Preparing your estate can be complicated, and if you’re a part of a blended family, estate decisions can be even more complex and nuanced. Blended families take on many forms, but typically consist of couples with children from previous relationships. Here are a few case studies to help illustrate some of the challenges. CASE STUDY … Read more
Inheriting wealth can be a burden and a blessing. Even if you have an inclination that a family member may remember you in their last will and testament, there are many facets to the process of inheritance that you may not have considered. Here are some things you may want to keep in mind if it … Read more
When you lose a spouse, partner, or parent, the grief can be overwhelming. In the midst of that grief, life goes on. There are arrangements to be made, things to be taken care of – and in recognition of this reality, here is a checklist that you may find useful at such a time. First, gather … Read more
Passing your estate to an heir with credit problems or a gambling or alcohol addiction might not only lead to that wealth being squandered, but the inheritance could worsen the destructive behaviors. Of course, you don’t want to disinherit your child simply because of their personal challenges. There are potential solutions that allow parents to … Read more
Determining the value of an estate is a fundamental first step in estate management and a critical requirement for settling a decedent’s estate.1 HOW TO ASSESS THE VALUE OF AN ESTATE Select the date of calculation. Because values move up and down, you need to set a specific date for a valuation. For a living person, … Read more
You’re young, have little in savings, and might not have anyone relying on you, financially. So, why do you need to think about estate management?1Here are four great reasons: ESTATE STRATEGIES: THEY’RE NOT JUST FOR THE ELDERLY You need a will. You may ask yourself why a will is important if you don’t have much to … Read more
If you are one of the many Americans who are in a second marriage, you may need to revisit your estate strategy.1 Unlike a typical first marriage, second marriages often require special consideration in order to address children from a prior marriage and the disposition of assets accumulated prior to the second marriage. SECOND MARRIAGES … Read more
When the rules of the game change, tactics should follow in response to the new landscape. While estate tax exemptions have ridden an uncertain roller coaster in recent years, the rules appear to be stabilizing after the passing of the Tax Cuts and Jobs Act, prompting many to reconsider estate strategies.1 In 2017, Congress raised … Read more
A living trust is a popular consideration in many estate strategy conversations, but its appropriateness will depend upon your individual needs and objectives. WHAT IS A LIVING TRUST? A living trust is created while you are alive and funded with the assets you choose to transfer into it. The trustee (typically, you) has full power … Read more
“I’m proud to pay taxes in the United States; the only thing is, I could be just as proud for half the money.”Entertainer Arthur Godfrey The irrevocable life insurance trust (ILIT) can be an important estate strategy tool that may accomplish a number of estate objectives; however, it may not be appropriate for every individual.1,2 … Read more
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