Engaging in estate planning is the best way to ensure your assets pass to your intended beneficiaries after death. The more detailed and specific language you use to draft your will, the better the chances that your wishes will be followed. However, consider what would happen if you drew up your will today, listing all […]
Families rarely give to charity solely for a tax break. Still, it is not unreasonable to consider that charitable giving historically has played an important role in tax-efficient wealth and estate planning. Although fewer families have qualified to write off charitable gifts following tax reform enacted in 2017, some recent COVID-relief packages have changed the […]
At some point, every parent must consider the possibilities of what will happen should they pass away before their children are old enough to care for themselves. This concern can be significantly more daunting when it involves special-needs children who may never become fully capable of living independently and supporting themselves. For these families, it […]
The emotional rollercoaster individuals endure during and after a divorce can be debilitating. Equally devastating are the financial fallouts that can ensue from these life transitions. However, there is a ray of sunshine beyond the storm when women take a moment to assess the facts of their newly single life and rebuild a solid financial […]
When second and third marriages result in the blending of two families, a complicated financial picture may emerge. Couples entering a second or third marriage bring with them ex-spouses, children from previous relationships and financial responsibilities, assets and liabilities that may carry deep emotional attachments. Addressing these delicate issues from the onset will help newly […]
Trusts have become an increasingly popular estate planning tool among individuals at all income levels who want to avoid probate and ensure the quick and private transfer of assets to their loved ones upon their death. This level of control complements the use of a will and provides users with the added peace of mind […]
Navigating major life transitions is stressful, regardless of whether they are anticipated rites of passage, such as a marriage or the birth of a child, or unexpected events, such as a divorce, personal illness or death of a spouse. While these changes are inevitable, they need not be emotionally or financially devastating. This is especially […]
Among the most critical lessons learned from the COVID pandemic is that no one is immune from a job loss, a business closing, or a life-threatening illness. When these challenges occur, it is often too late to develop plans that you can put into motion instantly to protect yourself and your loved ones from financial […]
Swap powers within intentionally defective grantor trusts (IDGTs) are critical estate planning tools that may help you improve tax efficiency today while allowing you to preserve wealth for future generations. An IDGT is an irrevocable trust that you, the grantor, can create during life to pass assets and wealth to your named beneficiaries outside your […]
Leaving behind a lasting legacy and providing for surviving family members in the event of an individual’s death or disability takes time, patience and consideration of a broad range of non-financial issues. While there are times when an unequal division of property among heirs is preferable, consideration should be given how surviving family members will […]