Estate Planning Articles
Some of these articles have been written by our law firm and other articles are written by the American Academy of Estate Planning Attorneys and compliments of our law firm. Any feedback or questions about the articles can be addressed by contacting our office.
There are few things more precious than the relationship between grandparents and grandchildren. Be sure you leave them with more than just memories. Proper estate planning is a great way to make the most of your gifting efforts.
While you may not be able to physically lend a hand, one of the ways you can help a cause at home or overseas is through gifting. However, choosing to donate to a reputable charity or foundation is just the first decision. Find out more about charitable gift giving, including how to structure your gifts in such a way that not only helps you save taxes but allows you to provide for your loved ones and contribute to a greater cause.
It is not uncommon that a loved one is being cared for by a spouse close in age, so it is important to ensure they will continue receiving care even after their spouse is gone. An estate planning attorney can advise and assist with taking the necessary step to secure the future of your loved ones, especially those in need of special care and assistance.
While the American health care system has undergone major changes in recent years, the potential to save money and taxes through a Health Savings Account (HSA) has not changed. Find out whether you’re eligible to get started with an HSA, and how an HSA can be an excellent tax saving vehicle that provides the benefits of both a traditional IRA and a Roth IRA all-in-one!
As parents, one of the challenges we face is ensuring our children feel as though they’re treated fairly and loved equally. What many may not realize, however, is that sometimes accomplishing this doesn’t include equal divisions, especially after they’ve reached adulthood. This is also sometimes the case with Estate Planning. While it’s designed to efficiently distribute your assets after your death, it’s also meant to see your final wishes implemented. The challenge is making sure your children understand that after assessing the dynamics and factors associated with your family and the needs of each family member, your final wishes may appear to be unfair, even though your goal was always to address the needs of each child versus the collective family.
Not long ago, women rarely took much interest in estate planning for several reasons. Today, however, the need for estate planning is even greater if you are a woman. Debunking some of the common myths surrounding the concept of women and estate planning is a good place to start.
You may have heard friends and family members discussing the need to avoid probate; however, you may not understand why avoiding probate is so important. Now is the time to learn more about probate avoidance so you have plenty of time to start including appropriate strategies in your estate plan.
You likely worked hard, saved wisely, and invested prudently to acquire the assets you now have. Now, all you need to do is to protect those assets. To accomplish that goal, you need to understand how and why your assets might be at risk as well as learn more about asset protection tools and strategies.
The Baby Boomers are reaching retirement. Some of them are financially ready for retirement; however, many are not. Even more have failed to plan their estate. No one likes to dwell on their own mortality, but failing to plan for it can have a significant financial impact on the next generation.
Ideally, retirement planning should begin early in your life and should be part of your overall estate plan. Like many people, you may consider including an IRA in your retirement plan. However, is a Traditional IRA or a Roth IRA more appropriate for you? To make an informed decision, you need to know more about both types of IRAs.