If you’re handling the finances for an older family member or are about to do so, some sticky challenges can pop up quicker than you think. Managing your personal finances can be a challenge. But what if you had to manage money for someone else? Managing the finances of a…
A tax deduction for charitable giving isn’t guaranteed just because you’re feeling generous. As with everything in tax law, it’s important to follow the rules. As the holiday giving season begins with the tax year ending shortly thereafter, now is a good time to plan your giving. But take note:…
What will be the most likely exit scenario from your business when the time comes? If you own a small business, what will your last day at work be like? What is your exit strategy? The answer hinges on whether your exit will be by design or by default. To…
Starting in 2014 … the basic exclusion will go up to $5.34 million per person, from $5.25 million this year. [However,] there will be no change in the annual exclusion, which allows you to give $14,000 in cash or other assets each year to each of as many individuals as you…
Millions of Americans are managing money or property for a loved one who is unable to pay bills or make financial decisions. This can be very overwhelming. But, it’s also a great opportunity to help someone you care about, and protect them from scams and fraud. Handling finances can be…
Give a copy of your wills, trusts and powers of attorney (financial and health care) to anyone named or authorized to act on your behalf, and store the originals at home; otherwise, your children could have trouble getting them at the critical time. The best laid plans of mice and…
Nancy Wagner, a social worker at Monmouth Medical Center in Long Branch, N.J., encounters this frustration at least once a week: A patient arrives in the emergency room and tells the inquiring staff that yes, she has indeed prepared and signed an advance directive. But, well, she doesn’t have it…
Talking to your adult kids about your finances and how you plan to divvy up your money after your death may be one of the most important conversations you'll ever have. It gives you the chance to tell the kids how you want your estate to be handled. It lets…
Americans are increasingly cobbling together new families out of earlier broken marriages … Effective estate planning for these modern families, made up of past and present marriages, requires a fair amount of finesse and family engagement, to settle disagreements early on and to financially provide for both the current spouse…
Coping with the death of a loved one is difficult enough without the added pressure of creditors calling you to collect on the deceased person’s credit card debt. But can a bank collect a credit card debt owed by your deceased parent or spouse? By and large, we talk about…