The world was deprived of a powerful voice recently when the singer Whitney Houston passed away in Beverly Hills. She was extraordinarily successful during the peak of her career, winning six Grammy awards and two Emmy awards while producing seven consecutive number one singles.

Whitney Houston will surely be missed and it is sad to think that she was just 48 years old when she passed away.

Considering the fact that over half of the people in the United States are going through life without an estate plan the above should be attention-getting to many. Nobody expects to pass away before they reach the age of 50, and because of this a lot of people procrastinate with regard to estate planning. But as you can see, the unexpected can take place even among people who have significant resources.

And speaking of resources, observers in the know are predicting that the estate of Whitney Houston is going to grow considerably into the foreseeable future. Sales of her work are expected to be robust as the public experiences a renewed interest in her music and the films that she appeared in. The beneficiary of this legacy is going to be her daughter Bobbi according to reports.

You may think that you have plenty of time to plan your estate later on, but when you take this gamble it is the well-being of your loved ones that is being placed at risk. Every responsible adult should have an estate plan in place, and if you have been procrastinating right now would be a good time to take action to arrange for a consultation with a good Hartford estate planning lawyer.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

“I don’t know” and “I’m really not sure” are two phrases that are not used nearly enough by many people. Some folks can’t resist the opportunity to give advice about things that they don’t really know a lot about, and it is important to recognize this, especially when it comes to the subject of estate planning.

There are of course people who are not very discerning that carelessly toss out half-truths and urban myths without having done any real solid research on their own. For example there are those who look you in the eye and tell you in no uncertain terms that the government will take all of your possessions if you pass away without having drawn up a will.

As estate planning attorneys creating wills is part of what we do, so we are certainly advocates of the practice; however, if you were to die intestate the government would not assume ownership of your property. It would go to your closest family members following standard legal rules of descent.

Then there are other people who have good intentions and may pass along some valid information, but oftentimes it is incomplete or outdated. For example, until the middle of December of 2010 the estate tax exclusion was scheduled to be $1 million in 2011. So for virtually the entire year people were writing about estate planning using this one million-dollar figure.

A casual observer could read a few articles and see this figure cited throughout the year. He or she may go on to advise friends and family members about the $1 million exemption for 2011 when in fact the estate tax exclusion is $5 million as a result of the passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.

In the end it is important to recognize the fact that estate planning is a serious matter. Your estate will represent the last opportunity that you have to provide for the ones that you love the most, and this is an endeavor that is only responsibly undertaken with the assistance of a licensed and experienced estate planning attorney.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

When you contemplate the implications of your passing you would do well to consider how you feel about your legacy.

There are a wide range of possibilities, and on one end of the spectrum there are those who really do not care too much about it. These individuals go through life spending as they see fit without any concern about what may or may not be left over to be passed on to their loved ones when that time arrives.

On the other end of the spectrum there are people who have very clear-cut ideas about how they want to provide for their family members.

Many of these individuals will feel strongly about providing educational opportunities for younger heirs. Some will want to provide a financial underpinning for their loved ones through the creation of trusts. And many people are passionate about including a charitable giving component.

When you are committed to making certain provisions for your loved ones you have to identify your goals early on so that you have the time to accumulate the resources that you need to make this vision a reality.

You must then formulate a framework to live by so that you are acting in an informed manner every step of the way in an effort to attain these long-term objectives.

If you ask the experts they will tell you that advance planning is at the root of all forms of financial success. The best way to map out a cogent strategy is to engage the assistance of a licensed and experienced Hartford legacy planning attorney.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

Every family is comprised of a compendium of unique individuals who all have different talents. At the same time, we all have our weaknesses as well and not everyone is a sound money manager. This is something to take into consideration when you are planning your estate.

Most people who reach an advanced age become comfortable with the reality of their own mortality. Perhaps the most difficult thing to deal with is the idea that you will no longer be around to help your loved ones should they need assistance.

Providing for them financially via your estate is one way to assuage these concerns, but what about spendthrifts? What if someone in the family was to burn through his or her inheritance too quickly?

