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LAW
OFFICES OF
JAY
A. ROSE
21031
Ventura Boulevard, 12th Floor
Woodland Hills, CA 91364
Telephone: 818.932.0200
Toll Free: 888.TRUST4U
Fax: 818.932.0205
email: attyrose@trust4u.com
Committed to providing the highest quality
estate planning legal services for individuals, families and businesses
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It has been said that there are
only two certainties in life: death and taxes.
Nevertheless, even these two certainties differ remarkably
in their respective degrees of certainty. Whereas taxes can be minimized,
deferred or even legally avoided (but not evaded*), death awaits us
all and is often preceded by a period of incapacity. Whether one is a
prince or a pauper, both incapacity and death can arrive without warning.
Therefore, it is essential that you make
appropriate Life & Estate Plans now to take care of your loved ones
and your hard-earned assets before it is too late. In this article we will
highlight some critical issues to address while there is still time to
plan.
Incapacity
Planning
Do you read the newspaper, listen to the radio or
watch television? If so, then you know that accidents and dread diseases
are part of our everyday human experience. We all believe such tragedies
will befall someone else. But what if you made the headlines or the lead
story today? What if you did not know who you are, where you are or what
time it is? Who would make your important personal, health care and
financial decisions tomorrow? Would it be someone you appoint through
proper legal instruments or someone appointed for you by a court? The
choice is yours.
Long-Term Care
The number one fear of many Americans,
particularly retirees, is running out of money before they die. That is
understandable, given the volatile economy and the specter of nursing home
costs. Although you cannot control the economy, you can protect your
hard-earned assets from the cost of round-the-clock care in a long-term
care facility. In fact, you may insure the ability to have your long-term
care provided in your own home, but only if you properly contract for such
coverage through a proper long-term care insurance contract while you are
insurable. If you wait too long, your options are very limited. In a worse
case scenario, you may end up depleting your assets and on Medicaid…the
program designed for the indigent poor. The choice is yours.
End-Of-Life Decisions
For many people, the
line between preserving life and dying naturally is quite fine. In the end,
according to the United States Supreme Court, every person has the right to
define that fine line for his or herself. Where is that line for you?
Only by executing proper legal instruments can
you determine the course of your health care treatment as you approach that
fine line. Depending on your unique personal circumstances, you should consult
your loved ones and your legal, medical and spiritual advisors regarding your
wishes. Otherwise, your failure to address this ultimate end-of-life issue in
your Life & Estate Plan can potentially lead to family strife and poison
relationships for generations. The choice is yours.
Testamentary Transfers
You will never see a
hearse pulling a U-Haul trailer. In short, you cannot take your worldly
possessions with you beyond this life. What will be the legacy of your lifetime
of work? Will the inheritance you leave be used wisely or dissipated by your
heirs? Will it disappear to their squandering, divorces, lawsuits or
bankruptcies? Have you considered protecting the inheritance through long-term
discretionary trusts?
Will your lifetime of work be lost to the IRS
unnecessarily? Note: Each taxpayer is authorized an exemption of $1 million
from federal estate taxation under current law. However, only through proper
planning may a married couple protect up to $2 million from federal estate
taxes with rates up to 50%. Single persons with an estate exceeding $1 million,
on the other hand, may need to engage in advanced legal strategies to
disinherit the IRS. Only through proper legal instruments may you protect your
assets from these threats. The choice is yours.
Conclusion
The process of preparing your Life & Estate Plan
is an extremely personal experience. To a large extent, it is not something you
do for yourself. Rather, you do it for the people you love. If you do not want
to risk leaving a financial and legal mess upon your incapacity or death, we
strongly encourage you to seek qualified legal counsel for assistance. The
choice is yours.
* As infamous gangster Al
Capone learned, tax evasion is a federal crime.
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