When the family vacation home is passed from one generation to the next, there are certain tax issues to be aware of, particularly the step-up in basis. However, there may also be state taxes. The first part of understanding the tax responsibility when you plan on giving it to your…
Selecting the individuals who will make important decisions on your behalf, when you are incapacitated or have passed away, is not to be done lightly. Is there a bomb ticking quietly in your estate plan? The chances are good that there is, says Forbes in “Defusing The Time Bombs In…
Even when planning for competency issues is in place, there can still be problems. When a highly-intelligent public figure makes decisions his kids thinks are wrong, who is right? The case of Buzz Aldrin, who is taking his son and daughter to court on charges of fraud, conspiracy and exploitation…
If taxes and cost of living are important factors for you, here’s a look at states where you should only retire with a good reason, like family ties. You’ve read plenty of surveys about the best places to retire, but have you ever looked at the worst ones? Think Advisor…
Neglecting to plan for family dynamics can destroy the best estate plans. Make sure to address both difficult personalities and tax liabilities. They can be equally problematic. Saving loved ones from a large tax bill and maximizing the transfer of wealth across generations is great, but your estate plan needs…
Most young adults are not thinking about retirement when they get their first jobs, but starting early, even if on a very small scale, can make a big difference. When you are working to pay off student loans and trying to save enough to get a place of your own,…
Not having a spouse makes it more important for singles to plan to protect themselves from a legal and financial standpoint. Everyone should have a plan in place for incapacity, affirms fox5atlanta.com in a recent article, “Estate, emergency planning for single people.” This is especially true for singles. While married…
Having a will prepared is a gift of kindness to your loved ones. They will appreciate the effort to care for them, after you’ve passed on. If you need another reason to have a will prepared, consider the potential for conflict among loved ones who will have to guess about…
Estate plans are as individual as the families that they are created for. Blended families need estate plans that address their own dynamics, including the resources and children that each spouse brings to the new family. Blended families who marry, when children are young, are different from those who marry…
Watching Anthony Bourdain travel the lesser known corners of the world and relish exotic foods and people was fascinating. However, that same approach does not work well, when it comes to more mundane matters, like estate planning. What Anthony Bourdain’s family could have used was a disaster plan, based on…