perhaps the first thing that will come to mind for …
Authorize Release of Medical Records
The process of estate planning should include comprehensive preparations for all the contingencies that may present themselves as you enter your twilight years. With this in mind you would do well to speak with an estate planning attorney about incapacity planning. It should be noted that people of all ages should have an incapacity plan in place. Nobody has a view into the future, and accidents and catastrophic illnesses can strike anyone at any age. The above having been noted indeed, …
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