How IRAs are Inherited
Leaving assets to your heirs is a great thing, but leaving an IRA to heirs requires knowledge and prior planning, as mistakes can be costly. If you pass away without using up all of the funds in your IRA, it’s…
Trusts and Tigers are Good Together (A Tale of Successful Business Succession Planning)
Successful business succession planning should result in a smooth transition between the generations. Savvy, sophisticated trusts have protected the Detroit Tigers and their family owners. While members of the Ilitch family are known as the owners of the Detroit Tigers,…
You Won’t Feel the Consequences, but Your Loved Ones Will
Unlike going getting an annual check-up or renewing a driver’s license, there’s no penalty for the person who does not having a will and estate plan in place. Their spouse or children pay the price. What’s more scary about most…
How an Estate Tax is Different from an Inheritance Tax
Most people only learn about the difference between these two taxes when they are creating an estate plan or settling an estate. Depending on the state, heirs are surprised when they learn that their inheritance will be diminished by death…
What’s the Easiest Estate Planning Mistake to Make?
Maybe this happens so often because it’s so simple. Take the time to review your beneficiary designation, unless you want to give an ex-spouse a nice surprise. The latest generation of retirees has spent years planning, saving and investing for…
Trump Presidency Raises Concerns for Vulnerable Americans
A lot of things said on the campaign trail have the elderly, disabled and special needs families worried about what may lay ahead once the new president takes office. Any time a new administration comes into the White House, there…
Step by Step Guide to Settling an Estate
For some people, the details of settling an estate provide a welcome distraction from grief, while others find the tasks overwhelming. Regardless of the emotions, there are certain tasks that must be taken care of in a timely manner when…
How to Prove Heirs Have Ownership of Mom’s House
Having a properly prepared will that clearly states your wishes, is the most important part of passing an asset like the family home to your children. Understanding the process by which real property is passed along to heirs, can give…
How Do-It-Yourselfers Create Big Headaches for their Families
The problem with estate mistakes is a) they can be expensive and b) there’s usually no do-over. We prefer to think of ourselves as having fairly simple and straight-forward lives. That’s why many people think that they can create their…
Make These Mistakes, and You’ll Never Forget Them!
Are you one of the Melbourne, FL Boomers now facing the realities of retirement, how ready are you? You know that preparation is about more than money, but understanding the complexities of retirement income is crucial. Do you understand all…