Money Talk: How Much Will You Share With Your Kids (and When)?

10 March 2020

Money Talk: How Much Will You Share With Your Kids (and When)?

 

In many families, money still is not a typical dinner table discussion, but we think it should be. Surprisingly, this is especially true when it comes to affluent parents. And, we hope to change it because one of the most important things you can do is talk to your kids (and your parents) about money.

 

Protect Your Business and Family Through a Living Trust

4 March 2020

Protect Your Business and Family Through a Living Trust

 

While various types of insurance can protect your business from lawsuits and other liabilities, perhaps the greatest liability of all—especially if you’re the sole owner of your business—is what could happen to your company when you die or if you should become incapacitated by accident or illness.

False Security: Is Your Will Legally Valid?

24 February 2020

False Security: Is Your Will Legally Valid?

 

A last will and testament can ensure your wishes are respected when you die. But if your will isn’t legally valid, those wishes might not actually be carried out, and instead the laws of “intestate succession” would apply, meaning that the state decides who gets your stuff, and it’s very likely not to be who you would choose.

 

Donate Appreciated Assets to Charity Instead of Selling Outright For Tax and Income Benefits Using a Charitable Remainder Trust

10 February 2020

Donate Appreciated Assets to Charity Instead of Selling Outright For Tax and Income Benefits Using a Charitable Remainder Trust
 

If you have highly appreciated assets like stock and real estate you want to sell, it may make sense to use a charitable remainder trust (CRT) to avoid income and estate taxes—all while creating a lifetime income stream for yourself or your family AND supporting your favorite charity. 

 

Create a Special Needs Trust to Protect the Financial Future of Your Child with Special Needs

21 January 2020

Create a Special Needs Trust to Protect the Financial Future of Your Child with Special Needs

It always surprises me to hear parents who have a child with special needs tell me that they were not aware of what they needed to do to ensure the future well-being and care of their child is properly handled. Or sometimes, they tell me they didn’t know they needed to do anything at all.

Don’t Transfer Ownership of Your House to Your Kids Before You Read This

14 January 2020

Don’t Transfer Ownership of Your House to Your Kids Before You Read This

 

With the cost of long-term care (LTC) skyrocketing, you may be concerned about your (or your elderly parents’) ability to pay for lengthy stays in assisted living and/or a nursing home. Such care can be massively expensive, with the potential to overwhelm even the well-off.
 

Overlooking This Basic Part of Your Estate Plan Can Be Tragic

7 January 2020

Overlooking This Basic Part of Your Estate Plan Can Be Tragic

The recent death of the CEO of QuadrigaCX, a major cryptocurrency exchange in Canada, demonstrates a basic, yet often-overlooked, tenet of effective estate planning:

In the event of your incapacity or death, if your heirs don’t know how to find or access your assets, those assets are as good as gone. Indeed, it’s as if those assets never existed at all.

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