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First things first. Financial Freedom is really just plain old freedom to do all of the the things you want to do in your last article I discussed what I believed to be some of the definitions of financial freedom, but I would like to briefly delve into what actual freedom is, or what it feels like. I am sure that many of you think you know, but I guarantee you have forgotten the feeling. I realized this for myself when I was watching my son play at the park and I couldn’t help but feeling enamored not only by the joy he was experiencing, but more because he was experiencing it in such an undistracted way. It’s probably been a long time for many of us since we’ve been… Continue reading

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Need a Pennsylvania Estate planning lawyer? Estate planning can often be a very complicated and difficult issue, and the many legal aspects relating to estate planning means that it is crucial to ensure that a professional is involved in the process. With the help of an estate planning lawyer Pennsylvania residents can make this process far easier to deal with. By seeking the assistance of a specialist estate planning lawyer Pennsylvania residents can look forward to a smooth process, lightening the load when it comes to estate planning.

By using an estate planning lawyer Pennsylvania residents can get help with a range of issues and processes, such as a last will and testament, tax planning issues, estate planning, living wills and trusts, power of attorney, probate issues, gift taxes, and various… Continue reading

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The primary objective of an irrevocable life insurance trust (ILIT) is to remove the life insurance proceeds from appearing in the insured owner’s estate assets. Therefore, when the ILIT testamentary document is drafted, it should be ensured that the insured does not retain or hold any life insurance policies whose mention appears therein. Moreover, the insured should not possess any powers over the ILIT or its trustee that would result in the life insurance policy or the ILIT being included in the insured owner’s estate for tax purposes.

The ILIT bestows several other advantages to the estate owner. Some of these are described below.

Minimize the tax consequences of the three-year rule: Under certain circumstances a married grantor of the ILIT can minimize the payment of estate taxes associated with his estate… Continue reading

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When you choose an executor for your will, you need to select someone who is not connected with the family in any way, rather than with an eye on the estate executor fee. It is important to note that by going in for a person who is not related in any way to your family, you are keeping the best interests of your family in mind.

On the other hand, by selecting a person related to the family to keep the executor fee structure low, you will tend to do the utmost harm to the interests of your family. This is because a relative is bound to be influenced by his relation with the family and will tend to have a conflict of interests. Due to this, he may not therefore… Continue reading

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To begin, a quick overview of estate planning. In general, estate planning is the process of determining the way in which one’s assets will be distributed after death. Because applicable state and federal laws must take a very broad view of the topic and offer “one-size-fits-all” solutions, they frequently do not reflect the wishes of the deceased. However, if no record of the deceased’s wishes can be found, his or her property will be handled in accordance with state intestacy laws, often to the detriment of potential heirs.

In a nutshell - estate planning is important. Experts agree that every man and woman needs a valid plan for the handling of their assets after death. Unfortunately, despite media coverage of the issue, many people still choose to put off estate planning… Continue reading

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No one really wants to think about the possibility of getting old, contracting a terminal illness, and dying. Mortality is something we all face, but of which none of us enjoy being reminded. From a practical standpoint, however, dealing and coming to terms with one’s own mortality and aging process is not only realistic, but advisable.

This is where estate planning comes in; keeping a will, setting up trust funds, and arranging for the distribution of one’s assets after death - all are undoubtedly very important to the future of your property and your loved ones. It is also important, though, to remember that the task of estate planning is not something which affects only the distant future; nor is it a project which shows benefits only after death. In fact… Continue reading

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