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Nonetheless, Investment News says in “How will Muhammad Ali’s estate play out?” Kentucky has an inheritance tax. His heirs will see a maximum 16% tax rate on inherited assets. Some parties are exempt from paying the inheritance tax. The way in which Ali referenced his nine children in his will could also come into play. Reference : Investment News (June 9, 2016) “How will Muhammad Ali’s estate play out?”

If so, sound retirement planning is a necessity—not flying by the seat of your pants. Solid retirement planning is more sophisticated than just putting a few dollars into an individual retirement However, if you want to keep as much as you can, saving money is just one part of a retirement plan. Create an estate plan. Way too many people don’t have a thorough estate plan. If you start thinking and planning well ahead of time, winging it won’t be necessary.

Estate plans have several components to help beneficiaries carry out the requests of the benefactor. Sound Estate Plan,” sets out an estate planning checklist to help you start a solid estate plan. Review the Plan Yearly. An estate plan isn’t something you do once and never look at again. review your plan annually to ensure it will still work. Be sure to work with a qualified estate planning attorney to make sure that the estate plan will foster

While estate planning is important for married couples, it is arguably even more necessary for couples Without an estate plan, married couples would not be able to make end-of-life decisions or inherit from Estate Planning for Unmarried Partners There are no laws in place to protect unmarried partners. Without a solid estate plan, your partner may be shut out of the decision-making and the estate. Call an Estate Planning Attorney Today To determine the estate planning options that are right for you

assistance of an estate planning or elder law attorney. Planning for Irresponsible Beneficiaries When you begin the estate planning process, you may wish to An estate plan can help minimize taxes, court costs, and allow beneficiaries to keep more of their inheritance What Happens If You Don’t Plan Ahead While most people have some sort of will, estate planning is not Estate planning is important for everyone.

A Forbes article, “Wealth Planning For Couples: How to Wisely Merge Your Financial Plans,” says that While planning your wedding, you and your partner should discuss several serious topics and consult with an estate planning attorney. Even if a couple doesn’t combine all their assets, they should mesh their financial plans to avoid future Reference: Forbes (November 27, 2015) “Wealth Planning For Couples: How To Wisely Merge Your Financial

* Seriously though, estate planning as a business owner is much more complicated than regular estate planning because you are essentially crafting two plans — one for yourself, and one for your business Below are four tips we urge business owners to take to heart as they begin the estate planning and succession planning process. ICE It Before getting into the weeds, or getting overwhelmed by the estate planning process, think about

Here is a handy checklist for all your estate planning needs: Your Will Even if you already have a will You may want to solicit the help of a trusted estate planning attorney for this task. Too often, we hear stories where people fail to take care of estate planning concerns after a divorce

Many of us have invested in a 401(k) or some similar savings plan so that we can enjoy a comfortable plans or face a hefty penalty of 50% of the amount you should have withdrawn. You typically must begin taking withdrawals from your IRA, SEP IRA, SIMPLE IRA or retirement plan account Because the withdrawals are taxed as regular income, those RMDs might nudge you into a higher tax bracket The key to avoiding a monstrous tax bill is to begin your planning for RMDs well before your 70th birthday

This requires you to calculate the following: Your Annual Budget Annual Income Planned Retirement Date Here are some financial planning priorities on which to focus: Estate Planning: No excuses, you need Tax Planning: Don’t forget about the IRS. Talk with an experienced estate planning attorney about ways to legally lower your tax liability. Clean up your messy financial trunk with comprehensive investment and financial planning and reach your

Those who plan well in advance have more options available to them than those who delay decision-making While it is possible to make Medicaid plans without the assistance of an attorney, it is not a good When in doubt, it is best to work with a trusted Medicaid planning attorney from the start. Delaying Plans Another common Medicaid planning misstep? Waiting too long to cement plans. The earlier you start planning, the more options you will have available.

That is a staggering statistic, even for me as a Houston estate planning lawyer that works with sick Everyone needs estate planning, but for the chronically ill there is a high sense of urgency. For healthy people, a will or trust plans for the “what if?” When you have a chronic illness, you are planning for the “here and now.”  Additionally, an estate planning lawyer in Houston can help you utilize tools such as trusts to protect