This approach isn’t for everyone, but if your assets are large enough that you may be facing estate tax issues, a trust may reduce your potential future estate tax, while funding the costs of college education. The 529 college savings…
If you thought retirement was all fun and games, think again! Penalties for missing deadlines, failing to take distributions in a timely manner and other mistakes, can have a big impact on retirement finances. Taxes are just one of the…
People in their 50s can buy as big a house and as fancy a car as they want, but when it comes to real wealth, that’s in the hands of Americans who are 80 and older. When it comes to…
It’s heartbreaking, but it does happen: both parents die unexpectedly, and there’s no will, and no one has been named a guardian. Who decides who will raise your children? Being a good parent means being responsible for the well-being of…
An estate plan is much more than a will to distribute your worldly goods. An estate plan plans for incapacity, including conveying your end-of-life care wishes and tells others how you want to be cared for when you cannot speak…
In markets where a home’s value is near or above a million dollars, estate planning decisions about the family home become complicated. Do you downsize and sell now, put your home in a trust or age in place and let…
If you don’t get the assets into the trust, you end up with an “unfunded” trust. If an “unfunded” trust ends up being created because assets were not transferred, there are a number of things that can happen when the…
“Will your beneficiaries receive death benefits free of the federal estate tax?” Your long-term personal financial plan should include sufficient life and disability insurance as a key planning element. With the proper balance and advance planning, you can collect life…
Having a will gives you a voice in what happens to your possessions, and estate planning documents give directions to others about your wishes in the case of incapacity. Many people think that they only need a will if they…
There are certain tax savings to leaving the family home to members of the family. They gain what is called a “step-up in basis.” Here’s how it works. Inheriting real estate is a little different than other assets. When members…