Even When You Are Gone, Your Legacy Can Live On
Going on vacation entails lots of planning: packing luggage, buying plane tickets, making hotel reservations, and confirming rental vehicles. But one thing many people forget to do is plan for the worst. Traveling, especially in foreign destinations, means you’ll likely be at greater risk than usual for illness, injury, and even death. In light of this reality, you must have…
Holiday Bonus + Tax Refund Spending: Where to Put it For Max Return Will you get a holiday bonus from your employer? Or maybe you have a tax refund coming. If so, do you have any of it left, have you already got it spent in your mind, or are you thoughtfully considering how you can best utilize this surprise…
It seems that we can’t turn on the television or radio without hearing an ad for a “reverse mortgage.” So what is a reverse mortgage exactly, and who can benefit from using one? A reverse mortgage is a type of loan taken out against your home. With a reverse mortgage (as with a traditional mortgage) you are borrowing against your…
It’s no misnomer that a position with so much responsibility carries the name “trustee.” After all, you have been entrusted with a solemn responsibility and you no doubt want to do the best possible job. Here are 10 things to do when you are appointed trustee of a trust: 1. Read the trust document, which sets out the rules that…
Everyone’s “to-do” lists seem to grow longer at this time of year, but yours is incomplete until you ask your Personal Family Lawyer to support you to get these six tax questions answered before the end of the year: Should I defer or accelerate income? If it looks like you’ll be in a higher tax bracket in 2014, ask if…
Families of those with disabilities – physical or mental – are typically concerned with the best way to fund the long-term financial and personal needs of their special needs loved one in a way that will secure a fulfilling life for them. The best vehicle to accomplish this goal is known as a Special Needs Trust (SNT). A SNT can…
In June, the U.S. Supreme Court ruling in United States v. Windsor invalidated the federal Defense of Marriage Act (DOMA). The Windsor ruling has led to a number of recent federal rule changes from the IRS, Social Security Administration and other agencies that provide new estate planning opportunities for legally married same-sex couples. Earlier this month, the IRS ruled that…
Contrary to popular belief, estate planning is not just about money or taxes. Far from it. Today, it’s more about protecting your assets for yourself and your loved ones, achieving your financial goals and safeguarding your health care. Money and taxes aside, here are 7 good reasons you need an estate plan: 1. Your Health care. Defining how your medical…
Recently, 11 major life insurance companies agreed to pay $763 million to the heirs of deceased policyholders after it was discovered the companies continued billing customers for their policies even after they were dead. This agreement is the second in the last two years to be reached with insurance companies, which had previously agreed to provide restitution and do a…
It’s no secret that a majority of Americans are ill-prepared for retirement. A recent Forbes.com post detailed the 5 steps you can take now to begin repairing the hole in your retirement plan: 1. Pay yourself first. Set up an account that is not easy for you to access and start filling it with a significant percentage of your pay…