When you have a child with special needs, estate planning requires special consideration. You'll need to assess how your child will be able to function in the world as they age. There are many questions to answer, including: What is…
A cornerstone of philanthropy is charitable giving. People enjoy making meaningful contributions to causes that are close to their hearts. For those who wish to support charitable organizations while also benefiting from tax advantages and income streams, charitable remainder annuity…
In record numbers, older Americans are experiencing widowhood or divorce, leading to new partnerships. The US Census Bureau reports that more than half of all older adults have only married once, opting to stay legally single in their future relationships. Cohabitating can…
Social Security serves as a federal initiative aimed at providing a support network for the elderly population of the United States. It serves to supplement retirement income. While in the workforce, you contribute monthly to this program. Once retired, you…
At certain stages of life, whether due to aging, illness, debilitation, or accidents, the capacity to manage affairs may be lost. Understanding this reality and planning before a medical crisis strikes is essential. You can begin estate planning and have…
To ensure a comfortable retirement, it's essential to reconsider your financial retirement portfolio. While you might have accumulated a substantial nest egg in a 401(k) plan, withdrawing money from it comes with significant tax planning considerations. In the early stages…
Estate planning is a vital process that encompasses the distribution of money and property after the passing of a loved one. Though many people are familiar with wills as a means of distributing assets, trusts can be even more effective.…
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…