Asset Protection

People respond to grief in different ways. Unfortunately, many families experience fights and even fracturing, after the passing of a parent. Inheritances often cause drama within families. According to a survey of 2,700 people conducted by Ameriprise Financial, as many as 25% of respondents said that an inheritance caused stress within the family. Sometimes, it’s…

Certain kinds of debt die with you, but others will have a big impact on your heirs. If you know the difference, you’ll know what steps to take. Many Americans have unpaid debts when they die. A study reported by Credit.com says that as many as 73% have debts on death. “Dying with debt: Advice…

Candidates are able to make lots of plans and promises when they are campaigning, but actually getting big bills passed is not a sure thing. Regardless of your political preference, it’s likely that you’d welcome the repeal of the estate tax, as promised by President Trump when he was on the campaign trail. But remember…

Although there is now a generous federal estate tax exemption, there are still state estate taxes. You’ll want to make informed decisions about how to pass your wealth to your surviving spouse. Trusts may be a good option, but there are different paths you can take to arrive at the same destination: minimizing or eliminating…

Thinking about how you’d like your assets to be distributed after your passing is a start, but putting those thoughts into an estate plan ensures that your thoughts will translate into reality. Even if you aren’t wealthy or even near retirement age, you still need an estate plan. If you own anything, including a home,…

As part of a settlement of a lawsuit that charged Oklahoma Billionaire Aubrey McClendon with theft of trade secrets when he left the company, Chesapeake Energy Corp. has withdrawn its claim for more than $455 million against his estate. An Oklahoma City probate judge recently approved a settlement between Chesapeake Energy and the estate of…

There are many ways to reduce estate taxes for those rarefied few who would otherwise have to pay them, a number of these strategies work best while you are still alive to see their results. If the prospect of paying more than 40% of the value of your assets in estate taxes disturbs you, remember…

IRAs can help make tax savings a part of your overall retirement planning strategy. There are great tax savings to be had with IRAs. They should be a part of everyone’s retirement savings plan. While you can go with a traditional IRA for immediate tax deductibility or a Roth IRA that provides for tax-free, long-term…

There are pros and cons to the use of a life estate deed when it comes to the family home. Life estate deeds can be used to transfer real property to heirs and maintain the right to use or live on the property, as long as you are alive. This is a popular way to…

Reverse mortgages are not as complex as they used to be, but you still have to be careful and do your homework. Reverse mortgages are very different from regular mortgages, but they can offer some solutions to senior homeowners, according to an article in TC Palm, “Myths vs. realities surrounding reverse mortgages.” Talk with your…