The need to care for disabled children may continue into their adult years, even after the passing of their parents. The care choices are wide ranging – family, health care aides, special care facilities, day programs, and group homes, among others. However, your child’s specific needs and your available financial resources may dictate which is […]
Do you have a will? A will enables you to specify who you want to inherit your property and other assets. A will also enables you to name a guardian for your minor children. Do you have healthcare documents in place? Healthcare documents spell out your wishes for health care if you become unable to […]
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 […]
“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 Godfrey1 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.2,3 […]
When an individual dies, the executor is faced with an important decision that has the potential to impact the taxes owed by the estate and its heirs.1 The executor will have the option of valuing the estate on the date of death, or alternately, on the six-month anniversary of death – the latter is, fittingly, referred […]
Financial Documents Joint Ownership Durable Power of Attorney Living Trust What does it do? Enables you to own property jointly with another person Authorizes someone to handle legal and financial decisions if you become incapacitated Holds your belongings until your death Can it authorize someone to handle your financial affairs if you are unable […]
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 […]
In the third quarter of 2019, more than 2,400 small businesses were sold. The median sale price was roughly $278,000, up 3.3% from 2018.1 As a business owner, ascertaining the value of your business is important for a variety of reasons, including business succession, estate tax estimates, or qualifying for a loan. There are a […]
Only 45 percent of adults have a will or other estate documents in place, which may not be entirely surprising.1 No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once they’re gone. But a will is an instrument of power. Creating one gives you control […]
