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…
Naming a beneficiary for your IRA, 401(k) or any other retirement plan and then making sure that the name is right as you go through the many stages of life could be one of the most important financial decisions you make, according to The (Crystal Lake, IL) Northwest Herald in…
The irrevocable charitable lead trust is a trust that cannot be amended, revised or cancelled. We would call that bullet-proof, and it would have been a good idea for preventing James Gandolfini's estate from being "whacked" by estate taxes. The financial website thestreet.com took a closer look at this powerful…
If you inherit a portfolio or a large amount of money, proceed with caution, according to "What to Do When You Get an Inheritance," in US News & World Report. Every situation is different, but a few basics need to be kept in mind for heirs who are thinking about…
There was a time when irrevocable bypass trusts were highly favored by estate planning attorneys as one of the best estate planning methods for married couples. It worked like this: one spouse would fund the trust with an amount that was just under the estate tax exemption. At the time…
We’ve heard or read the stories of wealthy families forced to sell off prized heirlooms so that hefty estate taxes could be paid. It is never a happy day when an heir needs to sell the family home, wine collection, fine art or collection of vintage automobiles to raise cash…
Creating a tool to keep a trust secret from an heir may be considered a "first world" problem, but it is a problem nonetheless. Wealthy families who value their accomplishments are concerned that heirs who know that they are going to receive large amounts of wealth through a trust may…
Pam Miller, founder of a no-kill cat shelter and adoption agency, encourages pet owners to include family pets in their estate planning process. As part of her daily routine, Miller brought two cats to her shelter just days before their owner passed away so that they could find new homes,…
Anytime a blended family includes children from prior marriages, estate planning becomes more challenging, as reported in The Meridian Star, in “Estate planning after a second marriage.” If there are young children, how can you ensure that the surviving spouse will take care of them? And what if you pass…
An elderly many claimed that his trust was mismanaged and he brought action for financial elder abuse and other claims against his banking institution. A California court ruled that because the gentleman had established residency in California and Australia, he was not protected under the state’s welfare code. A judgment…