Category: Estate Planning
“Beneficiary designations that are inconsistent with your will can wreak havoc on a well-structured estate plan,” said Helen Modly, a wealth manager and Executive Vice President at Focus Wealth Management in Middleburg, Va. What is the top estate planning mistake you can make? Keeping things up-to-date, especially those beneficiaries! An article titled “Don’t make the […]
While my mother never ran a retirement calculator or created a formal retirement plan, she incorporated her individual longevity expectations into her retirement thinking. She enjoyed working past 65 and was also aiming to fortify her finances for what she logically expected would be a long retirement, given her good health and matrilineage. A recent study in […]
Estate Planning, Wills, Probate, Inheritance, Power of AttorneyAccording to a report from BMO Wealth Institute, Canadians list conflict (54%), unpleasant surprises (37%) and financial or taxation issues (33%) as the pitfalls to avoiding the legacy conversation. Although you won’t be around to witness the drama, here are five ways to avoid a Dynasty-worthy brawl over […]
The first thing you need to have is a will. Without one, your assets will be divvied up according to the laws in your state. “It isn’t necessarily what you think or want,” warns California-based financial adviser Ted George. Do you really need a will? One word: Yes! If you don’t have a will, then […]
“It used to be when someone passed away, there were all these clues — a paper trail around the house about what the deceased person owned and owed,” says Karin C. Prangley, an estate attorney at Krasnow Saunders Kaplan & Beninati in Chicago. “Now there is no more paper trail. All of that is digital. […]
A federal consumer activist, along with a professor of elder law and representatives from organizations like the State Attorney’s Office and AARP told a gathering of elder advocates in Miami on Tuesday that financial exploitation of seniors could grow worse as the country ages. Elder financial exploitation and abuse is a growing problem, and experts […]
Several experts said that the ways that families handle these situations depends on multiple factors, such as what caused the disparity, how strong the sibling relationships are, whether the parents have money and more. When planning for your estate, you often look at the financial stability of your children. Who is better off financially? Do […]
Keep an eye on the Obama Administration budget proposals as there are several provisions which may affect estate planning. For example, there is a provision which would reduce the $5 Million federal estate tax exemption to $3.5 Million – the 2009 level. Stay tuned! http://www.treasury.gov/resource-center/tax-policy/Documents/General-Explanations-FY2015.pdf
While dynasty trusts may at first glance seem complex, they are an excellent mechanism to create structure around the family legacy and fortune and potentially avoid the familiar proverb of a wealthy family going from “shirtsleeves to shirtsleeves in three generations.” Ready for a history lesson on using trusts to pass on wealth? Long ago […]
To find the Most Affordable cities, we started with America’s 100 largest Metropolitan Statistical Areas (MSAs) and Metropolitan Divisions (MDs), all with populations of 600,000 or more. When making purchases, more than likely you want to get the biggest bang for your buck. Everyone likes a good deal! So when deciding where to live and […]
