Estate planning requires making some of the most important decisions a parent can make for their child’s well-being. Single parents need to plan in advance for what will happen to their children, whether they are minors or adults. That includes preparing for the parent’s incapacity, as much as it does…
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…
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…
Nearly half of American households older than 55 have no retirement savings. The U.S. Government Accountability Office says that this number is actually better than in the past. According to the article from CNBC, “These people are on the verge of retiring—and they have nothing saved,” an analysis of the…
You may know that there are tax traps when IRA withdrawals or rollovers are done incorrectly. However, did you know that an investment portfolio could contain a tax trap that could ruin your IRA status? The most frequently occurring IRA tax trap comes from tax bills through the Unrelated Business…
The period before retirement is a time when people dream about what the future might hold. They also worry, because who hasn’t heard the stories about retirees who return to work because they retired too early? It’s no surprise then that little more than half of Americans surveyed by the…
Life insurance can help heirs avoid having to incur expenses like estate taxes, funeral costs and similar expenses. However, it also gives heirs breathing room, so they can make the best use of other assets. Here is an example of how life insurance should work. A father, Howie, dies and…
Most donations are made in December, and charities of all shapes and sizes make the most of the holiday spirit. However, by taking a bit of time to plan out charitable giving, including doing some research and talking with your family about your legacy, your giving could have a greater…
Out-of-date beneficiary designations could completely undo your entire estate plan. It happens often, since people often neglect these ‘fine print’ details. We hope that you have a will to ensure that your assets are distributed according to your wishes after you pass. However, if you are like most Americans, many…
Most people who work for a living dream of retirement. However, for many workers, the idea of retirement comes with its own worries. Will there be enough money? Will I be healthy enough to enjoy it? Money and health are the two biggest worries about retirement. There are other unknowns:…