Lending to Friends and Family

The first thing which may come to mind when lending money to friends or family may be thoughts around impact on your relationship, because this is just a personal matter, right? Well, the Internal Revenue Service may feel differently.

There are some things which you should keep in mind, and some things you […]

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Challenges of Being an Executor

When you are asked to be an executor of someone’s estate, what are those responsibilities?

A NerdWallet website article provides many insights into the various tasks you would be agreeing to take on. For example, the executor must find the deceased’s relevant documents, inventory the assets and debts, and arrange appraisals for the […]

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Advanced Directives

One outcome of the pandemic is to highlight healthcare for the elderly and has brought renewed attention to an important, but often overlooked part of a person’s estate plan – the advanced directive.

Advance directives are generally comprised of a living will and health care power of attorney. These are legal documents that […]

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Estate Planning Risks

There are many issues to consider as you organize your finances and decide what happens to your assets after your death. While there may be similarities between people, each person does have unique characteristics – and that is one reason why estate planning can be complex. Because of this complexity, there may be […]

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Being Aware of Elder Abuse

When the media talks about elder abuse, people often think about domestic and physical violence. AARP suggests the most likely type of elder abuse is financial. For example, consider the elderly grandmother who is accompanied by her 20-year old grandson to the bank where, at the grandson’s behest, she makes a $4,000 withdrawal. […]

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Planning After Death

Do you know what happens to your outstanding debt after you die? You might be surprised to learn that it is not as straightforward as you may have thought.

Remember that certain assets, such as life insurance proceeds, retirement and annuity accounts and certain brokerage accounts are not included in the value […]

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Estate Planning Consider the Tax Basis of Gifted or Inherited Property

Tax basis can be important when deciding whether to make gifts now or transfer property at your death. This is because the tax basis of the person receiving the property depends on whether the transfer is by gift or at death. This, in turn, affects the amount of taxable gain subject to income tax when […]

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What to Do after the Death of a Loved One

Losing a loved one can be a difficult experience. Despite the emotional trauma involved, you may also be responsible for handling a variety of financial, legal, and administrative tasks. You may find yourself unsure of where to begin and what to do.

However, do not be hasty when settling your loved one’s estate. Important decisions need […]

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Key Estate Planning Documents

Estate planning is the process of managing and preserving your assets while you are alive, and conserving and controlling their distribution after your death. There are four key estate planning documents almost everyone should have regardless of age, health, or wealth. They are: a durable power of attorney, advance medical directives, a will, and a […]

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Why Advanced Directives are Important

Many people have specific ideas about how much and the type of care they want to receive at the end of their life. Unfortunately, many wait too long before creating and documenting these wishes – as well as identifying a person (known as a health care surrogate) responsible for making the decisions if the […]

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