Estate Planning
Four Reasons Your Parents Might Be in Financial Trouble
As your parents age, they will probably need more help from you. But it may be difficult to provide the help they need, especially if they’re experiencing financial trouble.
Money can be a sensitive subject to discuss, but you’ll need to talk to your parents about it in order to get to the root of their […]
Reviewing Your Estate Plan
An estate plan is a map that explains how you want your personal and financial affairs to be handled in the event of your incapacity or death. Due to its importance and because circumstances change over time, you should periodically review your estate plan and update it as needed.
When should you review your estate plan?
Reviewing […]
Famous People Who Failed to Plan Properly
It’s almost impossible to overstate the importance of taking the time to plan your estate. Nevertheless, it’s surprising how many American adults haven’t done so. You might think that those who are rich and famous would be way ahead of the curve when it comes to planning their estates properly, considering the resources and lawyers […]
Alzheimer’s Disease Myths and Facts Quiz
The probability of needing long-term care is growing. According to the U.S. Department of Health and Human Services, Americans turning age 65 today have nearly a 70% chance of needing some type of long-term care services in their remaining years.1 There are many reasons why you may need long-term care, but one of the growing […]
How has Tax Reform Affected the Generation-Skipping Transfer Tax
The Tax Cuts and Jobs Act, signed into law in December 2017, doubled the federal generation-skipping transfer (GST) tax exemption to $11.18 million in 2018 (adjusted for inflation in later years). After 2025, the exemption is scheduled to revert to its pre-2018 level and be cut approximately in half. Otherwise, the federal GST tax remains […]
What are the Gift and Estate Tax Rules After Tax Reform?
The Tax Cuts and Jobs Act, signed into law in December 2017, approximately doubled the federal gift and estate tax basic exclusion amount to $11.18 million in 2018 (adjusted for inflation in later years). After 2025, the exclusion is scheduled to revert to its pre-2018 level and be cut approximately in half. Otherwise, federal gift […]
Don’t Wait to Ask Aging Parents These Important Questions
It’s human nature to put off complicated or emotionally heavy tasks. Talking with aging parents about their finances, health, and overall well-being might fall in this category. Many adult children would rather avoid this task, as it can create feelings of fear and loss on both sides. But this conversation — what could be the […]
Common Estate Planning Mistakes
The most common way to transfer assets to your heirs is also the messiest: to have a will that is so out of date that it doesn’t relate to your property or estate, to have your records scattered all over the place, to have social media, banking and email accounts whose passwords only you can […]
What You Can Do with a Will
A will is often the cornerstone of an estate plan. Here are five things you can do with a will.
Distribute property as you wish
Wills enable you to leave your property at your death to a surviving spouse, a child, other relatives, friends, a trust, a charity, or anyone you choose. There are some limits, however, […]
Does Your Business Need a Buy-Sell Agreement?
When you’re mired deep in the day-to-day challenges of the management of your business, it’s often hard to step out of the trees and take a good hard look at the forest. But at various points in the business cycle, it’s important to do just that. For example, one of the key decisions you’ll need […]
