A major component of wealth management is making sure that your estate is set up so it passes as much as possible to your beneficiaries. In some cases, this can mean having to take steps to control the value of the estate because of estate taxes. One option that you...
Age Gracefully With A Plan In Place
Year: 2024
What if you don’t like a beneficiary’s spending habits?
One potential problem you could run into when drafting your estate plan is that you think some of your money is going to be wasted by the beneficiaries. Perhaps you have a specific beneficiary who has problematic spending habits. They are constantly accumulating debt...
What is the “Great Wealth Transfer?”
The Great Wealth Transfer is the unofficial name given to the shifting of assets from one generation to the next. We are currently at the point in the United States where the biggest wealth transfer of all time is about to take place. In the next two decades, $84...
What can you do to prevent a will contest after you are gone?
When creating your will, you want to minimize the risk of a will contest or challenge to your final wishes. Will contests often result in prolonged legal battles that strain family relationships and drain estate resources? Fortunately, you can take proactive steps now...
Addressing your caregiver in your estate plan
Including a caregiver in your estate plan is certainly your right. However, if not handled properly, this decision can be challenged by other beneficiaries or family members. As such, you’ll want to take some steps to effectively address your caregiver in your estate...
3 common estate planning mistakes
A slight mistake when planning an estate can create huge problems for family members and loved ones. Even a slight issue with an estate plan could lead to asset distribution delays, major taxes and disputes. Do not let a simple estate planning mistake create issues...
Choosing the right person to be your medical agent
For many people, an important part of estate planning is setting up powers of attorney (POAs). An example of this is a medical POA, which involves potential future medical decisions. You set up the medical POA and name someone to act as your agent, If you’re...
When should you review your estate plan?
Planning for the distribution of your assets and managing your affairs after your passing is a crucial aspect of financial planning. After creating it, you must review your estate plan and update it when your life or situation changes in certain ways. Life is dynamic,...
The estate planning tool you may not realize is right for you
One of the biggest misconceptions around estate planning is that unless you’re a multimillionaire, you don’t need anything more than a will. Living trusts, in particular, are often viewed as something that only very wealthy people need. In fact, a revocable living...
The potential benefits of funding a charitable trust
Funding a charitable trust is a sophisticated estate planning strategy that offers a multitude of benefits, both for a donor and the community at large. By allocating assets to a charitable trust, individuals can achieve their philanthropic goals while enjoying...