Guest Contributor Articles
The phrase “control from the grave” is often used to describe withdrawal limitations on an individual’s inheritance. These provisions direct or require a beneficiary to reach certain benchmarks before a trustee can permit a withdrawal. While some grantors (the creator of the trust) may be motivated by control, simpler withdrawal limitations can provide significant asset […]
I know this is a finance post, but before I jump into giving you a checklist for financial steps to take before and during divorce, I first want to say: Stay positive and remember you WILL get out of this. Positivity can carry you further than you’d ever imagine when the chips are down. It’s […]
The life insurance industry has become increasingly complex. New and multiple policy types deliver both choice (a good thing) and complexity (not such a good thing) to your client’s decision-making. Policy names (Adjustable, Flexible and in my opinion, sometimes Combustible) are not helpful either. If I have a difficult time keeping up, I can’t imagine […]
Powers of attorney are very flexible documents used to reflect your wishes for decisions regarding your health care and control of your assets if you are ever unable to make those decisions yourself. If you (the principal) are ever incapacitated, your powers of attorney dictate the individuals you have appointed to serve as your agent […]
Your estate plan likely includes formal documents (a will, perhaps one or more trusts) that direct transfers of your property when you die. But those documents won’t identify each and every item to be transferred. Eventually, whoever settles your affairs will find a sentence in one of your documents such as “I leave the rest […]
While an inheritance is often considered a gift by the recipient, from a tax perspective, there optimal ways to inherit a retirement account. From the language used to designate the beneficiaries to important IRS-imposed deadlines, the manner in which a retirement account is inherited can significantly affect its value. If you are the beneficiary of […]
This article focuses on burial spaces, burial space items, and irrevocable insurance-funded burial agreements. There are various types of burial agreements, but only one type of burial agreement is discussed below because of the potential to exclude the entire amount for MA purposes if it is properly written. Medical Assistance (MA) is a means-tested program […]
DWI’s are much more common than you may think. In fact, someone within your group of friends and/or family likely has a DWI, even if you don’t know about it. And let’s be clear, getting a DWI doesn’t make someone a criminal or even a bad person. In all likelihood, it was a mistake, a […]
In the four years since this site last addressed Donor Advised Funds, this tax planning tool has grown significantly in popularity. Between 2011 and 2013, total assets in Donor Advised Funds grew from $38 billion to almost $54 billion, and the trend doesn’t seem to show any signs of slowing down. While many advisors consider […]
You have built a successful company. Now you are starting to think about the potential for retirement. Retiring is a bit more complicated when you own the company. Your reputation, core values, personality, and relationships have been integral to growing a successful company. Here is a process to begin outlining your succession plan. Are you […]
We’ve all heard jokes about taking a loan from the Bank of Mom and Dad. What you might not know is that intra-family loans can be a great way to transfer significant wealth and avoid gift (or estate) tax liability. While an intra-family loan requires some upfront structuring and down-the-road diligence, the benefits are real. […]