Home sweet home. our home is not just a building; it holds immense emotional and financial significance. Your home is where your family resides, and you feel secure, connected, and comfortable. For younger people, it represents endless possibilities, whereas, for those in their middle age, it's full of energy and vibrancy. And for those in their later years, it's a place of familiar comfort that brings back the memories of the joys of earlier days. Apart from the emotional significance, your … [Read more...] about Home Sweet Home
What You Need to Know About SECURE Act 2.0
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly. Just when advisors began to get comfortable with the new 10-year rule, the United States Treasury Department promulgated proposed Treasury Regulations early in 2022 adding additional complexity to that rule by requiring annual distributions for a non-EDB of a participant who died after their Required Beginning Date. Once again, the SECURE Act includes additional provisions … [Read more...] about What You Need to Know About SECURE Act 2.0
As Time Draws Near Planning is Important
Ideally, we plan well in advance for the end of our lives. It is a good idea to revisit those plans as time draws near. First, a general review of plans is in order. Often, plans have not been reviewed in many years and it is wise to make sure they are still representative of your wishes. Circumstances may have changed. The fact that time is short is a circumstance that might alter your planning. For example, you may have wanted to make a gift to your alma mater at your death. With your … [Read more...] about As Time Draws Near Planning is Important
The Importance of Having an Estate Plan
We all know that we should create an Estate Plan, yet so many of us procrastinate in undertaking such an important task. Creating an Estate Plan represents a simple, yet effective way to provide comfort and stability to your family upon your death by ensuring that your assets pass in the way that you want to whom you want. Unfortunately, so many encounter a tragedy or crisis before prioritizing their Estate Plan, sometimes it is too late. As headlines often remind us, even those with significant … [Read more...] about The Importance of Having an Estate Plan
Most Americans Are Unprepared
Are you prepared? The majority of Americans are not. In the event of illness, injury, or death most American families would be in a real mess. Would yours be? Check out the estate planning percentages below: In this case, being part of the majority is not a good thing. A little thought and effort now can make your family’s situation much easier in the event of disability or death, when your family would already have tremendous emotional strain. It’s the smart thing to do. It’s … [Read more...] about Most Americans Are Unprepared
What Does it Mean to Die Intestate?
Dying intestate refers to a situation where a person passes away without leaving a valid will. In other words, the person has not made any legal arrangements for the distribution of their assets after their death. In this case, the laws of the state in which the person resided at the time of their death will determine how their assets are distributed. When a person dies intestate, their assets are distributed according to the state's laws of intestate succession. These laws vary from state … [Read more...] about What Does it Mean to Die Intestate?
Tax Planning for 2023
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2023 is just starting, it’s not too early to think about planning for whatever it may bring your way. Read on to learn more. … [Read more...] about Tax Planning for 2023
What’s Retirement Got to Do with it?
As more and more Baby Boomers retire, many wonder where they should spend their golden years. Each person’s unique facts and circumstances should inform that decision, including, without limitation, the various taxes imposed by each state. The findings in this article might surprise you. Read on to learn more. … [Read more...] about What’s Retirement Got to Do with it?
Complete Asset List is the Starting Point
A complete list of your assets is an essential starting point in making any decisions about those assets, whether financial portfolio decisions, or estate planning decisions. Without a complete list of your financial assets, a financial planner cannot know how to change your assets to achieve the proper asset allocation to meet your risk, return, and diversification objectives. Without a complete list of all of your assets, your estate planning attorney cannot advise … [Read more...] about Complete Asset List is the Starting Point
What is a Lady Bird Deed?
As a real estate owner, it’s important to consider what will happen to your property (or properties) upon your death. With the right approach, you can ensure that it doesn’t go through probate, which saves your beneficiary both time and money. A Lady Bird deed is one of the most efficient and inexpensive ways to transfer real estate at your death, without probate. With this, you name a beneficiary to receive your home when you die. However, you retain full control over the … [Read more...] about What is a Lady Bird Deed?
