What Are the Drawbacks of Naming Beneficiaries?
Although in many situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions.
What to Know When Setting Up Your Trust and Selecting a Trustee
A trust is not only a tool for the wealthy. In addition to serving many functions, they solve specific problems relating to the dynamics of families that have little to do with wealth. Do you want to keep your affairs…
A Look at Legal Trends in Estate Planning
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…
What are Grantor-Retained Income Trusts?
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…
Tips for Planning for the Growing Sandwich Generation
The sandwich generation includes anyone who struggles to care for both their children and their aging parents. Although generation is part of the phrase, it does not refer to people born at a specific time. Typically, these “sandwich” family caregivers…
The Estate Planning Guide for Cryptocurrency
In the case of digital assets, traditional estate planning elements are mostly obsolete. Crypto-assets may comprise significant individual wealth in the forms of cryptocurrencies like Bitcoin and noncurrency blockchain tokens. If you own any of these asset classes, addressing complex…
Update Your Power of Attorney as It Ages Over Time
I am responsible for paying my uncle’s medical bills while he is hospitalized. Back in 2002, he named me as his financial power of attorney, so I could write checks on his bank account when he couldn’t, like now. But…
What You Need to Know About Estate Planning
In estate planning, several documents are created outlining a person’s wishes. During the process, you can name people to make financial decisions on your behalf when you are unable. You can designate beneficiaries for your assets. You can also express…
Managing the Benefits of Retirees and Near-Retirees to Offset Rising Inflation
It is likely that the forty-year inflation high Americans have been experiencing will last well into 2023 and beyond unless there is a significant course correction. Bankrate’s Third-Quarter Economic Indicator poll projects inflation will be more significant than previous expectations over…
Estate Planning Is More Important Than Ever in These Uncertain Times
The truth is none of us know the future. US tax legislation proposals are fraught with uncertainty. Estate and gift tax exemptions may get cut in half or not, and whatever happens will likely affect all deaths and transfers of…