When a loved one suffers from a mental illness, one small comfort can be knowing that your trust can take care of them through thick and thin. There are many ways this can happen- ranging from the funding of various types of treatment to providing structure and support during his or her times of greatest need. […]
Intergenerational estate planning is important. This type of planning is about more than just helping one generation build as much wealth as possible. These plans help prepare heirs to both manage and preserve those assets into the future for long-lasting enjoyment. Below are five steps that can facilitate successful estate planning for generations. 1. Get the […]
When it comes to estate planning there are several types of tools you can use, depending on your circumstances. One such estate planning tool is the trust. There are numerous types of trusts aimed at fulfilling different estate planning purposes. If you are anticipating an inheritance, there is a special type of trust designed to help […]
Receiving an inheritance is a huge blessing but, if not handled properly, can also become a curse. Often times, the inheritor does not know what to do with the new asset and runs into financial trouble, squandering most, if not all of it. This could happen due to the inheritor having outstanding creditor issues or tax […]
If you find yourself in the “sandwich generation” (someone who is caring for both your children as well as your parents simultaneously), you need to know whether or not your parents have put together an estate plan. While it is still your parent’s choice to make estate planning decisions, having a plan — no matter how […]
What constitutes a “large” gift can be relative. That being said, if you are considering giving cash or property to someone, a little bit of planning can really help avoid negative consequences. This is particularly true if the gifted amounts are over $15,000.00, will be gifted in property, will be gifted on a regular basis, or […]
For many employees, saving for retirement is usually a matter of simply participating in their employer’s 401(k) plan and perhaps opening an IRA for some extra savings. But, for business owners, planning for retirement requires proactivity and strategy. It’s not just the dizzying array of choices for retirement accounts; there’s also planning for the business itself. […]
Poor estate planning is a recipe for disaster. Look no further than Dickens’ Bleak House—or a telenovela—to witness the tragedy and melodrama inadequate estate planning can cause. While having your estate planning documents prepared is the first hurdle to overcoming these types of disasters, there are several threats that lurk around the corner that might derail your wishes. A little planning can help you avoid these threats to successful estate planning.
