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Grantor Retained Trusts & Unitrusts

A critical component of estate planning is wealth management, especially for individuals who want to protect their assets and minimize taxes. Two wealth management tools used in estate planning are grantor-retained annuity trusts (GRATs) and grantor retained unitrusts (GRUTs). These…

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Preparing Graduates for Their Financial Future

Your child's financial future is important, whether they're graduating high school or college. You want to set a strong foundation for long-term financial stability by broadening their scope of financial literacy. Sharing the following tips can help prepare them. Budgeting…

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How Do Estate Planning and Elder Law Differ?

The two have similar concerns, but elder law applies estate planning strategies primarily to issues facing seniors as they age. How Estate Planning and Elder Law Are Similar No matter what stage of life we’re in, we face challenges. Hope…

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Taking Care of Caregivers is Important Too

In the hospital, Jeanette's father begged her to take care of her mother if he could not. Of course, Jeanette agreed. Years later, Jeanette's father passed. Her mother's hearing and eyesight failed, she could no longer drive, and she had…

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Planning for Family Wealth and Taxes

To maximize wealth preservation and minimize tax liabilities, many legal strategies are developed for high-net-worth families. However, tax laws continually change and can impact new and existing estate plans. For example, the SECURE and SECURE 2.0 Act presents some challenges…

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Trusts with Grantor-Retained Income

Some people seek estate and wealth transfer strategies that preserve assets while providing lifetime financial benefits. One such strategy is the grantor-retained income trust (GRIT). GRITs offer a unique opportunity for individuals to retain an income stream from tax-advantaged assets…

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Protection Against Spouse Poverty

Several decades ago, Congress created safeguards to protect the savings of married couples using Medicaid. These protections prevent husbands and wives from bankrupting themselves and funding care for their loved ones. They originally required states to allow spouses of nursing…

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Getting Social Security Disability Benefits for Mental Illness

When you have a mental illness, you may find it impossible to obtain gainful employment. SSA provides disability benefits to qualified individuals through Social Security Disability Insurance (SSDI) and Social Security Income (SSI) if their mental illness significantly impairs their…

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Strategies to Transfer Assets

During wealth transfer, one party or entity transfers wealth or assets to another party. The transfer can happen either during your lifetime or after your death. Wealth transfer strategies use various methods to create the most tax-efficient and effective reorganization…

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