Digital Assets as a Part of Estate Planning
Welcome to the new world, where your digital assets are a part of estate planning. Photographs, online documents and social media are all part of your estate and need to be included in your estate plan. We are accustomed to thinking of estate plans as a means of distributing assets like houses, bank accounts, investment…
Read MoreThe Moment You Become a Parent, You Need an Estate Plan
Young parents who are busy with babies and small children aren’t what come to mind when you think of estate planning, but without an estate plan, their most precious children are unprotected. Nothing changes a person’s perspective more than welcoming a new baby. Young adults suddenly understand what it means to be responsible for another…
Read MoreSpecial Needs Individuals: How Parents Can Plan for the Future
A Special Needs Trust is just the beginning in planning for the needs of a special needs individual, particularly as parents age. There are several steps that can be taken to ensure quality of life. Many special needs individuals are able to live independently and have fulfilling jobs. Parents often use special needs trusts to…
Read MoreOwning More than One IRA: Sometimes a Great Idea
If you are prone to over-organization, then the idea of owning multiple IRAs will appeal to you. IRAs are the cornerstone of many people’s retirement strategies. They were designed that way, offering attractive tax breaks that working people appreciate. Did you know that there are no restrictions on the number of IRAs that you can…
Read MoreWorking Past 65? Here’s What You Need to Know
Whether you are working because you love what you do or because you need the extra money, there are certain steps to take to make the most out of working past the usual retirement age. Working long after your peers have retired, can provide some advantages, including larger Social Security benefits and adding to your…
Read MoreMaking a Retirement Dream Come True Requires Real-World Planning
If your idea of retirement means not working and enjoying a life of leisure, you’d better start crunching numbers and planning for the unexpected. People like to daydream about their retirement. They imagine themselves traveling, playing with grandchildren, sleeping late and playing. But according to a recent article in Kiplinger, “5 Common Roadblocks That Can…
Read MoreHow Trusts Work for Families with Minor Children
This is the worst case scenario that no one wants to think about, but if both you and your spouse should die before your children turn 18, a trust is a way to provide for your children. Minors (children under the age of 18) who inherit assets, must have a guardian appointed to oversee the…
Read MoreDon’t Get Stuck in a Nannygate Tax Situation
Even if you are not a high profile politician being considered for public office, you should know that the so-called “nanny tax” refers to any household employee, including caregivers and housekeepers. Remember Zoë Baird? She was on track to be the first female U.S. attorney general in 1993, when it was revealed that she had…
Read MoreThink of Your Will as a Tribute and an Act of Caring
Think of your will as a love letter that will tell how you want to care for your family and friends when you are gone. It is not just a way to direct how you want your assets to be distributed. Estate planning can make people uncomfortable, since it forces us to contemplate our own…
Read MoreLegislation to Lighten Estate Tax Didn’t Pass in the Past, May be Reintroduced Again
The proposed legislation would, according to the Representative from Maryland, make it easier for family business owners to transfer their business to the next generation. A different approach to estate taxes comes from a House Republican, who proposes that taxpayers make annual payments for a certain number of years during their lifetime, instead of having…
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