Archive for the ‘Amount Of Money’ tag
Peace of Mind – Commonwealth Advisory Group Announces Advanced Planning Services no comments
Posted at 7:09 am in Writing a Will
Steve Dubin
With offices in Dedham, the Commonwealth Advisory Group provides professional guidance to seniors and their families with regard to asset preservation for more than 16 years.
Attorney Philip Amaru and Executive Director Laureen Vaughn of the Commonwealth Advisory Group, who are specialists in asset protection for seniors, offer a Burial Trust or a Burial Insurance Policy to individuals who wish to plan ahead.
With a Burial Trust, monetary funds of an individual are placed in the name of a trust (which is essentially a bank account) and managed by that individual’s adult child. When the individual passes away, the trust is available to the adult child to be used for funeral expenses.
“As opposed to pre-need funeral arrangements which are paid upfront to a funeral home, a burial trust allows you to hold on to your money. It may be set up as a CD at a bank in your trust’s name so it is safe and insured,” explained Attorney Amaru.
The second option for those wishing to plan ahead is a Burial Insurance Policy. Laureen Vaughn draws up a single pay term insurance policy for $10,000, which grows at three percent interest (with an interest rider). When the individual passes away, funeral arrangements are made and the funeral home receives payment directly from the insurance company. Any remaining money goes to the estate of the deceased.
Amaru continued, “Other insurance policies are life insurance policies which are not flexible. A Burial Insurance Policy enables an individual to put aside a certain amount of money for a luxurious funeral if that is what s/he desires and those funds are available for family members to utilize once the individual passes on.”
For more information contact Laureen Vaughn at 800-705-1415.
Asset Preservation Planning
For 16 years, the Commonwealth Advisory Group has helped over 1,500 clients save their assets (which includes property, gifted assets, retirement accounts, insurance policies, investments and savings) prior to and during an admission to a nursing home. Unlike financial planners, Commonwealth Advisory Group specializes in asset preservation for elders and their families.
In addition to providing asset protection services to clients, Attorney Amaru and Executive Director Laureen Vaughn serve as educational speakers for hospitals, elder agencies and businesses throughout Southeastern Massachusetts. Commonwealth Advisory Group has appeared with Jordan Rich of WBZ News Radio 1030 in variety of seminars on the topic of Senior Asset Protection.
Attorney Amaru is a member of the National Academy of Elder Law Attorneys; the National Network of Estate Planning Attorneys; the Massachusetts Academy of Trial Attorneys; the Massachusetts Bar Association and the American Bar Association.
Commonwealth Advisory Group is located just off Route 128 at 3 Allied Drive, Ste. 125, Dedham, MA. For more information, contact 800-705-1415 or visit www.CommAdvise.com.
With offices in Dedham, the Commonwealth Advisory Group provides professional guidance to seniors and their families with regard to asset preservation for more than 16 years.
Attorney Philip Amaru and Executive Director Laureen Vaughn of the Commonwealth Advisory Group, who are specialists in asset protection for seniors, offer a Burial Trust or a Burial Insurance Policy to individuals who wish to plan ahead.
With a Burial Trust, monetary funds of an individual are placed in the name of a trust (which is essentially a bank account) and managed by that individual’s adult child. When the individual passes away, the trust is available to the adult child to be used for funeral expenses.
“As opposed to pre-need funeral arrangements which are paid upfront to a funeral home, a burial trust allows you to hold on to your money. It may be set up as a CD at a bank in your trust’s name so it is safe and insured,” explained Attorney Amaru.
The second option for those wishing to plan ahead is a Burial Insurance Policy. Laureen Vaughn draws up a single pay term insurance policy for $10,000, which grows at three percent interest (with an interest rider). When the individual passes away, funeral arrangements are made and the funeral home receives payment directly from the insurance company. Any remaining money goes to the estate of the deceased.
Amaru continued, “Other insurance policies are life insurance policies which are not flexible. A Burial Insurance Policy enables an individual to put aside a certain amount of money for a luxurious funeral if that is what s/he desires and those funds are available for family members to utilize once the individual passes on.”
For more information contact Laureen Vaughn at 800-705-1415.
Asset Preservation Planning
For 16 years, the Commonwealth Advisory Group has helped over 1,500 clients save their assets (which includes property, gifted assets, retirement accounts, insurance policies, investments and savings) prior to and during an admission to a nursing home. Unlike financial planners, Commonwealth Advisory Group specializes in asset preservation for elders and their families.
In addition to providing asset protection services to clients, Attorney Amaru and Executive Director Laureen Vaughn serve as educational speakers for hospitals, elder agencies and businesses throughout Southeastern Massachusetts. Commonwealth Advisory Group has appeared with Jordan Rich of WBZ News Radio 1030 in variety of seminars on the topic of Senior Asset Protection.
