Archive for June 2017
Lifetime of Caring for a Special Needs Child Costs Millions; ABLE Accounts Can Help
The cost of care during the parent’s lives and care after the parents have passed is a major concern, but there are solutions, including ABLE accounts. With the right guidance, it is possible for parents of special needs children to plan for the cost of a lifetime of care. That includes the support provided by…
Read MoreUnderstanding the Importance of Estate Planning
People are often surprised when they learn what estate planning encompasses. It’s not just for the wealthy, and it’s more than about distributing assets on death. Even if your “estate” is a single family home, apartment or condo and your assets include a few retirement accounts and a stack of photo albums from the 1960s,…
Read MoreFive Facts to Consider for Second Marriage Estate Planning
It’s not unusual today to be in a second, or even a third marriage. But when it’s not your first venture into wedded bliss, estate planning issues can get a little more complex. Things are different for blended families, from step-parenting and scheduling holiday gatherings to financial and estate planning. A recent article in Forbes,…
Read MoreWhat’s Harder than Wedding Seating Charts? The Pre-Nup Conversation
Merging lives also means merging finances, and a pre-nuptial agreement can be used as a roadmap to define and guide the process. The right tone can make all the difference. Planning a wedding? Today’s bride and groom are busy with the details, from selecting a photographer to writing vows and meeting with the caterer. It…
Read MorePrior Planning Prevents Poor Performance: That Goes for Estate Planning too!
How do you want to be remembered by your family? One way to be remembered in a positive light is to take the time to plan out how you want your assets and possessions to be distributed. You may only need a will, or you might need estate tax strategies or succession planning for a…
Read MoreAre You Planning to Leave a Problem or a Legacy Behind?
The details are what makes the difference between a legacy that is remembered as a blessing or one that becomes an expensive and stressful burden to loved ones. One example: opening a joint account for funeral expenses and failing to fund it. Sad but true—one day, we’re all going to be the star at our…
Read MoreIs It Expensive to Have a Trust Created?
The cost of a trust is a lot like purchasing a custom-fit, tailor-made suit. How much it will cost depends on a lot of different elements. Without knowing some of the details, it’s hard to determine the cost. There are many different kinds of trusts and many different kinds of families and circumstances. That’s the simple…
Read MoreTax Deferred Accounts Are Great, Until They Aren’t!
Here’s an example of how the best made plans can be undermined. Your 401(k), 403(b) or IRA accounts are robust and healthy, and then a tax law changes. As a result, there’s less money for your retirement. A serious retirement planning challenge for anyone with a tax deferred retirement account is detailed in an article…
Read MoreDeciding Factors for Different Types of IRAs
The different kinds of IRAs are complex but not impossible to understand. The biggest difference is all about the taxes. There are pros and cons for both traditional IRAs and Roth IRAs. It is possible that you might end up using both of them in your retirement planning. The important factors that you need to…
Read MoreAre Trusts Valid in All States?
If a trust is created in one state, but the beneficiaries live in another state and the couple who originally created the trust move to a third state, is the trust still valid? In summary, the general answer is yes. Trusts are governed by the laws of the state where they are established, but as…
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