Forbes recent article, “Two Key Steps to Successful Estate Planning” explains that, in many instances, the ultimate goal in estate planning is to ensure the wealth you accumulated, lasts for a while and is used to improve the lives of your family. Unfortunately, the process of passing on the wealth often creates problems within the family. Disagreements can arise, and conflicts about...
Continue ReadingWhen Brad and Robin Cooper started to plan their instructions for their estate, they knew they wanted to help charities that were near and dear to their hearts. One of the organizations they selected as beneficiaries, was Flagler Health Care Foundation. That was because of Brad’s participation on the board of trustees and also because of the care that...
Continue ReadingAs you look at your financial future, procrastinating can make things much tougher down the road. Here’s how to get confident about your money. USA Today’s recent article, “Financial planning: How to determine if you need life insurance in retirement,”notes that many older Americans wonder if they’ll need life insurance in retirement. They are concerned about whether their surviving spouse and...
Continue ReadingThe Tax Cuts and Jobs Act of 2018 temporarily doubles the allowable credit for the federal estate tax. It is $11.2 million for an individual and $22.4 million for those who are married, reports Newsmax’s recent article, “Trump Tax Law Necessitates Immediate Review of All Estate Plans.” Note that a more recent change, called “portability”, allows the unused estate tax credit from...
Continue ReadingA trust can be a valuable vehicle that lets you maximize tax-planning opportunities within your estate plan, detail exactly how you want to distribute your assets and make certain that your vision for your legacy is carried out precisely. Kiplinger’s recent article asks, “What Type of Trust Solution is Best for You?” The article notes that people often make one common mistake...
Continue ReadingWTOP’s article, “7 questions to ask when taking control of a trust,” says that while having more wealth at your disposal may give you an increased sense of security, it’s also natural to have some fears about making a poor decision with new wealth. However, asking a few questions may give you the information that you need to be more confident. What...
Continue ReadingFor many of us, losing Mrs. Bush was like losing a family member–regardless of our political party, says Forbes in its recent article, “Barbara Bush And Betty Ford – How Two First Ladies Mastered Unique Aspects Of End Of Life Planning.” The grace with which she handled the final days of her life, is something to consider in estate planning. She dictated...
Continue ReadingYour financial and estate plans can easily become out-of-date. Your situation may have changed, since the analysis and recommendations in your plan were made. It may be that some facts have changed, your health has deteriorated, or your vision for the future has changed. The Smyrna-Clayton Sun-Times reports in its article,“Change plan as plans change,” that most financial plans begin as a...
Continue ReadingBeneficiary designations have precedence over wills. Therefore, if you have accounts with assets to pass on to heirs, be sure to update them regularly. CNBC’s recent article, “Out-of-date beneficiary designations are a common and costly mistake,” says that naming beneficiaries can come with unexpected costs, like deeding money to an irresponsible minor. Many people still have ex-spouses or deceased relatives named as...
Continue ReadingBloomberg’s recent article, “Rise of ‘Gray’ Divorce Forces Financial Reckoning After 50,” found that a majority of married women (56%) still leave major investing and financial planning decisions to their spouse, according to a report titled “Own Your Worth” by UBS Global Wealth Management. The study shows that it’s not just older women moving into the more traditional gender roles of their...
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