How do you approach a conversation with your parents about estate planning? For sure, you don’t want to nag or become a nuisance, creating suspicions about your motives. By being open and honest about your concerns, you can allay their fears that this is only about interest in their money. Talk about the opportunities they […]
Category: Estate Planning
Take A Balanced Approach To Retirement And Estate Planning Using A Split Annuity
If you’re approaching retirement or have already retired, one of the biggest challenges is balancing the need to maintain your standard of living with your desire to preserve as much wealth as possible for your loved ones. This balance can be difficult to achieve, especially when retirement can last decades. One strategy to consider is […]
Addressing Adopted Children Or Stepchildren In Your Estate Plan
Families that have children who are adopted, or stepchildren who haven’t been legally adopted, may face unique estate planning challenges. Additional consideration must be taken when a family includes an unmarried couple in a long-term relationship and one person has biological or adopted children. If your family’s makeup is as such, it’s important to understand […]
Caring For An Elderly Relative? You May Be Eligible For Tax Breaks
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax return, you can include any medical expenses […]
Are you and your spouse considering “splitting” gifts?
Gift splitting can be a valuable estate planning tool, allowing you and your spouse to maximize the amount of wealth you can transfer tax-free. But in some cases, it can have undesirable consequences, so be sure that you understand the implications before making an election to split gifts. Gifts of separate property Gift splitting is […]