The Shock of Sudden Death and Probate

The sudden death of a loved one is a terrible shock. As this author discovered, the shock increases if you have to go through Probate. Her advice may help you with estate planning and to expedite Probate if you must go through it.

Estate - Don't Leave Loved Ones In A Lurch

Nothing brings home the importance of having our affairs in order than seeing the effects firsthand in your own family. My mother-in-law's recent death means my family is dealing with the realities of settling her affairs. Her advanced-planning greatly simplified the process. And it will for you, too.

Estate - Your Questions Answered - Health Savings And Power Of Attorney

Currently, the premium is split 50/50 between employer and employee. I pay $205.00 per month. Under the HRA it will still be split 50/50, but the employer is going to fund each employee's Personal Medical Fund up to $900.

Estate - Beyond The Living Will

Living wills have received a great deal of attention due to the recent Terry Schiavo situation. Because her end-of-life wishes were in dispute, family members battled each other in the courts over her treatment and care. By having a proper Living Will, you can avoid such confusion. But a Living Will doesn’t ensure you have all your bases covered. There are other equally important documents you must have in place.

Limited Liability Company - LLC - What is it?

Limited liability company (LLC) is the strongest asset protection business devise. The limited liability company has significant financial and tax benefits. LLC with multiple members avoids double taxation by reporting income tax and tax deductions on member's income tax return using IRS Form 1065 and Schedule SE (i.e. Self-Employment Tax). Creditor has to pay taxes because of charging order providing asset protection from creditors and contingent-fee lawyers.

Estate - Will You Lose Your Home To Medicaid?

The largest financial risk that seniors face today is the potential of assisted living and nursing home costs to devour the nest egg that has taken a lifetime to build. Many will end up relying on Medicaid to pay these costs. If that's the case for you, chances are that Medicaid will come after your home when you die.

A Walk Through Of Financial Planning Process

Financial planning is important to your life; success or fail to plan your financial will impact your life related to money. The six areas of financial planning that reviewed in this article are all interrelated. Hat affects one area impacts the other areas as well, you should be aware of these areas and ho they impact your financial strategies.

Selecting a Good Trustee - Factors to Consider When Choosing a Trustee

How to select or choose a good trustee. What are the factors to consider when choosing a trustee? Who are some bad trustees? Consequences when the grantor names himself trustee. Co-trustees and trust protectors can ease responsibilities. Mentions testamentary trust, testor, settler, trustor, grantor, inter vivos trust, corporate trustees, trust companies, bank trustees and family members, accountants and lawyers as trustees.

Inheritance Tax Saving Wills - Not Just For The Very Rich!

Inheritance Tax is a subject which most people think of very infrequently if at all. The attitude is normally that it won't apply to me - it's just something for rich people to worry about - or that I'll be dead so it won't worry me anyway. The fact is people don't like thinking about death at all, let alone any financial consequences!

Nevis LLC (Foreign LLC) Protects Assets and Avoids Fraudulent Conveyance

How the Nevis Limited Liability Company, a Foreign LLC, can protect one's assets and still avoid fraudulent conveyance if the member's interest remains proportionate to the contributed capital. Creditor can issue charge order against the Nevis LLC. Mentions how Foreign Limited Liability Company and International Business Company (IBC) are used for asset protection and tax haven by Michael Jackson. Defines bearer shares.

Why a Will is Not Enough to Save Anna Nicole Smith's Baby Daughter?

The assignment of choosing a guardian for your minor children is the most important aspect of having a will. A will also assigns an executor. A will doesn't protect your assets nor avoid the probate. A trust - revocable or irrevocable - needs to be considered. What's the distinction between a revocable trust and irrevocable trust?

Medicaid Nursing Home Spend-Down Program: 5-Year Look Back

The Medicaid nursing home spend-down program mandated by the government has 5-year look back provisions placing financial devastation on senior elderly couples and the next generation baby boomers. What are the government's Medicaid long-term care plans? Is reverse mortgaging an option? Pros and cons of a reverse mortgage. Plan ahead with solid Medicaid estate planning and protection.

Anna Nicole Smith Dies Without a Will - What's a Will? What's a Trust?

Anna Nicole Smith dies without a will. Without a will and a trust Anna Nicole Smith leaves behind many unsettled legal issues including paternal rights to her baby daughter, unsettled case against her late Husband's estate Howard Marshall II. What's a Will? Why is a Will not enough? What are Trusts? What happens at the death of someone with only a Will?

Living Revocable Trust

What are the differences of a revocable trust (living trust or revocable living trust) and irrevocable trusts? Explains what's a trust, grantor, beneficiary, fiduciary responsibility of a trustee, accountability of the trustee and additional safeguards of assets.

Estate Planning and Trusts

What are estate planning and trusts? What are the differences between federal death (estate) taxes and state probate and death taxes? Explains the relationships of property, insurance, pensions and IRAs and estate taxes.