Estate Planning Overview
You worked hard for decades to make sure your loved ones would be safe and sheltered when you passed away. You want to decide for yourself to whom your money goes. You certainly do not want it to be wasted and vanish into thin air. Continue reading
Business and Succession Planning
One of the greatest joys of building your own business is knowing that you have created something bigger than yourself. Your company can last for generations, providing a good living for your loved ones and enriching your customer’s lives by providing products or services at a fair price. Your company can only accomplish this, though, if you take the right steps to make sure you have a succession plan in place. Continue reading
IRA Inheritance Planning
Individual Retirement Arrangements, or IRAs, are one of the best vehicles for saving for retirement due to the tax advantages that these arrangements present. Depending whether you chose a traditional or a Roth IRA, you can either invest with pre-tax funds or can invest with after-tax dollars and allow money to grow tax free and be withdrawn without paying taxes during retirement. Continue reading
Living Trusts
Trust. The word evokes confidence and a feeling of safety—something you can depend on. And that’s exactly what a living trust is. It safely holds your property and assets for you and assigns someone you trust to distribute those assets as you want them distributed if you pass away or become incapacitated. With a LIVING TRUST, you decide who is going to be your successor trustee and how you want your assets allocated. Continue reading
Minor Children & Young Adult Planning
Sure, you may have friends or family who are ready to step in, but have you prepared the paperwork necessary to grant them the legal power to take over? If the unthinkable happens while your children are at school or in the care of a babysitter, would that caregiver know whom to call or what steps to take? Continue reading
Non-Traditional Families
A “traditional” family is made up of a husband and wife and their biological children. However, non-traditional families make up the bulk of households in America, according to the US census bureau. Continue reading
Outdated Estate Planning Documents
Estate planning is an integral part of your financial life. It provides the necessary guidance to your loved ones after you pass away and ensures that your assets are distributed according to your wishes. However, estate planning is not a one-and-done task. As life progresses, changes happen, and your estate planning documents may become outdated. This necessitates regular reviews and potential updates to keep them in line with your current wishes and life circumstances. But when should you update these documents, and why is it so important? Continue reading
Powers of Attorney, Healthcare & Emergency Documents
Statistics show that you will likely need long-term health care at some point in your life. According to a 2020 report from the AARP and the National Alliance for Caregiving, approximately 53 million Americans have reported serving as caregivers, providing care to adults with limitations in daily activities.
If you become mentally or physically disabled, such that you are unable to manage your own affairs, the probate court will appoint someone to take control of all your assets and personal affairs. This process is called Living Probate and is often expensive, time-consuming, and humiliating. Continue reading
Special Needs Planning
Families who have a family member with a disability must plan for the future very carefully. How assets are left after your death can have a tremendous impact on the quality of life for that person. In the past, a Will may have been enough, but times have changed. To protect a person with special needs, a well-defined estate plan is vital. Continue reading
Wills
Wills complement and support living trusts—or they may stand alone. Every estate plan should include a will. For example, a will is where you designate who will be the guardian of your minor children. Sometimes, if your assets are worth under $150,000, you may only need a will. In that case, in addition to choosing guardians for your minor children, you can also spell out how and when they get their inheritance, just like in a living trust. Continue reading
Family-Owned Businesses & Farms
Sadly, over 70 percent of all family businesses don’t survive the transition to the next generation. Estate taxes play a significant role in that problem. However, estate taxes aren’t the only costs chewing up assets passed from one generation to the next. Probate fees and other settlement expenses can significantly reduce an owner’s legacy. On top of that are the problems surrounding the fair distribution of those assets to heirs. Continue reading