Archive for October 2017
Getting Paid to Take Care of Your Aging Parents
More family members than you’d imagine, do step up to take care of their elderly parents, losing time that would otherwise be devoted to other family members, their careers or self-care. Most go unpaid, but that may be changing. The financial and emotional stress of taking care of elderly parents or sick loved ones can…
Read MoreYou Can Avoid These Common Mistakes in Estate Planning
It’s challenging to be faced with the business of settling an estate, when you are still grieving. That’s why it’s a kindness to put an estate plan in place that spares your family the additional pressure. Lacking an estate plan, families are often reduced to bickering over even the smallest decisions, and are often unprepared…
Read MoreHow Beneficiary Designations Can Doom Your Estate Plan
Dotting the i’s and crossing the t’s makes all the difference when it comes to estate plans. If beneficiary designations are not up-to-date, unintended individuals like ex-wives can end up with surprise gifts! Until all of the detail work has been done, your estate plan is not really complete. That includes funding accounts, retitling assets…
Read MoreWhat’s the Real Story About Estate Taxes and American Farmers?
Taking a look at the data surrounding farms and the estate tax reveals a different picture than what is being presented. During a visit to North Dakota, President Trump said he would eliminate the federal estate tax, saying it is a huge burden on small businesses and family farmers in that state and across the…
Read MoreWhy an Estate Plan is Never a “Set-it-and Forget-it” Document
It feels great to have your estate plan completed—but that does not mean it is something you can file and forget. Life is all about changes, and your estate plan needs to keep pace. Just one good-sized change in your life—marriage, divorce, death—and your estate plan is not just out of date, but could lead…
Read MoreWill a Living Trust Really Work Better Than a Will?
The potential for avoiding the process and costs of probate makes some people feel like living trusts are the answer to their estate planning problems. However, there are certain limitations and costs associated with trusts, which need to be considered before making a decision. “Living trust” seminars have a single focus: that using this type…
Read MoreCan You Use a Trust to Fund Higher Education?
This approach isn’t for everyone, but if your assets are large enough that you may be facing estate tax issues, a trust may reduce your potential future estate tax, while funding the costs of college education. The 529 college savings plan is a very popular way for parents to save for the ever-increasing costs of…
Read MoreWealthy Americans are most likely to be Over 80 Years Old
People in their 50s can buy as big a house and as fancy a car as they want, but when it comes to real wealth, that’s in the hands of Americans who are 80 and older. When it comes to wealth measured in billions and millions, a recent article in Bloomberg, “Octogenarians Rule the Rich,”…
Read MoreIt’s been a Great Year for Charitable Giving at Kansas State University
Any college development office would love to have the kind of year that Kansas State University Foundation reported at the end of their fiscal year (ending June 30, 2017). Gifts and commitments to the foundation reached $152 million. Fiscal year 2017 was the second most successful year in the university’s fundraising history, according to an…
Read MoreIf You Have Minor Children, You Must Have an Estate Plan
It’s heartbreaking, but it does happen: both parents die unexpectedly, and there’s no will, and no one has been named a guardian. Who decides who will raise your children? Being a good parent means being responsible for the well-being of every member of the family. That includes planning for catastrophe. In a best case scenario,…
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