Naming beneficiaries to receive proceeds from a life insurance policy or retirement account is a difficult decision that requires consideration of a range of factors. Because these selections supersede designations in your will, they are an important step in the…
People spend a significant amount of time building their wealth and carefully creating trusts and estate plans to protect and preserve their assets for future generations. Yet, when it comes time to name a trustee to carry out their wishes…
Caring for a family member with a physical, intellectual or emotional disability can be costly. Everyday expenses can include food and shelter, specialized medications, assistive devices, special education, transportation, at-home nursing care, and much more. Over time, these expenses will…
Leaving behind a lasting legacy and providing for surviving family members in the event of an individual’s death or disability takes time, patience and consideration of a broad range of non-financial issues. While there are times when an unequal division…
The SECURE Act’s elimination of stretch IRAs poses a challenge to many high-net-worth account owners who had hoped to pass their savings to the next generation and allow inheritances to continue growing tax-free over beneficiaries’ lifetimes. Under the law, non-spouse…
In a world where we conduct and share so much of our lives online, it is essential to consider what happens to our digital footprint after we pass away. Do family members have the usernames and passwords needed to access…
When people die, the settling of their estates and the closing of their financial affairs begin. The entire process can be overwhelmingly stressful for grieving family members and quite time-consuming, depending on the size of the decedent’s estate and the…
Though much of estate planning focuses on implementing strategies to minimize federal taxes, there are several other reasons why individuals of all income levels should engage in the planning process under the guidance of experienced professionals. Ensure your Wishes are…
According to the Giving Institute’s 2023 Annual Report on Philanthropy, charitable giving in the U.S. decreased more than 10 percent in 2022 from a record high the prior year. However, one area of giving that appears to be growing is…
Thanks to expanded federal estate tax exemptions introduced in 2018, very few families have been subject to federal estate, gift and generation-skipping transfer (GST) tax. However, because the higher exemption is a temporary provision of the tax law and subject…
