Many of us labor a lifetime to build up our assets and fight for causes that matter to us. Few things are more fulfilling than the thought of sharing what we have worked hard for and leaving a legacy for family. Of course, it’s impossible to plan for every eventuality, but careful conversations can reduce two future risks: a)    Your intentions regarding your estate weren’t made clear, resulting in the potential for costly, time-consuming conflict. b)   Your family or other beneficiaries did not understand or share your wealth management vision, resulting in assets not being managed well after your death. The good.

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Many people who inherit wealth or small businesses are at significant risk for essentially squandering the wealth. Here are a few pointers for setting up your beneficiaries for success:

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If you want to preserve as much wealth as possible for your children, but you leave property to your spouse outright, there’s no guarantee your objective will be met. This may be a concern if your spouse has poor money management skills or if you two don’t see eye to eye on how assets should be distributed to your children.  It could also be a concern if you have children from a previous relationship;  you may want to provide for a current spouse while he or she is alive, but have your assets go to your children upon your spouse’s.

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Non-U.S. citizens in the United States face some estate planning challenges when it comes to taxes. If you’re a U.S. resident, but not a citizen, the IRS treats you similarly to a U.S. citizen, with a few exceptions. But if you’re a nonresident alien, the tax treatment of your estate will be significantly different. Understanding residency IRS regulations define a U.S. resident for federal estate tax purposes as someone who had his or her domicile in the United States at the time of death. One acquires a domicile in a place by living there, even briefly, with a present intention.

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Today, it’s not unusual for a family to include children from prior marriages. These “blended

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There are many reasons to review and revise your legal documents often. Your answers to these important questions may indicate a need for updates. Here are some potential issues that may arise if you haven’t checked your estate plan lately, and some ways to resolve those issues. Potential Issue: Is the plan out of date? Remedy: Older plans are not bad if they accomplish the client’s goals. But new and improved techniques are being developed every day. Potential Issues: Was your plan drafted before 2011? Remedy:  In 2011, tax laws changes and allowed a person to take advantage of the.

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It’s that time of year again – for romantic dinners, chocolate hearts, writing cards and sending flowers. Some folks may just be hoping to get a date on the 14th; but for others, love is already in the air. Valentine’s Day is the second most popular day to become engaged, with nearly ten percent of all marriage proposals happening in February. Only December can boast more. While this is a joyous time for everyone, it’s no time to lose your heads. It’s a perfect opportunity for you and your new fiance to plan your new future – for richer or.

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This weekend, over four thousand theaters across the country were flooded with Star Wars fans. Americans young and old turned out to see the debut of Episode VIII: The Last Jedi. If you were there, you saw Carrie Fisher on screen, reprising her iconic role as Princess Leia Organa. Sadly, the actress who stole our hearts as Luke Skywalker’s unwitting twin sister was not there to see the premiere of this latest installment. On December 27, 2016, she passed away at the age of 60 from a heart attack. Carrie was the daughter of Debbie Reynolds, a major celebrity in.

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We all wish to pass on hard-earned wealth to our offspring. With grandkids, especially, we often share a special bond that makes us want to provide well for their future. Do you have the proper precautions in place for these dreams to become reality? If you’re planning to include the grandchildren in your will or trust, here are five potential dangers to watch for, and ways you can avoid them. No age stipulation We have no idea how old the grandchildren will be when we die.  If they are under 18 or financially immature when you pass on, they could.

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Most people today know and love someone from a blended family, or come from a blended family themselves. The latest statistics show 46 percent of weddings taking place in the United States today are the creation of a stepfamily. Blended families come in countless shapes and sizes, and can be just as diverse in their dynamics and values. If you are part of a blended family, you are aware of the unique benefits and challenges that can come with the territory. Because they are so unique, the process of protecting your family can be equally challenging. It is therefore important.

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I am sure when you completed your estate plan you felt relief and confidence that all was in place for your loved ones. However, time marches on. Just as your life changes, your trust needs to change to fit your new circumstances. The little ones who were on your lap when you first set up your trust, may have little ones of their own now. The assets you own likely have multiplied or increased in value. The people you listed as executors or trustees may no longer be able to aid you and family dynamics may have changed. It is important to note that most older trust documents fail to include incapacity planning or government benefit provisions for trustees, such as Social Security, Medicare or Medicaid.

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Choosing who to care for your minor children in the event of your passing may well be one of the most difficult decisions you face as part of your planning process. The following is a list of suggestions to help you weigh out your options. The first thing to remember, though, is that nobody is going to parent your child exactly like you would. Looking for that “perfect

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Choosing someone to administer your estate may be a daunting task. This person is known as a fiduciary or someone who is legally obligated to act in your interest. After you thoughtfully set up your trust and the stipulations for taking care of your loved ones financially, you will need someone to act in your behalf to see it through. He or she will be responsible for continued management of the trust and/or distribution to the beneficiaries. The trustee will consult with the beneficiaries about periodic checks issued from the trust, expenses to be paid and permissible withdrawals against the principal. Here are some considerations for selecting the right person for the job.

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