Posted on: May 20, 2024
Wills and living trusts are two of the most fundamental estate planning documents. While both accomplish the same primary objective in an estate plan of directing the distributions of your money and property to your desired beneficiaries after you pass away, a revocable living trust, often referred to simply as a living trust or an […]
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Posted on: May 16, 2024
More young adults live at home with their parents today than ever since the 1940s. While there are many different opinions about this trend and the cause of its recent prevalence, the primary motivation for young adults staying at home with their parents is usually related to finances. Most adult children still at home plan […]
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Posted on: May 13, 2024
The Internal Revenue Code assesses a tax (gift or estate) on transferring money or property from one person to another during life or at death, with some exceptions. One example is the Self-Canceling Installment Note, which we will discuss in this post. If you own accounts or properties worth a lot of money and expect […]
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Posted on: May 9, 2024
You have spent years building your business, but eventually, you must sell the company and exit. While many business owners choose to keep the company in the family, that is not always realistic. Family members may not have the interest or skills needed to run the business. In such cases, selling the business to an […]
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Posted on: May 6, 2024
Married couples love each other and want the best for each other. Establishing a comprehensive estate plan is one way to provide the best for each other. An estate plan protects you when you cannot care for yourself during your lifetime and protects your hard-earned money and property after your death for those you love. […]
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Posted on: May 2, 2024
An intrafamily loan is a financial arrangement between family members—one who is lending and another who borrows. An intrafamily loan may be used to help a family member who needs money for several reasons: Lending to a child or grandchild can be satisfying. Your loved ones can benefit from flexible repayment terms and interest rates […]
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Posted on: April 29, 2024
The first private pension plan in the United States was established in the late 1800s. Through 1980, nearly 40 percent of Americans were covered by a traditional employer-funded pension. However, employer-provided retirement plans have now primarily shifted to retirement savings vehicles like 401(k) plans and Individual Retirement Accounts (IRAs), which place most of the savings […]
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Posted on: April 25, 2024
For many business owners, their business is one of the most valuable and important things they own. When it is time to create an estate plan, business owners must plan for their business just as they would for their home or finances. Effective business succession planning ensures a seamless ownership transition upon the potential occurrence […]
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Posted on: April 22, 2024
Giving money to charity can provide personal and financial benefits to donors and be part of their legacy. If you are thinking about making a charitable gift—either now or when you pass away—there are some things to be aware of to make the biggest impact of your charitable giving. Compared to residents of other wealthy […]
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