Failing to properly plan for disability, death, or the ultimate transition of a family business can lead to disastrous financial consequences for both the business and the family.
In early 2022, Bloomberg News reported that Americans can expect to inherit $72.6 trillion over the next quarter century—more than twice as much as a decade ago. With so much potential generational wealth on the line, there is always a risk that it will become the subject of a dispute.
A prenuptial agreement can save you a lot of money and time should your marriage end. Often called a prenup, this document lays out how your assets and debts will be distributed should your marriage end.
You can set up a 529 savings plan account for any beneficiary. You can also set up accounts for as many beneficiaries as you want.
It’s common for older adults to leave their homes and move into a new living space – like a family member’s house, assisted living facility or nursing home – but a recent effort by the U.S. Department of Housing and Urban Development is hoping to change that and help older homeowners instead age in place.
Transferring a home to adult children is not quite as easy as giving them the keys and letting them move in. No matter how you do it, the taxman wants his cut, whether through estate and gift taxes or those for property and income, both federal and state.
Robert, the older brother, and Lon, the younger one, were close as they were growing up in the Queens borough of New York City. However, when their mother passed away and left the bulk of her estate to Robert, Lon was devastated.
Unlike a last will and testament, a revocable living trust is effective during your lifetime.
When preparing estate planning documents, certain beneficiaries may need more protection than others. One particular class of beneficiaries that needs to be intentionally considered is minor children.
Getting a step-up in basis when each spouse dies can be a big tax advantage. It has not been available to those who live in common-law states. However, it may now be–through a community property trust.
