A living trust, set up during your lifetime, is designed to allow for easy transfer of your assets. A trustee holds legal possession of the assets and property in your trust and has a fiduciary duty to manage the trust prudently for the trust's beneficiaries. Most significantly, it provides for an easy mechanism to facilitate the management of your asset if you become incapacitated, to designate what you want to occur upon your passing, and tp avoid the costs and delays of a probate … [Read more...] about Living Trusts: What Are They?
If the pandemic proved anything, it's that life tends to get in the way of our plans — including retirement plans. Over the course of the pandemic, many people were forced to retire early, others decided they wanted to retire and still others opted to change their planned retirement date. The number of people affected is high; a recent survey found that more than 80% of Americans say their retirement plans were impacted by the pandemic. While you may not be able to control when you … [Read more...] about 7 Steps To Prepare for Retirement
Who Qualifies? The Child and Dependent Care Tax Credit is available to parents and caregivers who are either working or looking for work and who claim dependents on their tax return. In addition, the credit is available to those who care for children under age 13 or a spouse or dependent of any age who is physically or mentally incapable of caring for themself. The CTC was created in 1997 and has been expanded several times since, most recently in 2020. The COVID-19 pandemic … [Read more...] about Child Care and Dependent Tax Credits for 2021
Are you in an age-gap relationship? Five percent of first marriages and 20% of second marriages need a special focus on making both of your needs work. Financial matters for large age-gap retirement planning include retirement funding, Social Security planning, and health care costs. Retirement Planning Imagine a scenario in which the older spouse is ready to retire, while the younger spouse is hitting her/his stride and doesn't want to slow down. How should … [Read more...] about Estate Planning With Big Age Gaps
How can you be sure that an insurance salesman is being honest with you? Talk to a broker instead of a corporate representative. Because Medicare brokers work for many different insurance companies, they can try to find the right fit for you rather than pushing one carrier. Your Medicare broker will be able to review all options available and search for a plan that most closely fits your individual needs and budget. What Is A Medicare Broker? Medicare brokers, also known as … [Read more...] about Should You Go with a Medicare Broker?
Congress and the President have tax proposals on the table that could dramatically affect the pocketbooks of some of our clients. If you have a net worth of more than $5 million or are earning more than $400,000 per year, you should download the informative information we have available for you. CLICK HERE To Learn More About The 2021 Potential Tax Law Changes. During his campaign for President, Joe Biden promised to increase the amount of estate taxes that are currently paid and to … [Read more...] about Increased Estate and Income Taxes May Hit The Wealthy Hard Later This Year
The loss of a loved one usually ushers in a period of grief and other heightened emotions. If your loved one appointed you to be the Executor of the estate, however, you must also concentrate on the practical and legal ramifications of the decedent’s death. Probating an estate can be a complex and time-consuming endeavor, which is why many Executors choose to retain an experienced probate attorney to help them through the process. If you find yourself responsible for probating an estate, the … [Read more...] about 5 Reasons to Hire a Lawyer to Help You Probate an Estate
Give Your Children Guidance and Peace of Mind. As a dad, your primary goal in life is to love and protect your children. You work hard to provide and support your family. You attend your children’s sporting events, save money for their college education, help them with their homework, do everything you can so they will have a safe and healthy future. Everything you do for your kids is an investment in their future, but have you made a complete plan to protect them? There is no greater gift … [Read more...] about This Father’s Day…
For most people, a Last Will and Testament serve as the foundation upon which their comprehensive estate plan is built. Giving the importance of your Will, it should be error-free, particularly in light of the fact that any errors or problems with your Will won’t be uncovered until after you are gone, meaning it will be too late for you to fix errors or explain ambiguities. With that in mind, it may help to learn more about some of the most common mistakes people make when creating a Will so … [Read more...] about Common Mistakes When Creating a Will
Life insurance serves many very important purposes in planning throughout a person’s lifetime, and with the right life insurance strategy, you can safeguard who and what you care about while creating opportunities for your wealth to go further. Continue reading or Click here to download a copy of our eBook outlining a few of the very important reasons life insurance can help during the estate planning process. ESTATE / FINANCIAL PLANNING Income Replacement When a … [Read more...] about USES OF LIFE INSURANCE IN ESTATE PLANNING AND ELDER LAW