As parents of young children, you have some difficult decisions to make when it comes to estate planning. The thought of you and your spouse not being there for your children is probably terrifying. You might have difficulty even entertaining the thought, but even more troublesome should be the lack of a proper plan. Below […]
We previously mentioned the option of using life insurance retirement plans (LIRP) such as Index Universal policies. Although it is indeed an option, is it necessarily the best option for you? Here’s a look at life insurance retirement plan pros and cons, and factors you should consider before purchasing a policy. Life Insurance Retirement Plan […]
We often think of life insurance as planning for our deaths, but modern life insurance products can also be used for retirement planning. Combination insurance and investment products were first introduced when insurance companies noticed people were opting to invest their money rather than purchase life insurance. There are now several combination products to choose […]
A Spousal Lifetime Access Trust (SLAT) is an estate planning tool that can be used to lock in the current estate tax exemption while still allowing a certain degree of access to trust assets. SLAT basics A SLAT is an irrevocable trust created by one spouse for the benefit of the other. The gift removes […]
When you write a will, you have control over how your assets will be distributed after your death. How- ever, if someone in your family disputes your will, an anonymous probate court judge could end up with the final say over who gets your property. Emotions run high when someone dies. If family members aren’t […]
Once your children turn 18, they are adults in the eyes of the law. This may be difficult to accept given that they are still so young and are still your “babies.” However, they will start to accumulate many adult responsibilities, even if they are still living at home. Most 18 year-olds aren’t quite ready […]
Generally speaking, estate planning laws were designed for the traditional nuclear family, a married couple with kids. But according to the 2010 U.S. Census, such families are less than 50 percent of the total. Non-traditional families, including single parents, blended families and unwed partners, need to pay particular attention to their estate plans to avoid unwanted […]
For a limited time, investors can help reinvigorate distressed communities while deferring capital gains on profits earned elsewhere. The 2017 Tax Cuts and Jobs Act created the Qualified Opportunity Zone program in order to offer tax incentives for investment in economically blighted communities. When you invest in an Opportunity Zone, you can defer and possible […]
Your identity is constantly at risk,… and it’s your job to protect it! These days, almost everything you do puts you at risk. From shopping in stores or online, to seeking medical attention, applying for loans, or using an ATM machine, almost everything you do relies on your identity. Unfortunately, this also puts your identity […]
In estate planning, we often think about measures to cover the disability or incapacitation of parents so that the family can handle financial and medical matters on their behalf. However, we commonly forget about adult children and their need for similar protections. For adult children who are unmarried, divorced, and/or have no children, you probably […]