With higher education becoming more expensive every year, families are seeking ways to save. One option is a 529 plan. These investment plans allow families to put money away for a child’s future education expenses and gain tax benefits. While…
It costs a lot to miss out on discussing your adult children’s inheritance with them. Managing their expectations as they make their financial plans and knowing their general inheritance situation will help them make better decisions. These are practical matters…
Having an estate plan is critical for everyone, but especially for families with minor children if a medical emergency results in incapacitation or death. While it’s difficult to think about what happens to your children if you die, ensuring enough…
Pets are one of the greatest joys and comforts in a person’s life, and they are likely considered to be important members of the family. Since you love them, you give them the best life you can. But what if…
It is common for people to communicate their wants and needs, but some people lose this ability as they age, become injured, or become ill. When this happens, they need someone they trust to advocate for them. You can prepare…
Assets or wealth are transferred from one person or entity to another via wealth transfer. The transfer can happen either during your lifetime or after your death. Wealth transfer strategies use various methods to create the most tax-efficient and effective…
Assuring your loved ones are taken care of after you pass away is one of the purposes of an estate plan. It requires organization and strategy and begins with five key legal documents that can address many areas of estate…
In most cases, people don’t want to think about their own death, so they avoid the subject. However, since they don’t want to discuss it, they don’t make plans for what they want to happen after they die. More than…
Baby boomers are preparing to leave their legacies through estate plans, putting America on the cusp of the largest wealth transfer in its history. Over the next 25 years, projections estimate $84 trillion will be in motion to create an unprecedented generational…
Depending on your goals, you can use either revocable or irrevocable trusts in estate planning. However, both trusts are legal arrangements to manage and distribute your property during your lifetime or afterward. The creator of a trust is a grantor…