Category: Inheritance
A careful review of the return can point the way to opportunities for decreasing your taxes and increasing after-tax wealth. “Those that ignore history are bound to repeat it.” Translation: learn from mistakes made in the past and avoid repeating them. In other words, you should review what didn’t work in order to guide yourself […]
Different plans, tools, and strategies might be needed for people with other life stories. The U.S. has a divorce rate of more than 50%, and many divorcees end up moving on and remarrying. So it is no surprise that there are more blended families today than ever before. This was the subject of a recent […]
The most common and basic estate planning vehicles are wills and living trusts. Everybody should have a will or a living trust, but which one? Should you have a living trust? To clarify what this type of trust is, a living trust is created by placing some or all of your estate into a trust […]
Plan to review your beneficiary designations on a regular schedule, ideally as part of an annual review of your finances. Life can get hectic, so it’s best to have a plan when it comes to annual to-do’s or check-ups. Otherwise, some very important things may fall through the cracks. Did you change the batteries in […]
Children almost always interpret unequal inheritances as an expression of unequal love, Witt told her clients, and giving one child more than another may make them feel slighted and angry. When planning to pa ss on your estate, you may feel like all will be fine as long as everyone gets a piece of the […]
They are relatively older, they are probably inheriting from financially conservative parents and they are dealing with deep emotional reactions. Leaving behind or receiving an inheritance includes several planning points to ponder, including tax questions and legal questions. In addition to all the details, one must not forget the emotional aspects as well. Indeed, the […]
The process of selling a relative’s home is likely going to be emotional, from the sorting of the personal belongings to the finalization of the sale at the closing table. Expect that. And surround yourself with professionals who will be empathetic and helpful. Many would agree that selling a home is a stressful process, maybe […]
“Money can be divided pretty evenly, but the teacup that grandma always used? Maybe there’s only a $2 value associated with that teacup, but because of the sentimental value and the emotions around it, that causes the controversy.” While it is easier to think about an inheritance as money or assets, don’t forget the other […]
“You cannot predict what may happen between now and receiving an inheritance,” said Ireland. “The earlier you start preparing, the more financially secure your own retirement is likely to be.” Planning for an inheritance can be a tricky endeavor, for both givers and receivers. On one side, the giver has to make appropriate arrangements for […]
For many people, estate planning is both a private matter and morbid topic – not something that parents want to discuss with their adult children. While having such conversations takes a lot of courage, families that speak freely about these delicate issues can avoid problems down the line. Thinking about your estate, setting up your […]
