Money in 529 plans, named for Section 529 of the Internal Revenue Code, enables you to reduce your taxable estate while earmarking funds for the higher education of a grandchild (or any other family member). Funds contributed to such accounts are invested to pay for a grandchild’s college tuition, room and board, or other expenses.…
Continue reading ›According to the 2023 Wills and Estate Planning Survey by Caring.com, only 34 percent of Americans have an estate plan. The primary reasons respondents gave for not participating in estate planning are: An estate plan is a comprehensive set of legal documents and strategies that organizes assets for a person’s death or disability. Trusts are…
Continue reading ›If you are in the hospital, you may want your loved ones to be able to access information about your prognosis. However, if you have not authorized them to receive specifics regarding your medical condition, they could be denied these details. What Is HIPAA? The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is…
Continue reading ›About 45 percent of adults say they plan to travel for the holidays, per The Vacationer. With multiple generations getting together for holiday meals, gift exchanges and quality time, these annual gatherings present an opportunity to broach sensitive but important topics with your aging loved ones. By communicating with them and knowing their wishes, you…
Continue reading ›As the coronavirus continues to disrupt daily life and leave Americans uncertain of the future, you don’t have to feel helpless during this pandemic. In fact, now is a great time to be proactive and plan ahead should you or a loved one fall ill. One of the most important and relatively easy things you…
Continue reading ›Parents need to instill family values at an early age to ensure the adoption of these family values. Undoubtedly the best time to teach and empower your children as eventual inheritors of your family legacy is during childhood, then continuing throughout adulthood. Waiting until your later stages in life to discuss family values as a…
Continue reading ›Blended families are usually characterized by a couple bringing their children from a previous relationship into the new union and then having children together. Blended families highlight the need for careful estate planning to make sure the needs of each spouse are met, as well as the needs of each parents’ children. If one spouse…
Continue reading ›In estate planning, it is common that parents divide the inheritance equally among the children. But sometimes, parents intentionally choose to not leave anything to a child, and the reasons for doing so may vary. One reason could be that a child who is more financially successful than the others and the parent doesn’t feel…
Continue reading ›Dear Clients and Friends – October 21-27, 2019 is Estate Planning Awareness Week. Now that summer vacations are over and the kids are back in school, it is a great time to review or move forward with your estate planning. Because estate planning is a comprehensive plan and not just a single document, it is…
Continue reading ›57% of American adults have not prepared a Last Will & Testament (a “Will”) according to Care.com’s estate planning survey. The survey found that participants were more likely or less likely to have a Will depending on issues such as age, race, and education. For example, when broken down generationally, 66% of people aged 65…
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