Prior Planning Prevents Poor Performance: That Goes for Estate Planning too!
How do you want to be remembered by your family? One way to be remembered in a positive light is to take the time to plan out how you want your assets and possessions to be distributed. You may only need a will, or you might need estate tax strategies or succession planning for a…
Read MoreAre You Planning to Leave a Problem or a Legacy Behind?
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…
Read MoreIs It Expensive to Have a Trust Created?
The cost of a trust is a lot like purchasing a custom-fit, tailor-made suit. How much it will cost depends on a lot of different elements. Without knowing some of the details, it’s hard to determine the cost. There are many different kinds of trusts and many different kinds of families and circumstances. That’s the simple…
Read MoreTax Deferred Accounts Are Great, Until They Aren’t!
Here’s an example of how the best made plans can be undermined. Your 401(k), 403(b) or IRA accounts are robust and healthy, and then a tax law changes. As a result, there’s less money for your retirement. A serious retirement planning challenge for anyone with a tax deferred retirement account is detailed in an article…
Read MoreDeciding Factors for Different Types of IRAs
The different kinds of IRAs are complex but not impossible to understand. The biggest difference is all about the taxes. There are pros and cons for both traditional IRAs and Roth IRAs. It is possible that you might end up using both of them in your retirement planning. The important factors that you need to…
Read MoreAre Trusts Valid in All States?
If a trust is created in one state, but the beneficiaries live in another state and the couple who originally created the trust move to a third state, is the trust still valid? In summary, the general answer is yes. Trusts are governed by the laws of the state where they are established, but as…
Read MoreA Love Letter to Your Family: The Letter of Final Wishes
Your will covers the legal side of estate planning, but a Letter of Final Wishes comes from the heart. Use it as a means of telling your family what you’d like them to do and to know, when you are gone. These legal documents are necessary: a will, a power of attorney, living will and…
Read MoreRetirement Planning Has You Overwhelmed? Here’s a Starting Point
At times it may seem like planning for college was easier than planning for retirement. But you can keep things simple with these four key elements of retirement planning. Investments, health insurance, Social Security, aging in place, taxes: there’s so much to think about when it comes to retirement planning. But according to this recently…
Read MoreEstate Planning is a Matter of Life and Death
Estate plans and the legal documents of estate planning are actually more for the living—the survivors—as they are for those who die. Planning for incapacity, illness and death will make difficult times and decisions easier for those you love. It is natural that you’d rather plan a fun family vacation than your funeral. But while…
Read MoreCan You Pass Your Home Down Without Going Through Probate?
Using a life estate can help you pass down your home to heirs without going through probate, which is costly and time-consuming. Check with an estate planning attorney to make sure this is right for you. A number of estate planning strategies are used to pass the family home down to the next generation, but…
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