Owning a family business gives an excellent opportunity to pass on wealth to future generations, but this is only possible when you have a clear business succession plan created and implemented in advance. Many business owners rethought their decisions about their succession plan and retirement in the light of covid. Many of them were confronting […]

A recent research study indicates that generation X does not have the same amount of retirement preparedness as baby boomers. This is especially concerning given that Gen X members will have to rely more on their own savings when it comes to retirement security overall. The Employee Benefit Research Institute found that Gen X families […]

One of the most important questions to be considered as you broach the estate planning process is to evaluate those people who are reliant on your income. If you are currently the primary breadwinner for your family, your sudden disability or death could present significant problems to your loved ones. Thinking about these possibilities and […]

When you pass away, there is a good chance that at least part of your estate will enter probate in your state. With estate planning, you can remove as many assets from your probate estate as possible, but only when you have carefully considered all assets and liabilities and followed through with retitling things into […]

Someone who inherits real estate through a transfer on death deed should find it relatively simple to have ownership transferred to them after the original owner passes away. A short sworn statement usually needs to be filed by the transfer on death beneficiary in addition to submitting a death certificate copy for the public land […]

If the past two years have handed down several lessons, at least one of them is that it helps to overprepare in the face of possible uncertainty. Planning ahead for retirement means proactively thinking about the kind of lifestyle you want to achieve once you stop working full time, but you can’t afford to neglect […]

Estate taxes can be a complicated subject especially as they are often a discussion in public policy. Approximately 0.2% of US adults who passed away in recent years owed estate taxes. In 2022, the estate tax is only triggered by those people who have an estate with assets in excess of $12.06 million. Estate taxes […]

New research from the Max Planck Institute for Demographic Research indicates that putting off retirement until a later age could slow down your rate of cognitive decline. The research found that staying in your full time role until at least age 67 can help to protect you against cognitive impairment such as that caused by […]

The spread of the Omicron variant of Covid-19 is prompting many financial professionals to reach out to their clients to update those clients’ financial plans. It is very important for everyone to identify gaps in their current financial plan and to develop a strategy for the oncoming uncertainty. It is a great time to think […]

If you are looking to transfer wealth through multiple generations you might consider using a tool known as a dynasty trust. This is a strategy to transfer wealth from one generation to another without the assets being negatively impacted by GSTT, estate or gift taxes.  These tax benefits apply so long as the assets stay […]