Many people seek to avoid situations in which life is unnecessarily prolonged. Subsisting on expensive life-support long beyond when treatment might improve one’s quality of life can be cruel. With advance directives, including living wills and powers of attorney, you can outline your wishes ahead of time. These documents allow you to communicate your medical […]
Many parents and grandparents want to pass their wealth to their children while they are still alive. Gifts to children or grandchildren can be a good way to reduce a taxable estate. At the same time, you can control when the minor will receive access to the funds you are gifting. Not to mention this can […]
Not talking to your adult children about their inheritance comes at a cost. Do what you can to manage expectations for adult children as they forge their financial plans. Knowing their general inheritance situation can change their decision-making process and lead to better outcomes. These are practical matters of allocating resources for things like housing, […]
Over the next two decades, experts foresee Baby Boomer households transferring more than $84 trillion in generational wealth. Amid challenging economic times, it is more important than ever to protect your assets for yourself and your loved ones. Without a well-crafted estate plan in place, you may be putting your legacy at unnecessary risk. In a survey published this […]
Visiting your attorney to get your estate plan done is one New Year’s resolution that you should definitely keep. None of us knows whether or when we may find ourselves seriously injured or sick. But if it does happen, you may not be able to speak for yourself. That’s why it is so important to […]
Your heirs may not see eye to eye on family circumstances, particularly regarding inheriting your estate. Relationships can change and intensify when you die. Underlying issues can bubble to the surface, creating tensions over your estate and possibly tearing your family apart. Even if your children get along well, the distribution of your assets can […]
With the arrival of the new year, revisions to the annual gift tax and estate tax exclusions will be going into effect, as recently announced by the Internal Revenue Service (IRS). Gift Tax Exemption for 2024 Every calendar year, you can gift up to a certain amount to another individual (or individuals) tax-free. These gifts can include […]
Estate planning is crucial when managing valuable assets and ensuring the smooth transfer of wealth to future generations. There are various types of estate planning tools available, some of which may be more useful depending on your circumstances. For some, a qualified terminable interest property (QTIP) trust may be one practical option to take into […]
Death doulas are available for people who are approaching the end of their lives, whether it is because of advanced age or illness. The service these professionals provide can help families and individuals who need additional supportive care. Adding a death doula to your end-of-life care plan may help you and your family feel like […]
About 45 percent of adults say they plan to travel for the holidays, per The Vacationer. With multiple generations getting together for holiday meals, gift exchanges and quality time, these annual gatherings present an opportunity to broach sensitive but important topics with your aging loved ones. By communicating with them and knowing their wishes, you can help them […]