Attorney Amaru is a member of the National Academy of Elder Law Attorneys; the National Network of Estate Planning Attorneys; the Massachusetts Academy of Trial Attorneys; the Massachusetts Bar Association and the American Bar Association.
Commonwealth Advisory Group is located just off Route 128 at 3 Allied Drive, Ste. 125, Dedham, MA. For more information, contact 800-705-1415 or visit www.CommAdvise.com.
Estate Planning With Iras – Plan Now Before Its Too Late no comments
Posted at 3:47 am in Writing a Will
Robert Ruby
When estate planning with IRAs you really have to understand what it is that you are doing so that your decisions do not come back to haunt your family. There are a lot of things that you have to consider, because if you have a fairly sizeable account, then you have more to lose.
With accounts that are traditional you run the risk of losing large amounts of the money that you have put in over your lifetime due to the fact that your beneficiaries will have estate taxes. In some cases families lose as much as half of their inheritance because of this.
The best way to avoid this is to transfer your savings into a Roth account. This move will result in you being taxed in the beginning instead of at the end when the amount to be taxed is much larger. The amount of money you put in the account will be taxed as income for the year you put it in, and then you not have to worry about it later.
If you are someone that is seeking to make a smart move in estate planning with IRAs and your modified adjusted gross income is below $100,000 then you’re ready to make the switch at any time. If you make more than $100,000 however, you may have to wait until 2010 to roll over the family fortune.
The tax law that prevents anyone with over $100,000 in adjusted income to switch to a Roth account will be lifted that year. When the ban comes off you had better not dawdle, because there are already rumors floating about that you may have a short window of opportunity before the law reverts.
Now one of the things that you have got to fully understand when it comes to estate planning with IRAs not having to take on the burden of paying all of the tax money that I talked about earlier is a relief for the people who are inheriting the money. That is the whole purpose of this article.
Of course the problem with taxes really only comes up if in the end your total net worth including assets is two million dollars or over in 2008. That is because that is this year’s estate tax exclusion. In 2009 that exclusion will be raised to 3,500,000, and in 2010 there will be a one year repeal of the estate tax.
Another thing that you may want to think about when you are doing your estate planning with IRAs is the distinct possibility that you could be alive for a lot longer that you think. Many times people feel that they have collected far more money than they will ever need, and they begin to give away large sums of cash.
The key to estate planning with IRAs is to always make sure that you have enough of a cushion that there is no chance that you will run out of money before you run out of time.
When estate planning with IRAs you really have to understand what it is that you are doing so that your decisions do not come back to haunt your family. There are a lot of things that you have to consider, because if you have a fairly sizeable account, then you have more to lose.
With accounts that are traditional you run the risk of losing large amounts of the money that you have put in over your lifetime due to the fact that your beneficiaries will have estate taxes. In some cases families lose as much as half of their inheritance because of this.
The best way to avoid this is to transfer your savings into a Roth account. This move will result in you being taxed in the beginning instead of at the end when the amount to be taxed is much larger. The amount of money you put in the account will be taxed as income for the year you put it in, and then you not have to worry about it later.
If you are someone that is seeking to make a smart move in estate planning with IRAs and your modified adjusted gross income is below $100,000 then you’re ready to make the switch at any time. If you make more than $100,000 however, you may have to wait until 2010 to roll over the family fortune.
The tax law that prevents anyone with over $100,000 in adjusted income to switch to a Roth account will be lifted that year. When the ban comes off you had better not dawdle, because there are already rumors floating about that you may have a short window of opportunity before the law reverts.
Now one of the things that you have got to fully understand when it comes to estate planning with IRAs not having to take on the burden of paying all of the tax money that I talked about earlier is a relief for the people who are inheriting the money. That is the whole purpose of this article.
Of course the problem with taxes really only comes up if in the end your total net worth including assets is two million dollars or over in 2008. That is because that is this year’s estate tax exclusion. In 2009 that exclusion will be raised to 3,500,000, and in 2010 there will be a one year repeal of the estate tax.
Another thing that you may want to think about when you are doing your estate planning with IRAs is the distinct possibility that you could be alive for a lot longer that you think. Many times people feel that they have collected far more money than they will ever need, and they begin to give away large sums of cash.
The key to estate planning with IRAs is to always make sure that you have enough of a cushion that there is no chance that you will run out of money before you run out of time.
