Do You Really Need a Trust?
Trusts are often viewed as estate planning
tools used to reduce estate taxes. With the changing estate tax
situation, does that mean that trusts are no longer needed for
estate planning purposes? The answer is probably not, for a couple
of reasons. First, estate taxes are only scheduled to be repealed
in 2010. They will be reinstated in 2011 based on 2001 tax laws.
Second, trusts are established for many purposes, not just to
reduce estate taxes.
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Following Through on Your Estate Plan
Usually, a great deal of thought and effort
goes into estate planning documents. You need to consider all
your assets, decide who should receive those assets, and find
the best strategies to accomplish your goals. However, your work
isn't over once you've signed those documents. You need to make
sure your assets are properly positioned to go to your intended
heirs.
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Control Your Spending
If you're trying to increase savings, remember
that savings are directly tied to spending - the less you spend,
the more you have to save. Some tips to help you get your spending
under control include
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Do You Really Need 70%?
A general retirement planning rule of thumb
indicates that you'll need 70% to 80% of your preretirement income.
Many estimates now indicate that may be too little for those who
want to live an active retirement lifestyle. But when you realize
how much you need to save to ensure your retirement income lasts
for what could be decades, it's tempting to question whether you
really need even 70% of your preretirement income.
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Being Named a Guardian
When asked to serve as the guardian of someone's
minor children in the event of his/her death, it is usually meant
as a compliment. However, don't accept this role without giving
it serious thought. Consider the following...
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