As a new parent, your days are filled with changing diapers, making runs to the grocery store and finding time to catch up on your sleep. In between all of this, it’s critical to review your estate plan with the idea of making changes for the better. If you don’t yet have an estate plan, creating a will is the…[...]

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Looking to save on taxes on your estate? One option you may want to consider is selling your second home after you pass away. Real estate that you do not use as a primary residence likely is not exempt from the capital gains taxes. So, if you bought that house 20 years ago and the value has tripled in that time,…[...]

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With the cost of healthcare and long-term care in the United States, it may be natural to assume that wealthy individuals live longer than those with less access to financial means. But is this assumption true? Studies have shown that it is. Some early studies indicated that there was a fairly wide gap, but more recent studies have demonstrated that…[...]

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While thinking about business succession planning, you have probably come across some rather daunting statistics. For instance, a massive 70% of family businesses do not make it to the next generation. About 88% fail by the third and 97% fail by the fourth. Obviously, your goal is to stay out of these statistics. For your family, you want the company…[...]

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When you think about how many people do their estate planning, it’s easy to assume that every adult must have some sort of plan. After all, everyone has assets, even if some people have more than others. Many people have children. And, above all else, all people are going to pass away at some point. That’s the human condition. It’s…[...]

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As a newly divorced mother, you probably have a lot on your mind. For example, you have to figure out how to provide everything your children need on just the income you currently have and the child support you receive. Many divorced parents only realize after the end of their marriage that child support typically does not cover even half…[...]

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Are you thinking of using an incentive trust to give your heirs motivation as you pass your assets on to them? One of the most common ways that parents use an incentive trust is by specifying yearly payouts that are tied to employment. For instance, the child could get $10,000 per year from the trust for every year that they…[...]

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You own a family business. It’s been successful, but you worry that your children simply see it as an easy career. By virtue of the sheer luck of being born into your family, they will always have a job waiting for them. You’re not wrong to be worried. Experts warn that this point of view can be detrimental to children. It does…[...]

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Estate planning after you have been diagnosed with Alzheimer’s can be problematic for your family. They may not think that your estate plan is accurate because of your condition. For instance, say you want to leave someone out of your will. You have your own reasons to do it, and you even talked with the person in advance. You don’t…[...]

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Don’t assume that your heirs will get an asset just because you leave it to them in your will. In some cases, other types of paperwork actually take precedence over your will. A good example is a beneficiary designation. You may find yourself using this with life insurance policies, annuities and retirement accounts. The beneficiary designation is something you set up…[...]

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