The news about taxes on inheritances is surprisingly positive for the most part. An inheritance is not considered to be taxable income, and appreciated assets get a stepped-up basis when they are inherited. This means that the inheritor is not responsible for capital gains taxes. On the bad news side of the coin, there is […]
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Where Retirement Dollars Go
After you retire, you will probably spend less money on certain items, such as clothing and electronics, and more on domestic help, long-term care insurance, and/or charitable giving. Every household budget is unique. Spending is an expression of preferences, needs, and resources. We do, however, have ample data to indicate where retirees are putting […]
A Pet Trust Can Facilitate Senior Companionship
You may face some challenges when you reach an advanced age, and loneliness is one of them. Many people lose their spouses, close friends, and other family members. This leaves a significant void that can reverberate on multiple levels. The dynamic is magnified when you no longer work so you have no interactions with coworkers. […]
How To Avoid Problems With Trusts
Trusts are an incredibly valuable estate planning tool, but you shouldn’t overlook the potential disadvantages alongside the many benefits. It’s important to think about the downsides of trusts before deciding whether a trust is the right vehicle for you. Then, if you create a trust as part of your estate plan, you’ll know how […]
Estate Planning for Single Mothers: Cover These Essential Bases
When you are a single mother (or single parent), you have a huge set of responsibilities on your shoulders, and preparing for the unthinkable is one of them. In this post, we will look at estate planning for single mothers and the steps you can take to protect your children. Guardian Designation First and foremost, […]
Incapacity Planning Can Prevent a Conservatorship
A lot of people think estate planning boils down to the facilitation of postmortem asset transfers and nothing more. In fact, a properly constructed estate plan will address eventualities you may face toward the end of your life. Incapacity planning is key, and we will explain why in this post. Life Expectancies You may not […]
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