A legislative change made the use of trusts less necessary for most Americans, but there are still many situations where this planning tool is the best option. When the American Taxpayer Relief Act became law, the $5 million exemption and the new rules on portability of the exemption for married…
Whether on the evening news or a serial drama, we love to watch the inner workings of family businesses—in large part because of the drama and the high likelihood of failure. The narrative of family dynasties is intriguing. According to the Yakima Herald in "Passing the baton: 6 challenges for…
The double nickel year has potential for allowing you to tap your 401(k) without an early withdrawal penalty, but you have to know exactly how it works to avoid problems. There's one exception to the rule that you must be at least 59 ½ to tap your 401(k) without incurring…
Despite countless celebrity estate battles, most Americans still put off having a will created. Think of a will as an itinerary for your family that will make their lives easier once you are gone. Prince was clearly busy with performing, writing, recording and creating. But that's still not a good…
One Chief Justice's seemingly simplistic will was the target of a lot of humor. Tongues wagged in Washington that he had utterly failed to do any estate planning. The gossips had it all wrong. It may be surprising to outsiders, but Washington D.C. actually functions in many ways as a…
Financial planning needs to be part of the equation when doing all of the work involved in bringing a new family member into your lives. The cost of adoption can start at a few hundred dollars or it can easily exceed $40,000, according to the U.S. Department of Health and…
The numbers are still small, but as Boomers age, the reverse mortgage may grow in popularity to maintain a certain quality of life. Reviled for years for high costs, today the reverse mortgage—sometimes referred to as a Home Equity Conversion Mortgage (HECMs)—is a government-insurance loan that allows qualified seniors to…
It is not easy to be a member of a military family. They face many challenges that civilians do not, and—all too often—they do not receive the support in two critical areas that could make a difference. Risks for Houston military families include accidents during training, battlefield injury and the…
Once again, the value of image and other intangibles will overshadow any other issue with a celebrity estate that is expected to break earnings records. The countdown on the estate tax liability for Prince's fortune has already begun, but arriving at the final number will not be easy and certainly…
Once the initial emotional trauma is past and the couple starts working towards creating separation agreements, it's time to consider the day-to-day costs of living that change as the result of a divorce. The family economic unit that formerly had one mortgage or rent payment, one cable bill, one energy…