Leaving behind a legacy after you pass away requires perceiving and planning to avoid several common pitfalls. Make sure you’ve completed the estate planning process at least once in a comprehensive manner, with yearly check-ins scheduled. Watch out for these common issues: Failing to include contingency beneficiaries on a retirement account Not planning for the [...]
Under federal guidelines, couples operating under the protections of marriage are eligible to pass on assets without facing gift taxes or other taxes. In combination with the fact that the $5.34 million estate tax exclusion is now portable (meaning that it can be passed on to a surviving spouse), there’s never been a better time [...]
Have you ever heard of the Cyprus Trust? Using an international trust could be an option for you if you’re hoping for effective asset protection, but you should always walk through the specifics with your estate planning attorney. In order to set up a Cyprus international trust, it’s not required that either beneficiary be tied [...]
Business succession planning is difficult to begin with, which is why so many people avoid doing it at all. That’s not a good approach, however, because poor planning could turn into a real problem down the road. When it comes to businesses owned by a family, it seems like this one area where multiple challenges [...]
The costs of nursing home care are stifling at best and exorbitant at worst. Even a loved one who considers himself or herself to have a fair amount of savings might find it frustrating to realize how quickly that money can be spent after just one nursing home incident. Less than five percent of elderly [...]
Each state has individual divorce laws, which means that what’s true in one place is not necessarily true in another. Interpretation varies a lot from state to state when it comes to wills following divorce. This is why both spouses need to be informed and aware of relevant issues. It’s a good idea to set [...]
The baby boomer generation is a big one, and the impact on health care services is reported widely throughout the news. According to US News and World Report, over the course of the next two decades, more than 10,000 baby boomers will reach age 65 every single day. This statistic is causing more individuals to [...]
Certainly, planning ahead for a small business exit is a wise decision, but it’s not always an option. Sometimes, business owners need a quick exit for one reason or another, and putting forth a quick plan of action can be crucial to following through properly. New research from BizBuySell.com reveals that the time to sell [...]
If you die without a will, your estate will pass through probate. For the most part, your assets will go to your closest relatives under the intestate succession laws of your state. It’s also important that you know which assets don’t go through your will and are not affected by intestate succession laws mentioned above. [...]
The American Bar Association reports that only 30 percent of family businesses successfully pass on to the second generation- were you counting on your loved ones picking up the business baton and running with it? The reality is that there are many challenges faced in the process of trying to figure out business succession. The [...]
