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Given the expectation the Biden administration will roll back some of Trump’s favorable policies of the past four years, tax consultants and accountants are already hard at work. But for HNW women, dealing with election fallout is minor, compared to the bigger fish they have been frying in the tax pan for decades.
After a loved one dies, their affairs need to be set in order. You might find yourself planning a funeral, paying bills and closing accounts. The list of things you need to do after someone dies can seem endless, especially during a time when you are also grieving.
No matter how solid the relationships might be, it is important for parents to be aware how blended families can create unique estate planning issues.
Many people transitioning into an elderly life start to require assistance in their everyday lives, especially if they suffer from a chronic or end-of-life medical condition. They need help for tasks, including bathing and eating.
An applicable multi-beneficiary trust can solve some–but not all–of the challenges that the new act presents.
When something is tailored to one’s needs, everything can go smoother.
I am a single retired parent to an adult daughter, who is an only child. The home I currently reside for the last 26 years still has a mortgage and the deed is in my name only. I have a will that states everything is left to my daughter, and then to my grandson, if she proceeds me in death. Should my daughter be added to the deed?
Like a lot of estate planning vehicles, irrevocable trusts work very well for some purposes—particularly for tax avoidance and asset protection—and not so well for other purposes.
Many families have experienced the rollercoaster of emotions watching a loved one slowly start to subside to dementia or Alzheimer’s, but it’s important to realize that you and your loved ones are not alone.
While direct giving has an immediate impact, some individuals may be considering charitable planning strategies that will have a larger and longer-lasting impact not only on charities, but on their own lives or that of their families.
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