When it comes to putting off or refusing to create an estate plan, your mind can concoct all sorts of rationalizations: “I won’t care because I’ll be dead,” “I’m too young,” “That won’t happen to me,” or “My family will know what to do.” But these thoughts all come from a mix of pride, denial, and above all, a lack of real education about estate planning and the consequences to your family of not planning. Once Read More
Protect Your Family from the Dark Side With a Lifetime Asset Protection Trust
When you create your estate plan, the idea that one of your adult children would ever use their inheritance to bankroll a cult is probably something you’d never dream of, much less anticipate. Yet that’s exactly what 40-year-old Clare Bronfman, heiress to the multi-billion-dollar Seagram’s fortune, did with hers. In the end, with her inheritance—and the power that came with it—she was led her down a dark path Read More
Start Planning Now to Prepare Your Estate for a Possible Democratic Sweep—Part 1
No matter who you voted for this year, you may want to start considering the potential legal, financial, and tax impacts a change of leadership might have on your family’s planning. And as you’ll learn here, there are a number of reasons why you should start strategizing now, because if you wait, it will very likely be too late. Although the Presidential election seems to be decided (political views aside), Read More
Retirement Planning and Charitable Remainder Trusts
For all the benefits of the SECURE Act, those wishing to put down non-spouse beneficiaries on IRAs and other retirement plans have had to come up with creative ways to avoid a large tax bill for those beneficiaries. Under the current rules, non-spouse beneficiaries must withdraw the entire amount from the plan within 10 years after the owner’s death or pay taxes (there are a few other exceptions for Read More
Questions & Answers On COVID-19 Tax Changes for 2020
Throughout 2020, Congress passed multiple pieces of legislation—most notably the Coronavirus Aid, Relief, and Economic Security (CARES) Act—offering numerous forms of tax relief to help businesses like yours deal with the economic fallout of COVID-19. That said, these new laws have also created a tangled web of new tax and accounting changes that can be quite challenging to keep track of. To help you sort through Read More
What You Should Know Before Agreeing to Serve as Trustee
Being asked by a loved one to serve as trustee for their trust upon their death can be quite an honor, but it’s also a major responsibility—and the role is definitely not for everyone. Indeed, serving as a trustee entails a broad array of duties, and you are both ethically and legally required to properly execute those duties or face potential liability. In the end, your responsibility as a trustee will vary Read More
What the Netflix Series Tiger King Can Teach You About Asset Protection Planning – Part 3
Anyone who has seen the hit Netflix documentary Tiger King: Murder, Mayhem, and Madness can attest that it’s one of the most outlandish stories to come out in a year full of outlandish stories. And while Tiger King’s sordid tale of big cats, murder-for-hire, polygamy, and a missing millionaire may seem too outrageous to have any relevance to your own life, the series actually sheds light on a number of critical Read More
5 Reasons Why Right Now Is the Ideal Time to Buy An Existing Business
When it comes to owning your own business, don’t forget that building a company from scratch isn’t your only option. In fact, buying an existing business and making it your own is often a much more efficient, economical, and prudent way to fulfill your entrepreneurial dreams. Given that roughly 10,000 Baby Boomers turn 65 every day, and this trend will continue until 2029, when the generation’s youngest members Read More
Lost an Old 401(k)? Here Are 6 Tips for Finding It
The days of working for a single employer for decades until you retire are over. Today, you are much more likely to change jobs multiple times during your career. According to the Bureau of Labor Statistics, today’s workers have held an average of 12 jobs by the time they reach their 50’s. Since people change jobs so frequently, it is easy to see you might lose track of an old 401(k) or retirement account, Read More
What the Netflix Series Tiger King Can Teach You About Estate Planning-Part 2
Anyone who has seen the hit Netflix documentary Tiger King: Murder, Mayhem, and Madness can attest that it’s one of the most outlandish stories to come out in a year full of outlandish stories. And while Tiger King’s sordid tale of big cats, murder-for-hire, polygamy, and a missing millionaire may seem too outrageous to have any relevance to your own life, the series actually sheds light on a number of critical Read More
