Questions around death planning can feel overwhelming: Cremation or burial or natural organic reduction? What will your family want, and what will it cost? Do you really need to think about all this if you’re young and healthy right now—or can you put off these decisions until you’re older or dealing with a life-threatening illness?
“Gray divorce” — the unfortunately named term for divorce after age 50 — is increasing among baby boomers.
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Dealing with the loss of a loved one is never easy. When inheritances, homes, estates and mortgages are involved, tensions can run high within a family. It is easy to get lost in the paperwork and terms.
These vehicles let a family manage multiple interests, preserve parental control and protect assets from claims of creditors and divorcing spouses, among other benefits.
One of the most overlooked and misunderstood tax laws – available to married farming couples – is an opportunity called portability.
Your dad bequeathed you a generous sum of money on his passing. Those gifted and inherited assets, in many instances, will be considered ‘separate property,’ not marital property. That might mean that they might not be subject to division, if you divorce. However, perhaps you want to backstop that hoped for result to make the protection more likely to stick if your marriage doesn’t work out.
As they get older, many — even most — Americans prefer to remain in their own homes as long as they can, AKA “age in place.” However, to do that, many will need to make their residences safer and easier to navigate, by making home modifications.
While 88% of business owners believe their family will control their business in five years, statistics from Family Business Institute show that only 33% of businesses survive to transfer to the next generation, and only 10-15% continue to the third generation.
These vacation homes may also comprise a significant portion of the family’s wealth. Therefore, it’s understandable that homeowners want to pass their properties and family traditions to future generations.
