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Estate Tax Planning: Be Proactive and Know Your Options

In Asset Allocation, Estate Planning, General Financial Planning, Retirement Planning by Chip Hymiller

The federal estate tax generally only applies to those who die with assets that exceed $5,490,000 (in 2017).  While only about 0.2% of the population is subject to the estate tax, those who are impacted can be faced with a significant estate tax liability as the estate tax rate quickly exceeds the 40% mark! Here is a simple example of …

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Donor Advised Fund Comparison

In Asset Allocation, Charitable Gifting, Estate Planning, General Financial Planning, Personal Financial Planning, Tax by Chip Hymiller

In our article, Charitable Gifting Using Donor Advised Funds, we provided some insight into donor advised funds and listed some of the many benefits that the charitably-minded could garner from using donor advised funds as a component of their charitable gifting strategy.  As a follow up to that article, we wanted to provide some information that could be helpful when vetting custodians who offer donor advised funds.

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An Estate Planning Review Checklist

In Estate Planning, General Financial Planning, Personal Financial Planning by Chip Hymiller

When it comes to financial planning, one of the easiest and most important things to accomplish is an overall review of your estate plan. We suggest that you review your estate plan every couple of years or when there are changes in your family that may impact your estate planning. Here is a checklist of estate planning items to review that may be helpful.

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Intra-Family Planning: 5 Wealth Transfer Strategies to Consider

In Charitable Gifting, College & Education Savings, Estate Planning, General Financial Planning, Insurance, Personal Financial Planning, Retirement Planning, Tax by Chip Hymiller

Through hard work and sound financial planning, some find themselves in situations in which they are contemplating intra-family financial planning. That is, identifying financial planning techniques that can be used to financially strengthen the next generation—children and grandchildren.

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Be Proactive When Helping Aging Parents with Their Finances

In Estate Planning, General Financial Planning, Personal Finance, Personal Financial Planning, Retirement Planning by Chip Hymiller

Let’s face it, in today’s world, managing your personal financial affairs can be complex. There are many decisions that need to be made on a weekly or even daily basis. For a large and growing segment of the population, who are trying to help (often unwilling) aging parents with their finances, this can be incredibly frustrating, stressful and burdensome.

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The Importance of Beneficiary Designations

In Charitable Gifting, Estate Planning, General Financial Planning, Insurance, Personal Finance, Personal Financial Planning, Retirement Planning by Chip Hymiller

When we begin new client engagements, one of the first things we review is whom our clients have chosen as their primary and contingent beneficiaries on life insurance policies, qualified plans and IRAs.  There have been many occasions that we discover a serious mistake or oversight during this process.

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Financial Planning for Children with Special Needs

In Estate Planning, General Financial Planning, Personal Finance, Personal Financial Planning by Chip Hymiller

Parents with special needs children can face a unique set of financial challenges.  However, like all financial challenges, it is important to take measures early to financially prepare for the future.  Here are a number of financial planning ideas and considerations for those parents who have special needs children:

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At What Age Should I Obtain Long Term Care Insurance?

In Estate Planning, Insurance, Personal Financial Planning, Retirement Planning by Chip Hymiller

A major consideration when conducting a retirement feasibility analysis for clients is how potential long term care costs would be covered.  With the cost of long term care increasing at a projected rate of 5% to 7% for the foreseeable future, in ten years from now a three year stay in the average facility in North Carolina could cost upwards …