A 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Continue ReadingYour financial and estate plans can easily become out-of-date.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 CNBC’s recent article, “Out-of-date beneficiary designations are a common and costly mistake,” says that naming beneficiaries can come with unexpected costs, like deeding money to an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...
Continue ReadingA North Carolina judge sentenced 41-year-old Charlinette Detmers to four years’ probation and ordered her to pay $30,000 in restitution. Wealth Advisor’s recent article, “Lover stole nearly $1M from her late husband’s estate on Lake Norman,” explains that court records identify the victim of her embezzlement as her son, Tols Detmers, who was 19 years old when he sued his mom and...
Continue ReadingJohn Mahoney, one of the stars of the Cheers spin-off Frasier, died in hospice at 77 last month. The highly honored actor reportedly left behind an estate worth more than $5 million, according to The Daily Mail’s recent article, “Frasier star John Mahoney ‘leaves behind $5 million-plus estate with 38 potential beneficiaries.’” The actor was known for his role as Marty Crane, the live-in retired father...
Continue ReadingWhile you want to live a long and healthy life, you might not want to live too long. That’s because you’ll need to have saved enough money to take care of yourself until the end of your life. The Washington Post recently reported in its article, “Your long life could be the death of your retirement savings,” that one thing is certain:...
Continue ReadingThe new tax law will greatly decreases the number of people who will be subject to the federal estate tax. This does not mean you don’t need an estate plan. In fact, you need to review your plan now. Forbes’ recent article, “7 Reasons To Revisit Your Estate Plan, Trump Tax Law Aside,” says that even if one’s estate is unlikely to...
Continue Reading