This is a source of consternation for many people, and one way to address such a situation would be to create a spendthrift trust. You name the heir with questionable money management abilities as the beneficiary, and you appoint a trustee to manage the funds.

The beneficiary will not be able to make decisions regarding how the resources are administered; this will be the responsibility of the trustee. You may want to choose a professional entity such as a trust company to handle the funds.

This is one way to be sure that your spendthrift heir will have financial resources to fall back on for the long haul. If you’re interested in exploring this strategy in detail, simply take a moment to arrange for a consultation with a good Hartford estate planning lawyer.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

A lot of times you can learn something from the estate planning misdeeds of others, and with this in mind we would like to take a look at the situation that ensued when Swedish author Stieg Larsson passed away in 2004 without an estate plan.

Larsson was the man who wrote the book The Girl With The Dragon Tattoo, and this book was subsequently used as the premise for a major motion picture. Larsson was able to garner considerable financial success throughout his life, amassing a fortune that was estimated at approximately $40 million when he passed away.

He died as a result of a heart attack when he was just 50 years old. Like a lot of people, Larsson probably felt as though death was a long way off and that he would have plenty of time to think about estate planning later on.

He lived with the same woman for 32 years and it would be logical to assume that Larsson would have wanted to provide something for her financially. But because of the fact that he did not let his wishes be known in writing, the matter played itself out in court and in fact she received nothing at all; the entirety of the Larsson estate went to his brother and father.

The lesson to be learned is this: You never know what the future holds and there are no guarantees. To be certain that your loved ones are provided for come what may you need to execute the appropriate documents, and the first step toward this end would be to arrange for a consultation with a good Hartford estate planning attorney.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

When you have a lot of your financial resources invested in an asset that is not liquid you are presented with an estate planning challenge. People who are partners in small businesses are generally going to be in this situation. If you were to pass away and leave your share in the business to your heirs what exactly would they do with it?

The first thing that comes to mind would be that they could sell it, but then your remaining partners would have no control over who would be joining them. This is not going to be acceptable to most people.

One thing that you could do if you are in this situation would be to enter into a buy-sell agreement with your partner or partners. A very common type of buy-sell agreement is known as the “cross purchase plan.”

Executing this plan involves the purchase of life insurance. The partners in the business first get together to determine the value of each share. They then purchase life insurance on one another with the proceeds adding up to the value of a share.

Should one of the partners pass away, the survivors will collect the insurance policy proceeds. These funds are then used to buy the share in the business that was owned by the deceased partner from his or her estate at a price that was agreed upon by all when the agreement was put into place.

Buy-sell agreements can provide a rather straightforward solution for small business partners. To explore them in depth, simply take a moment to get in touch with a Fairfield County estate planning attorney to set up an informative consultation.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

When you reach the point in your life when begin to look back and evaluate the mark that you have made on the world a lot of things may cross your mind. When you are gone, how will you be remembered? You may ask yourself how you can make an impact that is felt even after your passing, and this is what legacy planning is all about.

There are a number of different courses of action that you could take to have a positive influence on the community for years to come and perhaps even permanently.

For example, you could choose to finance the construction of a community center or a playground. There are those who will fund an addition to a museum or a school of some kind. Developing a commemorative scholarship that is endowed on an annual basis into perpetuity is another option.

As an elder you are an invaluable link to generations of your family that have come before you. A lot of people are very interested in their family trees, and you could provide a priceless gift to your family by taking the time to write your autobiography or at least a collection of memoirs. The composition of an ethical will sharing your moral and spiritual values is another option that you may want to consider when you are crafting your legacy.

Intelligent legacy planning can allow you to have a lasting impact. To learn how to make your long-term visions a reality, take action right now and set up an appointment to speak with an experienced, licensed, and savvy Hartford legacy planning attorney.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

When you are working and planning for your active retirement years it can be a lot of fun to envision the future. You will finally have the spare time to do all of the things that you always wanted to do. The key is to plan ahead intelligently so that you have the financial resources to do so.

