Category: Estate Planning
What will be the most likely exit scenario from your business when the time comes? If you own a small business, what will your last day at work be like? What is your exit strategy? The answer hinges on whether your exit will be by design or by default. To exit your business by design […]
There are steps that residents of states with steep estate taxes can take–short of moving–to help minimize such bills or avoid them altogether. Although the Federal government may cast a big shadow in terms of estate taxes, don’t forget those state laws lurking in the shadows. If you are building your estate plan, be sure […]
The nation’s elderly and disabled Social Security recipients will receive a 1.5 percent increase in payments in 2014. The same COLA will apply to pensions for federal government retirees and most veterans. According to recent news from the Social Security Administration, the Cost Of Living Adjustment (COLA) made to Social Security payments will increase 1.5% […]
Starting in 2014 … the basic exclusion will go up to $5.34 million per person, from $5.25 million this year. [However,] there will be no change in the annual exclusion, which allows you to give $14,000 in cash or other assets each year to each of as many individuals as you want without dipping into the […]
Millions of Americans are managing money or property for a loved one who is unable to pay bills or make financial decisions. This can be very overwhelming. But, it’s also a great opportunity to help someone you care about, and protect them from scams and fraud. Handling finances can be tricky for yourself alone. So […]
Selecting a charity that will use your money wisely and effectively isn’t easy, particularly during this hectic time of year. Donor-advised funds are one solution. Sometimes you can have your cake and eat it too. Or in the case of a donor-advised fund, you can have your cake and eat it whenever you feel like […]
“I know adult stepchildren who step up in every sense of the word, but for most of these women, disagreements with stepchildren was the most stressful aspect of providing care for the husband.” Blended families are becoming more and more common these days, making the “modern family” a bit complicated at times. Whether following a […]
When most people think about trust funds, they envision spoiled rich kids and wealthy families trying to dodge taxes on their piles of money. But what they might not realize is that trust funds can be an incredibly useful—even vital—tool for middle class families, as well. Although the public image of a “trust fund” seems […]
If ABC’s Emmy-award winning TV show, Modern Family, can teach us anything about estate planning, it’s that the definition of a traditional nuclear family has been stretched considerably in the last quarter century. The show spoofs nonconventional family dynamics that mirror the blended families – like second marriages, same-sex couples and adopted children — that are […]
Can a bank collect a credit card debt owed by your deceased parent or spouse? The answer depends on a range of factors, from whether it was a joint account to where the deceased person lived. Although probate can put some undo stress on an already stressful family situation, probate can be utterly necessary and […]
