Asset titling is the sticking point, where many estate plans fail. The best plan can be undone, if assets are not retitled or accounts are not funded. Retitling assets means just that—changing the name of the asset, whether it’s a deed to a home or a name of an insurance…
If you’ve got a fair amount of equity in your home and no other way to cover a healthcare cost or if the bills are coming in faster than your retirement accounts can manage, it might be time to consider a reverse mortgage. For retirees in a financial tight spot,…
Whether you and your spouse have a pre or post nuptial agreement, they are a good way to make divorce or death a little less overwhelming. If you are wealthy, expect an inheritance or have been married before and have children from a prior marriage, you may want to consider…
How the “Achieving a Better Life Experience” Act, known as ABLE, provides a mechanism to create a tax-advantaged savings tool for individuals with disabilities and their families. The benefits for income, health care, food and housing for disabled Americans are awarded based on a resource test, so that individuals who…
This grim topic deserves your attention. If you haven’t made plans for what will happen after you die, your loved ones will have to pick up the pieces. Here’s the nice part about this serious subject: once you have created an estate plan, you will have a clearer understanding of…
Some people give generously all year long, supporting local nonprofits and taking care of their family members. If that’s you, perhaps it’s time to consider taking a more strategic approach to lifetime giving. Not everyone gives because they are looking to minimize their taxes. If you’ve reached the age and…
With the average American owning more than 100 online accounts, we now have to address the issue of digital estate planning. It’s not as simple as gathering up the sticky notes with passwords that adorn your desk. What would happen if you died unexpectedly and your executor needed to access…
It’s been three years since music icon Prince died at his famous Paisley Park mansion, joining the ranks of many celebrities who died without an estate plan. Prince’s estate, which includes master tapes of his recordings and a 10,000-square-foot Caribbean villa, has been estimated at $200 million. However, what it…
How home ownership is titled, or how it is described on the title to the house, can have far reaching implications that may not come into play for decades. Deciding how the owners of a home will hold title to it, is a much bigger decision than most people think,…
The emphasis on the SECURE act is all about helping Americans save more for retirement. However, it may eliminate a strategy that is used by many to pass wealth across generations. The coverage of the SECURE Act, that has been passed by the House Ways and Means Committee, is garnering…