For baby boomers, estate planning is about much more than just getting financial affairs in order and providing for the care of loved ones. Many boomers also hope to leave their unique legacy, and make some kind of difference in the world after their death. A recent article discusses how boomers can reduce the complexity… Read More »
Blog Posts Page 73
Review Your Life Insurance Amounts
Life insurance is a key element of most people’s financial plans. Unfortunately, many Americans have not taken the time to take out a life insurance policy. Perhaps more alarming, most Americans who do have insurance policies do not have a large enough policy to sustain their family. A recent article discusses issues concerned with life… Read More »
Steps to Take Before You Retire
There are many considerations that come along with the decision to retire. As a recent article explains, it is vital to take certain steps before you retire to lay the foundation for a comfortable and enjoyable retirement. First and foremost, either create or update your estate plan. Be sure that your beneficiary designations are up… Read More »
The Digital Afterlife
After our physical death, most of us will continue to live on through the Internet. Although more and more individuals are beginning to handle their social, financial, and business affairs online, many forget to plan for their digital assets after their death. A recent article discusses the digital afterlife. As Hillel Pressor, author of the… Read More »
Check Your Estate Plan for These Three Threats to Your Business
As a recent article explains, the majority of baby boomer wealth is held in privately owned businesses. Currently, there are approximately 12 million such businesses. Experts predict that, within the next 20 years, over 70 percent of these businesses will be passed on to the next generation. When planning for these transfers, business owners need… Read More »
Estate Planning When Your Business Depends on You
If you are an entrepreneur, a large part of your estate plan deals with what will happen to your business when you are no longer willing or able to run it. A recent article discusses several estate planning tips for entrepreneurs who run owner-dependent businesses. If you have not drafted your estate plan yet, begin… Read More »
Adult Adoption as an Estate Planning Tool
When asked to consider estate planning tools, most people will name common estate planning tools such as wills and trusts. A recent article discusses one of the lesser-utilized estate planning tools, adult adoption. Most commonly, same sex couples use adult adoption in order to secure inheritance for one another. This strategy is not necessary in… Read More »
Planning To Avoid Probate
When drafting estate plans, some people may choose to avoid probate due to the length of time it will take for the probate to get resolved, or the costs involved with the process. A recent article discusses several estate planning maneuvers that will keep your assets out of probate. Joint Accounts A joint account is… Read More »
Considering the Wisdom of Gandolfini’s Will
In the short time since actor James Gandolfini’s untimely death, the media has been in a frenzy discussing the details of his estate plan. As a recent article explains, the actor left most of his assets to his friends and family members. Gandolfini’s teenage son Michael will receive the bulk of the estate, including all… Read More »
Estate Planning: Start With a Checklist
A recent poll of affluent investors discovered that the component of financial planning that they most desired assistance with was estate planning. Although the United States will see unprecedented transfers of wealth in the next four decades, many wealthy households are not prepared to pass their assets to the next generation. According to experts, the… Read More »
Considering Land Distribution Plans for Farms
If you have a farm, you have three types of assets that you must distribute in your estate, (1) general assets, (2) real estate, and (3) business operating assets. A recent article suggests implementing a separate plan for each of these three asset categories, and offers tips for disposing of your real estate. When considering… Read More »
When a Guardianship is Necessary
As part of estate planning, all individuals should execute a health care power of attorney. A health care power of attorney designates who the individual would like to make health care decisions for him or her when he or she is no longer competent to make the decisions. In instances where an individual who has… Read More »
The Etiquette of Inheritance
There are rules of etiquette for almost every life event, large or small. A recent article discusses the rules of etiquette when it comes to inheritance. Rules of etiquette apply whether you are passing down your estate, or receiving a portion of an estate from a loved one. Unfortunately, these rules are far from clear…. Read More »
Taking Control of Your Parent’s Finances
One of the most difficult conversations a child may have with his or her parent involves discussing when it is finally time for a parent to relinquish control of his or her finances. Often, this conversation will be very difficult on the parents, causing them to feel angry, embarrassed, and belittled. A recent article discusses… Read More »
Considerations When Giving Gifts
Some people are surprised to realize how much money they have saved for their retirement through a combination of IRAs, pension plans, and traditional savings. Such people have often not considered how they would like to distribute their wealth, because they did not realize their wealth would amount to much. A recent article discusses several… Read More »
Keeping Your Assets Out of the State’s Hands
Many people fear that, when they die, their assets will be taken to the state. As a recent article describes, however, this is often not the case. Typically, a person’s assets will only go to the state if he or she dies without first creating an estate plan, and has no heirs who would receive… Read More »
Asset Protection Through a Self-Titled Trust
There are many different types of trusts that help a variety of individuals meet their financial and estate planning goals. For wealthy individuals and families who are looking to protect their assets, a self-settled spendthrift trust may be the answer. A recent article discusses how individuals and families can use self-settled spendthrift trusts in order… Read More »
Think Ahead When Planning Your Estate
A recent article urges readers to begin planning for their golden years sooner, rather than later. Although not everybody will spend their old age in a nursing home, seventy percent of people will require some sort of long-term care at some point in their lives. This care does not come cheap. A nursing home can… Read More »
What is the Purpose of Your Trust?
Trusts are not just for the very wealthy. There are many different types of trusts that would benefit people of all ages and tax brackets. A recent article discusses the purpose of various types of trusts. Life Insurance Trust: The purpose of a life insurance trust is to remove the value of a person’s life… Read More »
Learning from Jim Morrison’s Will
Jim Morrison’s will highlights one of the most common misunderstandings in estate planning, “what happens to the balance of a bequest when the beneficiary dies.” A recent article discusses how this question was answered through the singer’s will. In his will, Morrison left his entire estate to his girlfriend, Pamela Courson. The will provided that,… Read More »
