Asset Protection

All a celebrity has to do is die without a will and the details of their lives are all over the news. There’s a fascination with seeing how those who have achieved a high degree of success, fortune and fame create an epic fail, when it comes to planning for their demise. We can’t all…

Certain situations present opportunities to lower the value of an estate before death, thereby decreasing tax liabilities for heirs. In cases where a loved one is on life support for an extended period time and is legally incapacitated, there may come a time when the family is faced with a one of the most difficult…

Understanding tax liabilities and complex rules when inheriting an IRA, especially for a non-spouse, can be daunting. Don’t hesitate to ask for help: mistakes can be costly. People respond in a variety of different ways when receiving an inheritance from a loved one. Sometimes grief is mixed with excitement over the possibilities presented by the…

“If you kick in a measly $20 a week to your retirement account, you’ll end up with an extra $173,000 forty years later, if your investments grow an average 6% a year compounded quarterly.” Do the math and you’ll see how quickly it all adds up. Making a small change, like bringing your own bottle…

A buy-sell agreement does more than protect the business owner, it protects the business owner’s heirs. Creating a buy-sell agreement for a business owner is a lot like a will—it needs to be updated to reflect changes in partnership agreements or the departure of the owner or a co-owner from the business. As reported in…

The winding road that led to legalization of same-sex marriage included states that permitted the marriages, some that did not and the right to marry nationwide. Along the way, some situations were created that have put some couples’ legal status in a potentially problematic situation. Every couple needs to have an estate plan to ensure…

Money and families can be very complicated. How do you know how much money to leave to your children, or if you want to leave anything at all? Different generations and different socioeconomic groups have different beliefs about whether or not they should leave a generous legacy to their children, or if their kids need…

The cost of care during the parent’s lives and care after the parents have passed is a major concern, but there are solutions, including ABLE accounts. With the right guidance, it is possible for parents of special needs children to plan for the cost of a lifetime of care. That includes the support provided by…

It’s not unusual today to be in a second, or even a third marriage. But when it’s not your first venture into wedded bliss, estate planning issues can get a little more complex. Things are different for blended families, from step-parenting and scheduling holiday gatherings to financial and estate planning. A recent article in Forbes,…

The details are what makes the difference between a legacy that is remembered as a blessing or one that becomes an expensive and stressful burden to loved ones. One example: opening a joint account for funeral expenses and failing to fund it. Sad but true—one day, we’re all going to be the star at our…