The state tax implications, encompassing gift, estate, and inheritance taxes, can fluctuate depending on the specific state of residence. Not all states impose these taxes, and those that do may have different rules and thresholds. These state taxes can be…
Probate is the legal procedure that involves validating a deceased individual's Last Will and Testament, examining their assets, settling their outstanding debts and taxes, and distributing the remaining assets to the designated beneficiaries. After a person dies, the court will…
Possessing a life insurance policy is a means to secure financial resources for your loved ones upon your passing. However, if your estate is large enough and your life insurance policy gets included in your estate, it may be subject…
Nearly 75 million Americans receive health coverage through Medicaid, the nation's largest health insurance program, including children, pregnant women, parents, seniors, and the disabled. Medicaid is a federal program, but it's administered by the states. To participate in Medicaid, federal…
It is important to make a living will to ensure you are respected in your future medical decisions and plans. Living wills are legal documents defining your healthcare and end-of-life care preferences. Everyone should have an advance directive, as end-of-life…
To protect wealth and minimize tax burdens for beneficiaries, people seek estate planning strategies that are effective and efficient. One valuable tool in this area is the qualified personal residence trust (QPRT). This specialized trust enables individuals to transfer their…
There are currently more than 51 million Americans over 65, and the number is steadily increasing. Medical and technological advancements allow seniors to live longer and better lives than ever before. The expanding needs of the US aging population are…
Talk to your parents about their finances as they age. To start the conversation, mention events like the Coronavirus pandemic, the impact it has on economic conditions, and how it is related to their financial security. The conversation should come…
Planning and time are essential to establishing lasting generational wealth. Without specific plans to create and transfer your legacy, statistically, 70 percent of wealthy families will lose that wealth in the subsequent generation, and 90 percent will lose it in…
Using a gun trust, individuals can own firearms in an individualized manner, allowing them to share firearm access with others while remaining in compliance with the law. This approach is beneficial for those who own restricted firearms or firearms regulated…