Can 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,…
Read MoreEmergency Room Teams Now Part of the Battle against Elder Abuse
For older patients, the emotional and physical impact of abuse often leads to premature death. Doctors, nurses and others in the ER are on the front lines and could make a difference in identifying elder abuse. Sadly, many of the elderly or disabled are unable to tell others that they are being abused. This makes…
Read MoreDon’t Let Politics Alter Your Retirement Planning
A good long-term strategy will trump any short-term political impact on your retirement plan. Remember to keep your perspective, regardless of your age and stage, and focus on strategy, not headlines. It is admittedly a worrisome time for Americans whose retirement is in the near future. Will Medicaid and Medicare still be in place, are…
Read MoreMake Sure These Documents are Part of Your Estate Plan
An estate plan is much more than a will to distribute your worldly goods. An estate plan plans for incapacity, including conveying your end-of-life care wishes and tells others how you want to be cared for when you cannot speak for yourself. There are a number of documents that need to be completed in an…
Read MoreWhat to Do with the Family Home Before or During Retirement?
In markets where a home’s value is near or above a million dollars, estate planning decisions about the family home become complicated. Do you downsize and sell now, put your home in a trust or age in place and let the kids deal with it after you’re gone? A recent study from AARP’s Public Policy…
Read MoreWatch Out for Uncle Sam’s Penalties in Retirement
If you thought retirement was all fun and games, think again! Penalties for missing deadlines, failing to take distributions in a timely manner and other mistakes, can have a big impact on retirement finances. Taxes are just one of the unexpected elements that can pop up and put your retirement finances at risk. According to…
Read MoreWhat Could Go Wrong? Plenty, With Do-It-Yourself Wills
You may never know the impact of a DIY will, but your heirs certainly will. This is an instance where having a professional involved makes a world of difference. We’re used to doing everything online ourselves, from making movies to creating photo books and shopping for car loans. But there are some things, including estate…
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