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There are several parts to an estate plan, one of them being a living trust. Common factors that prompt someone to create a trust include privacy, tax benefits, avoiding probate, and caring for family members with special needs. Estate planning…
Selecting the right type of annuity for yourself is no small feat. Of course, you’ve put in the research and planned with your financial advisors. But, you might still be wondering what happens to those annuity payments upon your death.…
It’s the start of a new year, which means tax season—and this year’s April 17th IRS filing deadline—is just around the corner. Soon you’ll be receiving tax forms such as your W-2 or 1099s, and you’ll start thinking about the…
A comprehensive estate plan should address all of your assets. For most people, an estate plan must include three common categories: (1) your home; (2) financial accounts, like your checking and savings account; and (3) personal property. Other types of…
Money may be the most talked about wealth contained within a person’s estate, but the riches of their experience and wisdom can mean even more to family members down the line. Family traditions can be built into your estate plan…
It’s unrealistic to think that an estate plan you draft, reflecting your life at a certain time, will work when your life has completely changed some years later. We’ll use the Kendrick family as an example. Meet the Kendricks Meet…
Studies have shown that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third. You need to understand, and work to overcome, the disconnect that occurs between generations regarding…
As the federal estate tax exemption has ballooned, the need for estate tax planning has drastically decreased. Instead, higher income tax rates that were ushered in under the American Taxpayer Relief Act of 2012 (ATRA) have shifted the focus of…
One of the most popular questions that I get from potential clients is what’s the difference between a will and a trust. Most articles on this topics, however, often presume that everyone knows the basics of these essential documents. But,…
As the season changes from summer to fall, many families say goodbye to their kids as they leave for college for the first time. For many kids, this is their first time they are away from home for an extended…