In the past, grandparents may have hesitated to leave their grandchildren a gift of a 529 college savings plan because it had the potential to reduce student aid eligibility. Good news! Recent changes to the Free Application for Federal Student Aid (FAFSA) forms mean that distributions from grandparent-owned 529 plans will not count towards a […]
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At some point a trust might terminate . While trusts can stretch across generations and keep money and property within a family, no trust has unlimited funds or will last an unlimited amount of time. 5 Reasons Why a Trust Might Terminate: The trust has accomplished its intended purposes. It is no longer economically feasible […]
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The federal tax code is very specific about how much you are allowed to gift others in any given year or over a lifetime. If you go over that amount, you, the giver, get an unwanted gift from the Internal Revenue Service (IRS) in the form of a gift tax. However, not every gift is […]
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While it is common for parents to make plans to support their family if a working parent is injured, incapacitated, or dies, it is also important to make plans in case these same circumstances happen to the stay-at-home parent. Stay-at-home parents make valuable non-financial contributions that would be expensive to replace. Do you have plans […]
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A QTIP trust (qualified terminable interest property) is an estate planning tool that can help married couples mitigate some of the uncertainty about how they will provide for each other while maximizing certain tax advantages. A QTIP trust is a special trust that can be used to transfer assets in a trust to a spouse […]
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Most people think of estate planning as preparing for the inevitable—when you are no longer around to take care of your loved ones and their financial needs. Having a well-thought-out estate plan is essential, but it should also consider how you will be taken care of if you can no longer manage your own financial […]
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If you’re one of the 295 million Americans who use social media, you’ve amassed a library of posts, images, comments, videos, and other content. Your family’s social media presence may be intricately intertwined, with a web of sharing and commenting on each other’s posts. In addition to paying attention to all other aspects of estate […]
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Having the title to your home means that your name is on the deed. “Tangled Title” refers back to the scenario while you stay in a home you own (or have a proper to own) however your call isn’t at the deed. Most often, titles get tangled the person whose call is at the deed […]
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The estate planning is the process of making decisions about what happens to you, your hard-earned assets, money, and property when you can no longer decide for yourself. Your estate plan should include input from many people. If it doesn’t, it may fall short of your expectations and be ineffective at meeting your goals. Let’s […]
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With couples of similar ages, planning for the future is quite naturally a joint effort. However, if you’re married to somebody who is considerably older or younger than you, the future will look different and mean various things to each of you. You wish to possess comprehensive money and estate plans to shield yourself, your […]
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