Remember that estate planning is not just for the wealthy, and now that the federal exemption is so high, not just for the billionaires either. Estate planning is also much more than a will. Your estate plan has a lot of work to do for you, both while you are…
Life insurance can be useful in paying off debt, covering funeral costs and serving as a useful resource so that estate proceeds or any one person’s savings don’t have to be tapped. Life insurance may be the least sexy part of the transition from one farming generation to another, but…
Your legacy is far richer than your assets and possessions. Planning to pass on a legacy to your family becomes more rewarding, when it includes non-tangibles, like values and treasured family stories. Who wants to think about death, dying and bank accounts? Not too many people do. That’s why so…
“Solo agers or Elder Orphans face unique challenges, as their needs begin to change.” Did you know that a study from the Pew Research Center says about 20% of the 75 million baby boomers don’t have children—a figure that’s double what it was in the 1970s and one that’s expected…
It’s understood that everyone needs a will. However, many people put it off. Don’t be one of those people. Your family will remember, and it won’t be a happy memory! Celebrities aren’t the only ones who fail to plan for their passing. The difference is, their failures can become instructive…
We’re not talking about what happens to your soul, or if you are headed to a peaceful place, or even what happens to your physical remains. Have you thought about what happens to the world you leave, your family and friends and your possessions, after you die? Let’s say you…
The old saying that the first generation builds the business, the second generation struggles to maintain it and the third squanders everything, is sadly, statistically true. However, creating a legacy might give you better odds of success. If you’ve been responsible and had an estate plan created, you are way…
Don’t assume that the new tax law means that you don’t need an estate plan. If anything, you need to review your estate plan to make sure you’re not missing out any new opportunities. When was the last time you reviewed your estate plan? If it’s been more than a…
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…
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…