Even if you put a totally solid estate plan in place, it can turn out to be worthless for the people you love if it’s not regularly updated. Estate planning is not a one-and-done type of deal—your plan should continuously evolve along with your life circumstances and other changing conditions, such as your assets and the law.
Read MoreWhen you hear the words, “trust fund,” do you conjure up images of stately mansions and party yachts? A trust fund - or trust - is actually a great estate planning tool for many people with a wide range of incomes who want to accomplish a specific purpose with their money. Simply put, a trust is just a vehicle used to transfer assets, and trusts are especially useful for parents of minor children as well as those who wish to spare their beneficiaries the hassle of going to Court in the event of their incapacity or death.
Read MoreIf you’ve been following the news about the proposed spending plan and the coming changes, you know that none of us know what will ultimately happen—or even when we will know the final outcome. I am tracking the tax law changes, so you don’t need to—I know you’ve got far more important things to focus on in your life. Here I lay out what you need to do now to prepare for the possible change in our tax laws.
Read MoreMany people come to me curious (or confused) about trusts and taxes. So, to sort it out and clarify things for you, here is a break down on the tax consequences you can expect from some common trusts.
Read MoreThe amount of money generated by your family, and what will happen to it when you or your parents become incapacitated or die is definitely your business. In fact, I believe it may be the most important business you have. And whether your parents talk with you about it now, or you figure it all out after they die, your parent’s money has a huge impact on you.
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