This is why it is wise to develop a relationship with a retirement planning attorney at a relatively young age. The longer you have to achieve your goals the more likely it is that they will come to fruition. When you have a professionally formulated road map to follow there is little doubt that your visions will become a reality if you diligently stick to the plan.

This having been stated, comprehensive planning should include all of the eventualities of aging. If you take a close look at the statistics and apply some simple common sense to the equation, there may come a time that follows your active retirement years when you are not fully capable of tending to your own personal needs. Statistics that have been provided to us by the United States Department of Health and Human Services indicate that some 70% of individuals who reach the age of 65 will someday require some form of long-term care. This is a pretty profound number, and if you want to be prepared it is wise to plan ahead.

There are many different nursing homes and assisted living facilities out there and some have better reputations than others. It is important to do your research and identify the facility that serves your needs. Asking friends, family members, and business associates for referrals is one way to garner helpful information. Another is to do research on the Internet, and there is a Nursing Home Compare portal on the Medicare.gov site that is very useful to this end.

Another thing to consider would be the costs associated with long-term care, which can routinely exceed $200,000 for an average stay in a nursing home. To explore your options with regard to addressing these costs, simply arrange for a consultation with an estate planning attorney.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

One of the estate planning tools that is most frequently utilized is life insurance, and for many people the purchase of life insurance is the initial step taken into the realm of estate planning. You may be one of the many who is first exposed to life insurance as a component of your benefits package at work, and a lot of people who are first starting out are unmarried and without children.

At this point in your life the life insurance coverage is a way to cover your final expenses and pass a little something along to your loved ones should the unthinkable take place. And after all, basic coverage is usually going to be paid for by the company so anything that is free is welcome.

As you progress through life you may well get married, and when someone else is depending on your income life insurance takes on added significance. When children come along you’re going to have to revisit your coverage to make sure that they are provided for, and it would be prudent to think long-term when you’re making financial projections with regard to their needs. Nobody likes to think that their marriage will come to a close, but divorces is another life-changing event that precipitates a review of your insurance coverage.

In addition to serving as a vehicle of income replacement, life insurance has other uses in the field of estate planning. There are those who have the lion’s share of their assets concentrated in a single piece of property such as a business or some real property. You may want to leave this property in its entirety to one of your heirs for one reason or another. To be fair to all you may take out life insurance policies making the other heirs your beneficiaries, with the value of the policies being similar to the value of the property in question.

If you would like to probe deeper into the subject of life insurance and how it can fit into your estate plan, simply get in touch with an experienced estate planning attorney to arrange for an in-depth consultation.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

Intelligent retirement planning involves getting a firm grasp on the expenses that you may be facing when your working years are through. Looking forward to taking vacations and enjoying leisure time and estimating costs associated with this part of the equation can be fun, but you must also consider your twilight years that lie beyond your active retirement years. There are potential expenses that you may face when you reach an advanced age, and some of them are considerable.

People are living longer these days, with the oldest old being the fastest growing age group in the United States. As you get older the possibility that you will spend some time in a nursing home increases. These costs can add up to consume a large portion of your legacy if you have not made the appropriate plans in advance. If you combine the average length of stay with the average costs, your nursing home expenses may be in excess of $200,000 using today’s figures. Of course, the costs associated with long-term care are expected to trend upward into the foreseeable future, so if you’re planning for a possible nursing home stay in ten or twenty years the number may be much higher.

One possible option for those who are concerned about the costs associated with long-term care would be to take out a home equity conversion mortgage. These federally insured reverse mortgages provide you with payments in return for equity in your home. The loan becomes due after you pass away or move from the home. So, you could choose to use these funds to pay for in-home care. Another approach would be to pay for long-term care insurance with the loan proceeds. If you were to subsequently move into a nursing home or assisted living facility the insurance would pick up the costs. You could then sell the home, pay off the loan with part of the proceeds, and keep the remainder.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.