Archive for the
‘Estate Planning’ Category

Do you have a will? A will enables you to specify who you want to inherit your property and other assets. A will also enables you to name a guardian for your minor children. Tip: One key difference between a will and a living trust is when they take effect. A will takes effect when […]

Federal estate taxes have been a source of funding for the federal government almost since the U.S. was founded. In 1797, Congress instituted a system of federal stamps that were required on all wills offered for probate when property (land, homes) was transferred from one generation to the next. The revenue from these stamps was […]

Whether the economy is expanding or contracting, Americans tend to be consistent with charitable donations. In 2012, as the U.S. economy continued to stabilize, Americans gave an estimated $316.23 billion to charity. That’s almost $18 billion more than the previous year.1 Tip: Importance of Itemizing. Charitable contributions are deductible only if you itemize deductions on […]

Many people have heard they should avoid probate, but few understand what probate is and how the process works. What Is Probate? Probate is the legal process that wraps up a person’s legal and financial affairs after their death. During the probate process a person’s property is identified, cataloged, and appraised. In addition, probate makes […]

Only about 40% of adults in America have a will, which may not be entirely surprising.1 No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once they’re gone. Tip: Let Them Know. Your will may be a good place to outline your funeral wishes. […]

Put It in a Letter American actor Lee Marvin once said, “As soon as people see my face on a movie screen, they knew two things: first, I’m not going to get the girl, and second, I’ll get a cheap funeral before the picture is over.”1 Most people don’t spend too much time thinking about […]

And the Executor Is In her will, American businesswoman Leona Helmsley left $12 million in a trust fund to her dog Trouble. Her executors were responsible for seeing that her wishes were carried out. In the year after her death, they also dealt with challenges from two disinherited grandchildren, oversaw scores of properties and hotels, […]

The baby boomers have re-defined everything they’ve touched, from music to marriage to parenting and more lately what “old” means—60 is the new 50! Longer, healthier living, however, can put greater stress on the sustainability of retirement assets.There is no easy answer to this challenge, but let’s begin by discussing one idea—a bucket approach to […]