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…
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…
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…
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…
We all know someone who, at some point, will need help with declining health. Many times, family members or friends will step in to help. Depending on the family’s dynamics, determining who should handle the role and what type of…
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…
Generational wealth can only be built with careful planning and time spent over multiple generations. Without specific plans to create and transfer your legacy, statistically, 70 percent of wealthy families will lose that wealth in the subsequent generation, and 90…
We are now living longer than previous generations due to advances in medicine, technology, and life science. But simply living a longer life should not be the goal. Maintaining a healthy quality of life should be. After all, who wants…
In the aftermath of your death, your loved ones should not be forced to inherit assets only to find that they cannot access them for cash expenditures. Most retirees’ assets are in homeownership and retirement accounts, requiring a sale to…
In most cases, young parents do not imagine they might die or become seriously ill or injured. As unlikely as such a serious event is when we are young, it is a possibility. This is why we pay for medical…