Ways That Trusts and Lawful Estate Planning Protect Your Property no comments
Posted at 3:56 pm in Writing a Will
Trevor Price
Estate planning and trusts are all about planning, not only for your own future, but also the financial well-being of your family and loved ones after you’re gone. However, the reality of life can often get in the way of a smooth transition – divorce, second marriages, step kids, long-term illness and other family changes make life and estate planning sometimes a little unpredictable.
Remember, protecting your wealth and the financial well-being of your family is about a lot more than simply splitting up your assets – it’s about providing for your family members in a way that’s responsible and speaks in detail to your situation. To learn more about how trusts can help you do that, read on.
Trusts are for Everyone
Many people make the assumption that estate planning and trusts are the domain of the incredibly rich or people looking to lower their inheritance tax. However, in the real world, that isn’t accurate.
A trust is an incredibly versatile estate planning tool that allows you to address inheritance goals for your heirs – who may still be children, are disabled, are from a mixed family or answer difficult questions like who will manage your trust if you become incapacitated (a living trust).
How to Set Up a Trust
Setting up a trust will involve the assistance and services of an estate planning attorney. By consulting a legal professional, this person can help you create a trust that speaks to your specific family needs. For these services, you’ll likely pay between $1500 to $5000. Some trust costs are based on a percentage of the total estate value.
Setting up Trusts for Children
Typically, when a child inherits, the money is placed in a custodial bank account and held until he or she turns 18 or 21. Of course, giving a young person access to a large amount of money at the age of 18, or even 21, can be both dangerous and detrimental to their long-term financial health if they lack maturity or sufficient financial wisdom.
Instead, a well-set-up trust for minors will not only hold the assets until the child comes of age, but it also allows you to stipulate at what age they may receive the funds, whether those funds will be given at once or in installments and how the inheritance can be used. For example, many people stipulate that trust funds must be used for expenses associated with education until the child turns 25.
Trusts for People with Special Needs
If you are caring for a child or a dependent with special needs (mental or physical) whom you expect to outlive you, then setting up an inheritance trust should be a critical part of your estate planning. It’s also important to ensure the trust is not set up as an income source as this can interfere with Social Security and Medicaid benefits.
Instead, a special-needs trust will protect your heir’s eligibility for financial assistance, but continue to provide support. It will also legally protect the inheritance from potential squandering or mismanagement.
In short, estate planning and trusts can help address a number of familial issues, but don’t ignore your own inevitable mortality and leave such planning until it’s too late.
Estate planning and trusts are all about planning, not only for your own future, but also the financial well-being of your family and loved ones after you’re gone. However, the reality of life can often get in the way of a smooth transition – divorce, second marriages, step kids, long-term illness and other family changes make life and estate planning sometimes a little unpredictable.
Remember, protecting your wealth and the financial well-being of your family is about a lot more than simply splitting up your assets – it’s about providing for your family members in a way that’s responsible and speaks in detail to your situation. To learn more about how trusts can help you do that, read on.
Trusts are for Everyone
Many people make the assumption that estate planning and trusts are the domain of the incredibly rich or people looking to lower their inheritance tax. However, in the real world, that isn’t accurate.
A trust is an incredibly versatile estate planning tool that allows you to address inheritance goals for your heirs – who may still be children, are disabled, are from a mixed family or answer difficult questions like who will manage your trust if you become incapacitated (a living trust).
How to Set Up a Trust
Setting up a trust will involve the assistance and services of an estate planning attorney. By consulting a legal professional, this person can help you create a trust that speaks to your specific family needs. For these services, you’ll likely pay between $1500 to $5000. Some trust costs are based on a percentage of the total estate value.
Setting up Trusts for Children
Typically, when a child inherits, the money is placed in a custodial bank account and held until he or she turns 18 or 21. Of course, giving a young person access to a large amount of money at the age of 18, or even 21, can be both dangerous and detrimental to their long-term financial health if they lack maturity or sufficient financial wisdom.
Instead, a well-set-up trust for minors will not only hold the assets until the child comes of age, but it also allows you to stipulate at what age they may receive the funds, whether those funds will be given at once or in installments and how the inheritance can be used. For example, many people stipulate that trust funds must be used for expenses associated with education until the child turns 25.
Trusts for People with Special Needs
If you are caring for a child or a dependent with special needs (mental or physical) whom you expect to outlive you, then setting up an inheritance trust should be a critical part of your estate planning. It’s also important to ensure the trust is not set up as an income source as this can interfere with Social Security and Medicaid benefits.
Instead, a special-needs trust will protect your heir’s eligibility for financial assistance, but continue to provide support. It will also legally protect the inheritance from potential squandering or mismanagement.
In short, estate planning and trusts can help address a number of familial issues, but don’t ignore your own inevitable mortality and leave such planning until it’s too late.