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The period following the death of a loved one can be a tumultuous time. Dealing with death and receiving an inheritance brings mixed emotions. The loss of a loved one is distressing, and while added funds can bring relief, it can be hard to think and plan objectively. After receiving an inheritance, some people blow…

Amid recent reports from such prominent news outlets as The New York Times and Associated Press about the negative impact of Medicaid estate recovery on families, the idea of ending this practice altogether has resurfaced. What Is Medicaid? Medicaid is a public assistance program that seeks to provide health insurance coverage for Americans with limited…

Do you have a family member who is receiving some form of long-term care? If you don’t, the chances are good that someday you will – and that day may not be too far away. As the U.S. population ages and life expectancies increase, the need for long-term care is becoming an important consideration for…

Whether your child is graduating with their high school diploma or completing higher education, it’s important to help them plan for their financial future. You want to set a strong foundation for long-term financial stability by broadening their scope of financial literacy. Sharing the following tips can help prepare them. Budgeting Expectations and Boundaries Less…

At first glance, life insurance may not seem related to the distribution of money and property in your estate plan. However, it can be an integral and important part of a well-drafted estate plan. In addition to providing a sizable sum of money to your heirs, a life insurance policy offers other benefits. These include…

The Internal Revenue Service (IRS) has released its tax inflation adjustment figures for tax year 2025. Annual Gift Tax Exclusion Effective January 1, 2025, you will be able to make individual gifts of up to $19,000 in the calendar year (an increase from $18,000 in 2024) tax-free. In other words, giving more than $19,000 to…

We are in the midst of one of the most substantial intergenerational transfers of wealth in history. Referred to as the “Great Wealth Transfer,” it is expected to continue for another couple of decades. Baby boomers are the primary source of the wealth being transferred to younger generations across the United States. Some estimates put…

Identifying the digital property you own and managing it is more necessary than ever. From smart home devices to online investments and bank accounts, we’ve gone way beyond using the internet to email family and social media to connect with friends.In a recent survey, Americans said they value their digital assets at an average of…

Most people believe that receiving a large inheritance from a loved one would be life-changing.  At least one study, however, found that about one-third of Americans who had received an inheritance eventually experienced a decrease or no change in their wealth after receiving the inheritance, meaning that they most likely spent everything they received.[1] For baby…

Congratulations on the purchase of your new home! Whether this is your first home or you are upgrading or downsizing from your current home, the purchase of a home is a big event in your life. When major life events occur, it is important that you have a plan in place to ensure that you…