Estate Planning
Most young parents do not think about dying or becoming seriously ill or injured. As unlikely as such a serious event is when we are young, it is a possibility. This is why we pay for medical insurance, disability insurance, and life insurance. Even though many young parents acknowledge the possibility of a life-altering event…
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Adults rarely create wills, let alone estate plans that address their online profiles. As your online presence grows professionally and personally, taking charge of your digital assets and plans for them after you die becomes important. Some social media companies like Facebook, Instagram, and Twitter provide users with options to nominate someone to look after…
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In wealth transfer and estate planning, some people seek strategies that preserve their assets, as well as provide financial benefits. One such strategy is the grantor-retained income trust (GRIT). GRITs offer a unique opportunity for individuals to retain an income stream from tax-advantaged assets before passing the assets on to beneficiaries. In this article, we…
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Think about being ill and having to determine whether or not you can afford medical care. Unfortunately, for many Americans, seeking medical care hinges on affordability rather than medical necessity. About half of US adults have gone without or delayed medical care in the last year due to a lack of affordability. Even with insurance benefits, many…
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When a loved one passes away, estate planning is an important part of the process of distributing their money and property. Though many people are familiar with wills as a means of distributing assets, trusts can be even more effective. A trust is a legal arrangement where a person, known as the grantor, settlor, or…
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Wealth transfer can be protected from excessive taxation by applying tax avoidance principles. Still, it requires careful planning and oversight to ensure techniques don’t cross the line to tax evasion. Assessing tax options can determine the best way to conduct business or personal transactions and inheritance to reduce or eliminate tax liability. Tax avoidance differs…
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In order to assist individuals with special needs, the federal government offers a variety of programs and services. These programs are vital to parents and guardians supporting loved ones with disabilities. Parents raising children with special needs require nearly twenty percent more income annually to care for their child, with that cost often going into…
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The new federal and state laws are requiring a more dynamic approach to estate planning in order to efficiently manage and disperse a person’s estate. These laws affect estate planning tax, trust, and charitable strategies, and the higher your net worth, the more critical it is to re-evaluate your plan. High Net Worth Individuals (HNWI)…
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The cornerstone of philanthropy has long been charitable giving. People enjoy making meaningful contributions to causes that are close to their hearts. For those who wish to support charitable organizations while also benefiting from tax advantages and income streams, charitable remainder annuity trusts (CRATs) and charitable remainder unitrusts (CRUTs) are two compelling options. These useful…
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A person’s estate is the aggregate of any property they own, and most everyone owns something when it comes to estate planning. Property ownership includes individual as well as jointly owned bank accounts, stocks and bonds, retirement accounts, real estate, jewelry, vehicles, your online digital footprint, and even pets. Short of being utterly destitute, you…
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