Families of those with special needs have historically had limited options when accumulating funds for their loved one’s future. Especially, without jeopardizing their continued eligibility to Medicaid and other support programs. As surprising as it may seem, accumulating as little as $2,000 in a disabled person’s name could potentially render them ineligible to receive much needed assistance and access to …
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 …
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.
Donor advised funds can be a great tool in your charitable gifting strategy. This article discusses attributes and unique features of donor advised funds.
Revocable Living Trusts can serve an important role in your estate plan, but they aren’t for everyone. Find out more..
Have you confirmed the beneficiary designations of your 401k, IRA, or life insurance policies recently? If not, you should! Find out why.
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.
As with most financial matters, there is no “one size fits all” solution and this is particularly true when it comes to life insurance planning. This article addresses things to consider when evaluating the need to retain a cash value life insurance policy.
This article provides insight into a number of strategies and methods for making charitable gifts.
In order to make your meeting with the estate planning attorney more efficient and productive, here are few items that you need to think about or decide on.
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.
There are a number of important tax law changes that may impact your financial planning decisions this year. Here are several of the most common changes that you need to be aware of.
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.
When taking withdrawals from your investment portfolio during retirement, making tax-efficient decisions can save you thousands. Find out how…
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.
An adequately planned and properly executed estate plan can ensure that your assets will pass directly to your intended heirs with the least amount of cost and hassle. Here are seven essential elements when establishing a sound estate plan:
Roth IRAs are great savings mechanisms and can be used effectively for retirement and education planning. One of the less publicized advantages to Roth IRAs is that they can be a great estate planning technique when someone wants to pass along as much as possible to their heirs.
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.
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:
Many people would prefer that their estates avoid the probate process. While the probate process is not overly costly in most states, it is generally considered a hassle to those who have experienced it. The following is a discussion on several alternatives for avoiding probate.
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 …
Most parents take certain steps to protect their children in the event of their premature death. Drafting a will or other estate documents, designating a guardian, obtaining life insurance and naming appropriate beneficiary designations on IRAs and 401k plans are all important components of an effective estate plan that serve the purpose of protecting your children. However, most parents should take additional measures to provide guidance on how their financial assets are managed for their children’s benefit.
Many financial planning objectives can be accomplished through the utilization of trusts. Here are several of the most common types of trusts and a brief overview of their purpose:
An effective estate plan can ensure that assets pass directly to the intended heirs according to the deceased wishes and with the least amount of cost. Without a properly executed estate plan, heirs can be left with a big mess and lots of hassle. Here are a number of estate planning mistakes that, if avoided, can ensure an efficient distribution …
This article discusses several simple items that can help ease the estate settlement burden on your heirs.
Well, Congress finally enacted the tax reform bill that many have been anticipating for some time. In general, the new law extends the Bush-era tax cuts for two years and provides taxpayers with some certainty during this period. While this comprehensive piece of legislation covers many aspects within the tax code, here is a summary of some of the major points.
As the year winds down, it is always a good idea to review your tax situation to determine if there are ways to reduce your tax liability. However, the uncertainty surrounding many tax changes is proving to make 2010 a very difficult year for tax planning. Here are several items that may warrant consideration prior to the end of the year: