Year: 2014
Identifying a successor is the first step in the planning process. Many owners of family businesses turn to an adult child, a grandchild or other relative to take over the reins. Have you thought about what will happen to your business in the future? Although it’s not an easy decision, the initial step in the […]
“Just because you have an extremely restrictive prenup doesn’t mean you can’t leave money to your wife,” Mr. Bishop says. “The prenup protected the client’s assets from being taken against his will, but he was still free to give them at his discretion.” How do prenuptial agreements and estate plans mix? Will your spouse be […]
Generally, there are four types of powers of attorney, or POA. A power of attorney is a legal document that allows you to appoint someone you know and trust to make decisions on your behalf when you cannot make them yourself. A recent article in The Star-Ledger, titled “Your Money: The truth about ‘power of […]
Your will is an essential tool in making sure that your property goes to the people you want to receive it after your death. By keeping these simple facts in mind, you can use this tool more effectively and avoid the mistakes that can cause huge problems down the road. Think you know everything about […]
Financial planners are not just for rich people. Everyone, no matter where you stand financially, can benefit from the advice and guidance of a qualified financial planner. You have probably received a lot of free financial advice over the years from friends, family and coworkers. But how do you know which advice to follow? It […]
In some cases, outdated or inadequate estate plans have led to highly-publicized disputes between heirs that have squandered fortunes and diminished legacies. These situations are more tragic because they are usually entirely avoidable, especially when advisors are willing to facilitate difficult conversations. An estate plan is no “one and done” project. In fact, it’s very […]
[Glen Campbell’s wife] Kim Campbell told The Associated Press in an email Thursday that the 78-year-old’s Alzheimer’s disease has progressed to the point that he needs access to medical care 24 hours a day. When Alzheimer’s strikes, the decision of how to care for a loved one can be increasingly challenging as the disease progresses. […]
Ordinarily, the deadline for taking this so-called required minimum distribution is Dec. 31. But for your first such distribution you get until April 1 of the year following the year you turn 70½ to make the withdrawal. Do you know when you can withdraw from your IRA? According to the tax law, from age 59½ […]
This valuable estate-planning tool can help your beneficiaries make the most out of their inheritance but many investors do not know about these stretch provisions. This leaves retirees with the important question: Should they force their beneficiaries to stretch the inherited IRA? What is a “stretch IRA” strategy? A recent Forbes article titled “Should I […]
While minimizing taxes is certainly not the only, nor even the primary, objective of trusts, it is a major issue for trustees with a fiduciary responsibility. The variety of trusts and the rules surrounding them are many and can be complex. A recent CNBC.com article, titled “Estate planners shift gears in new tax environment,“ explains […]
