Anticipating and receiving an inheritance can be an emotionally complicated undertaking. Losing a loved one can be frightening beforehand and upsetting afterward, and adding monetary gain to the equation can lead to a disorienting mix of feelings. Compounding the challenges of the process, most people don’t adjust easily—or wisely—to sudden changes in their financial status. […]
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In the spring and summer, as children graduate from high school, parents tend to understandably be in a celebratory and emotional state of mind. While focused on all the joy in the years to come, parents often overlook the fact that their child is now an adult in the eyes of the law and that […]
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About 77% percent of Americans go online every day, leaving an accumulating trail of “digital assets” that might include photos, videos, emails, financial records, and other permanently recorded bits and pieces that tell the story of our days, weeks, and years. The internet makes this process easy and convenient. There is also the risk of […]
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Congratulations! You just bought a new home! Homeownership is a major life event and one of the biggest financial decisions most of us will ever make, and at this stage, the toughest obstacles on this journey are now behind you. You’re ready to start putting down roots and making your new house into a home. […]
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If it’s handled and managed properly, an inheritance can be a blessing. But if not, this windfall of new assets can easily become a curse, and can actually lead to a surprising avalanche of financial problems. Too often, unprepared recipients of an inheritance mismanage and squander their assets very quickly, often due to creditor issues, […]
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Trusts can be an essential tool for estate planning purposes, and a trust can take any one of several different forms. The form you choose will vary based on the intentions and goals you have for your estate plan. The inheritor’s trust, for example, can be used to protect an inheritance if you’re expecting to […]
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The word trust or “trust fund” is often wrongly associated with great wealth and the kinds of financial tools that most of us will never need to use. But this association is grossly mistaken. The truth: A trust is nothing more than a functional, effective estate planning device that can help any one of us […]
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TV ads targeting retirees often pitch the benefits of reverse mortgages, a concept that can seem easy and appealing. With a reverse mortgage, as long as you own and occupy your home, you can pay for your expenses with a loan that you won’t need to pay off. You can bring in a form of […]
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Between late October and early November, employers typically send out summaries of the benefit plans offered by the company, so employees can change or update these benefits during the open enrollment period. Employees use this window of opportunity to adjust their retirement plans, health, dental, vision, disability, and life insurance coverage. Whether your employer pays […]
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Estate tax planning and income tax planning are rapidly evolving, and if you haven’t updated your estate planning documents in a few years, there’s a strong chance your outdated paperwork may no longer be valid or, at best, not work as income and/or estate tax advantageously as it should. Also, in December 2017, Congress passed […]
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