Category: Estate Planning

Waiver of Spousal Rights

The rights of a surviving spouse to an elective share, intestate share, pretermitted share, homestead, exempt property, family allowance, and preference in appointment as personal representative of an intestate estate or any of those rights, may be waived, wholly or partly, before or after marriage, by a written contract, agreement, or waiver, signed by the [..]

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Boomer Wealth Dented By Mortgages Poses Risk

Mortgage-burning parties in the U.S. may be going the way of home milk deliveries and polyester leisure suits. A growing number of homeowners are reaching retirement age still owing money on their houses. The share of Americans 65 and older with mortgage debt rose to 30 percent in 2011 from 22 percent in 2001, according [..]

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A Third of People Have Nothing Saved for Retirement

A third of people (36 percent) in the U.S. have nothing saved for retirement, a new survey shows. In fact, 14 percent of people ages 65 and older have no retirement savings; 26 percent of those 50 to 64; 33 percent, 30 to 49, according to the survey conducted forBankrate.com, a personal finance website. Other [..]

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Money Smart for Old Adults

Money Smart for Older Adults (MSOA) is an instructor-led training curriculum developed by the Consumer Financial Protection Bureau (CFPB) and the Federal Deposit Insurance Corporation (FDIC). The program raises awareness among older adults and their caregivers on how to prevent elder financial exploitation and encourages advance planning and informed financial decision-making. The module includes: Common [..]

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What Is The Federal Estate Tax?

The Federal Estate Tax is a tax on all property you own at your death that exceeds the estate tax credit amount. In 2014 the credit amount is $5,340,000. It is expected to increase every year going forwards in an amount according to the inflation rates. So, if the total value of everything you own [..]

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The Challenges of Retiring From a Business You Own

Retiring is challenging for almost everyone. But if you’re a small-business owner, preparing to hand your company to your children can create an even bigger knot of anxiety — worries about financial security, the legacy of your life’s work, and the prospects for your offspring. The process can touch everything from spreadsheet-driven company valuations to [..]

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Federal Gift Tax Annual Exclusion

In 2014 you can give $14,000 to any person and not have to pay a gift tax. Married couples can combine their annual exclusion thereby giving $28,000. There is no limit on the amount of people you can gift to each year. If you were to exceed this annual amount, the amount over the annual [..]

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Federal Estate, Gift & Generation Skipping Taxes

With the passing of the American Taxpayer Relief Act (“ATRA”) of 2013 it is expected that the laws governing federal estate taxes, gift taxes and generation skipping transfer taxes, and the exemptions from these taxes, will be permanent beginning in 2013. The important issue is the amount of the exemption from such a tax. The [..]

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