Your income can come from various sources, including employment wages, business income, investment returns and even lottery winnings. As you receive money, it is important to recognize what you are required to report to the IRS and the amounts subject to federal taxes (and sometimes state and local taxes as well.) Understanding these concepts can […]
People spend a significant amount of time building their wealth and carefully creating trusts and mapping out an estate plan to protect and preserve their assets for future generations. Yet, when it comes time to naming a trustee to carry out their wishes under the terms of a trust, many people stumble. Making the right […]
Trusts can play a critical role in helping individuals protect their wealth and ensure the efficient and private transfer of assets to beneficiaries after their passing. However, because the depth and breadth of different trust instruments are so vast, individuals must carefully structure their trusts to meet their unique needs and goals. A trust is […]
One of the most critical yet often forgotten steps in estate planning is preparing a surviving spouse to take over a family’s financial affairs. Even if you checked off all the boxes on your estate-planning to-do list, creating a will, properly titling accounts, naming beneficiaries and structuring assets for tax efficiency, your plan may fail […]
Engaging in estate planning is the best way to ensure your assets pass to your intended beneficiaries after death. The more detailed and specific language you use to draft your will, the better the chances that your wishes will be followed. However, consider what would happen if you drew up your will today, listing all […]
At some point, every parent must consider the possibilities of what will happen should they pass away before their children are old enough to care for themselves. This concern can be significantly more daunting when it involves special-needs children who may never become fully capable of living independently and supporting themselves. For these families, it […]
The emotional rollercoaster individuals endure during and after a divorce can be debilitating. Equally devastating are the financial fallouts that can ensue from these life transitions. However, there is a ray of sunshine beyond the storm when women take a moment to assess the facts of their newly single life and rebuild a solid financial […]
When second and third marriages result in the blending of two families, a complicated financial picture may emerge. Couples entering a second or third marriage bring with them ex-spouses, children from previous relationships and financial responsibilities, assets and liabilities that may carry deep emotional attachments. Addressing these delicate issues from the onset will help newly […]
Trusts have become an increasingly popular estate planning tool among individuals at all income levels who want to avoid probate and ensure the quick and private transfer of assets to their loved ones upon their death. This level of control complements the use of a will and provides users with the added peace of mind […]
Navigating major life transitions is stressful, regardless of whether they are anticipated rites of passage, such as a marriage or the birth of a child, or unexpected events, such as a divorce, personal illness or death of a spouse. While these changes are inevitable, they need not be emotionally or financially devastating. This is especially […]