For heirs, the emotions that come with sudden wealth can be a mix of guilt, loss, anger, regret, relief and hurt, perhaps stewed with long-simmering family rivalries and resentments. Much of estate planning focuses on the technical aspects of leaving behind or receiving an inheritance. Commonly, these include the tax…
Advisors say it doesn’t happen often, but parents who divide their assets unevenly are playing with fire. That said, there are things they can do to try to keep the fire under control, so it doesn’t become a conflagration that blows the family up. Sometimes it is easy to split…
These two experiences taught me a lesson about family businesses. Making a family business a family legacy takes planning and preparation. While each family business has its own unique issues, there are some common strategies associated with succession planning. Sometimes, passing along your assets to the next generation is simply…
Probate court is no one's idea of fun, so it's something you may want to spare your heirs when they inherit your home. One simple tool for doing that: a "life estate." Do you want to avoid probate when it comes to the transfer of your assets at death,…
If your parents live in one of 29 states or Puerto Rico that has filial responsibility laws on the books, you could potentially be held legally responsible for their care under certain circumstances, such as when your parents are ailing and without sufficient financial resources to take care of themselves.…
The numbers also show that roughly one in three businesses pass to the next generation. Just about 10% of family businesses pass to the grandchildren’s generation. Still fewer make it to the subsequent generation. Regardless of the reasons, family money seems to move away from that which created it. Among…
Whichever way you pass on your retirement account assets, leaving an IRA can provide a grandchild with a significant financial foundation. Think of an IRA as a potentially powerful estate planning tool. Properly structured, an IRA may transfer wealth to younger generations. In fact, the younger, the better. Kiplinger raised…
Completing the following four tasks can help you meet any last obligations to your loved ones, ensure your final days are spent as you want, and reconcile your dreams with the realities of your life. Is a goal without a plan just a wish? Regardless of the goals you have for…
The fear that the government could one day seize their homes is deterring some people from signing up for Medicaid. Medicaid comes with a lot of give and take. It is a safety net for those who need it, but it does come with its drawbacks. One drawback many are…
You should prepare a will so your heirs will be taken care of in an organized, legal and efficient manner, according to your wishes. Preparing your will is not exactly a "fun" thing to do, as most people don't want to think about the end of their own lives. Even…