A Health Care Power of Attorney appoints someone to make decisions for you if you’re not able to do so for yourself. An Advance Directive expresses your wishes regarding end-of-life decisions. During the COVID-19 pandemic, it’s important to have them up-to-date. Read on to learn more. … [Read more...] about Staying Current is Especially Important in the Pandemic
A living trust is a very effective estate planning device that is the right choice for a wide range of people. Before we answer the specific question that is the focus of this post, we will provide a brief overview of the benefits. Control and Flexibility Some people never consider the possibility of using a trust because they think that you are surrendering control of the assets that you transfer into any trust. You would surrender control of an irrevocable trust, but you retain incidents of … [Read more...] about What Happens to Assets Left Out of a Living Trust?
Most adults in the United States do not have estate plans in place, and this even applies to individuals that are in their 40s and 50s. Obviously, most people do not pass away before their time, but it does happen each and every day, so these people are taking unnecessary risks. Estate planning is one of the core responsibilities of adulthood, and you never know what the future holds. Granted, you may be able to go without a plan when you are a very young adult with no one depending on you. … [Read more...] about Embrace the Estate Planning Process
There is a more comprehensive approach to the estate preparation process that can be better described as legacy planning. A legacy plan can include acts of charitable giving if you are in a position to set aside resources for worthwhile causes and institutions. Before we look at the charitable part of the equation, we will touch upon some of the other steps that you can take to shape the way you will be remembered after you are gone. Matters of the Heart and Soul Ethical wills stem from … [Read more...] about Charitable Giving Can Enhance Your Legacy
The President’s bout with COVID-19 demonstrates the importance of keeping planning current. A Health Care Power of Attorney appoints someone to make decisions for you if you’re not able to do so for yourself. An Advance Directive expresses your wishes regarding end-of-life decisions. Read on to learn more. … [Read more...] about Staying Current is Especially Important in the Pandemic
Planning is important. End-of-year tax planning is one part of that planning. This year you should also consider whether you’ve had any payroll tax withholdings deferred. If your employer deferred those withholdings, you’ll have more money withheld next year than usual. That means you’ll have less money for other things, like IRA contributions. Read on to learn more. … [Read more...] about Planning Is Important
Chadwick Boseman played many heroic American roles and the superhero role of the Black Panther. His death at age 43 demonstrated how it’s important to have at least a basic estate plan in place even if you’re young. Read on to learn more. … [Read more...] about Chadwick Boseman Demonstrates the Importance of Planning
Puerto Ricans hold a unique position under U.S. law. U.S. estate taxation treats those from Puerto Rico different from other U.S. citizens or citizens from other countries. Read on to learn more. … [Read more...] about Puerto Ricans are Unique, as Is Estate Planning for Them
Generational wealth is wealth earned by one generation and passed on to the next. Generational wealth is key to allowing the next generation to be free from the burden of having to live hand-to-mouth and allows them to pursue an education and build a career or business to build a better life for themselves. Read on to learn more. … [Read more...] about Generational Wealth is Key to Leveling the Playing Field
When you are entering into the estate planning process, you will invariably consider the matter of taxation. We are going to look at the capital gains tax per se in this post, but before we focus on that specific tax, we will share some broader information about the way taxation can impact inheritances. Income Taxes A lot of people are pleasantly surprised when they hear that you do not have to claim an inheritance when you file your state and federal income tax returns. This applies to … [Read more...] about Are Inheritances Subject to Capital Gains Taxes?