Affluent families have long worried about preserving wealth and ensuring its smooth transfer through generations. In estate planning, the generation-skipping transfer tax (GST) plays a significant role. The US government established the GST to prevent individuals from avoiding estate taxes…
A person's estate planning strategy should aim to minimize their beneficiaries' taxes while protecting their assets. The qualified personal residence trust (QPRT) is a valuable tool in this area. This specialized trust enables individuals to transfer their primary residence or…
The probate process usually takes place in probate court and is known to most people as something that happens after someone passes away. Unfortunately, fewer people know that it can be a long and complicated process. It can sometimes take…
Succession and estate planning can be challenging for farm and ranch property and related livestock, equipment, and other personal property. There is a common misconception that federal estate taxes threaten farm or ranch property, preventing assets from getting to rightful…
Having an estate plan ensures that your assets, interests, and those you care about are protected after you die. Unfortunately, many individuals make costly mistakes without proper advice and guidance from a qualified estate planner. Beyond undermining your intent and…
The thought of dying or becoming seriously ill or injured is not on the minds of many young parents. As unlikely as such a serious event is when we are young, it is a possibility. This is why we pay…
Keeping your adult children in the dark about their inheritance can have costly consequences. Knowing how their inheritance situation will affect their financial planning can help them make better decisions. These are practical matters of allocating resources for things like…
People are living longer than previous generations in the US and around the world, so many of us will need long-term care in the future. It’s estimated that seven out of ten Americans will need long-term care during their lives.…
SECURE (Setting Every Community Up for Retirement Enhancement Act) introduced the first major changes to retirement legislation since 2006's Pension Protection Act. The impact of the SECURE Act on some retirees, near-retirees, and their future beneficiaries may significantly affect you,…
In some cases, disease, injury, or illness can prevent people from communicating their needs and wants. When this happens, they need someone they trust to advocate for them. You can prepare the proper legal documents in advance. Losing the Ability…