Not Sure How to Handle a Large Inheritance?
The responsibility of a large inheritance is one that many people take very seriously. Sometimes, this can be a stressful situation, even though that sounds unlikely. Maybe you buy the occasional lottery ticket or hope for a windfall from a distant relative. But when a large inheritance arrives, it is often accompanied by major responsibilities.…
Read MoreWill You Live Forever? It’s A Common Estate Planning Mistake
We’re all mortal, but it’s a hard concept for many to imagine. That’s why many people put off estate planning. Do you really want to put your loved ones through the stress and costs of untangling your estate? It’s often the experience of a friend or family member who is left to clean up the…
Read MoreAsking the Wrong Question About When to Retire
Deciding when you should retire should be guided by a number of factors, including when you can afford to retire and if you have a plan of what to do with the rest of your life. In an ideal world, retirement income should be the driving force behind your decision when to retire, according to…
Read MoreWhy Everyone Needs to Have Estate Planning
Estate planning covers far more than a will to distribute your assets on death. It also creates a plan for how you use assets while you are alive, how to protect your loved ones from unexpected events and conveying your wishes, if you become incapacitated. Without an estate plan in place, would your spouse and…
Read MoreAvoid These Four Retirement Snafus
Miss these four factors and even the best retirement plan will fall apart fast. Spare yourself and your loved ones the high costs and stress that take many people by surprise. If you don’t plan for these big four elements of retirement costs, all of your hard work in planning for retirement—not to mention a…
Read MoreHologram of Frank Zappa Preparing for “Live” Tour
Known for his progressive music, social satire and political activism, it seems somewhat fitting that a tour featuring a hologram of Frank Zappa, along with members of his former band, is in the works. Members of musician Frank Zappa’s family recently announced that they are working on recreating a performance of a rock opera originally…
Read MoreNet Gifting Court Decisions Highlights Potential Risks
The use of net gifting in estate planning can be effective, but in the case of Estate of Sommers v. Commissioner, 149 T.C. No. 8, a good plan did not have the intended result. Unexpected changes, including untimely death, incapacitating illness and evolving family relationships can undo even the best estate planning tools. A cautionary…
Read MoreHere’s a World-Famous Artist with a Planned Approach to Creating a Legacy
Not all creative souls chose to ignore the details of their eventual passing. Famed painter Jasper Johns has created a plan that will foster creativity and continue his support for the arts in the future. A recent article in US News, “Jasper Johns to Leave Connecticut Estate for Artists Retreat,” reports that Jasper Johns, one…
Read MoreComedian Lewis Isn’t the Only One Disinheriting His Kids
Maybe it’s a trend—a number of high profile people have chosen not to leave their kids an inheritance. For legendary comedian Jerry Lewis, six kids from his first marriage won’t see a dime. Because his estate used a will, which became a public document, we know that Jerry Lewis very deliberately excluded all of the…
Read MoreElder Abuse Legislation Headed to President’s Desk
Iowa Senator Chuck Grassley is hoping that legislation boosting both enforcement and penalties for those who target seniors will become law as soon as possible. The proposed law would also improve how enforcement is coordinated between the Justice Department and Federal Trade Commission. Sparked by what happened to a local couple who were scammed into…
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