Posted On: August 26th 2016
Abstract: Regardless of a person’s age, health and net worth, a will is essential in determining what happens to his or her children and wealth after death. This article explains that a will can name a guardian and ensure that assets are distributed according to the decedent’s wishes. It also points out that having a…
Learn MorePosted On: August 18th 2016
Abstract: How can young, affluent people plan their estates when the tax landscape may look dramatically different 20, 30 or 40 years from now? Today, the current gift and estate tax exemption is high and the estate tax rate slightly higher than the income tax rate — but that could change in the future, requiring…
Learn MorePosted On: August 4th 2016
Abstract: Life insurance can provide peace of mind, but it’s important to not own the policy at death. Why? The policy’s proceeds will be included in the taxable estate and may be subject to estate taxes. To avoid this result, a common estate planning strategy is to set up an irrevocable life insurance trust (ILIT)…
Learn MorePosted On: July 29th 2016
Abstract: No matter how clearly an estate plan communicates the deceased person’s wishes, there’s a chance that one or more family members will become disgruntled over the outcome and challenge the estate plan. One strategy for protecting a plan is to include a “no-contest” clause in the will or revocable trust (or both). This article…
Learn MorePosted On: July 8th 2016
In the event of a tragic incident, having a plan in place is the best option. Losing a family member can be an incredibly stressful time, which can be increased when the deceased has not left behind a plan for their passing and estate. The attentive and experienced team at Schwartz, Fang & Keating, P.C,…
Learn MorePosted On: June 7th 2016
Estate planning typically focuses on what happens to a person’s children and assets when he or she dies. But it’s equally important (some might say more important) that a person have a plan for making critical financial and medical decisions if he or she becomes incapacitated. A crucial component of this plan is the power…
Learn MorePosted On: June 2nd 2016
A health care directive allows one to communicate their preferences, in advance, for medical care in the event they’re incapacitated. Directives go by different names, including living wills, advance medical directives and directives to physicians. This article shows what such directives can accomplish and why generic forms may not accommodate one’s preferences and values. Estate…
Learn MorePosted On: May 4th 2016
The best approach to selling one’s business depends on the particular circumstances. For those whose net worth is well within the estate tax exemption, for example, it might be best to focus on reducing income taxes. But those who expect their estate to be significantly larger than the exemption amount may be more concerned with…
Learn MorePosted On: May 3rd 2016
Now that the gift and estate tax exemption has risen to $5.45 million in 2016, taxes might not seem so much of a concern. But what if one’s wealth grows beyond the exemption amount in the coming years and decades? What if lawmakers decide to reduce the amount? This article reveals how the exemption for…
Learn MorePosted On: April 18th 2016
Life insurance can be a powerful financial and estate planning tool, but its benefits can be reduced or even eliminated if the wrong beneficiary is designated or a person fails to change beneficiaries when his or her circumstances change. This brief article details three common pitfalls to avoid. Estate Planning Red Flag You’ve designated…
Learn MorePosted On: April 8th 2016
For families with a disabled child, financial planning can be a challenge, because loved ones don’t want to jeopardize the child’s eligibility for means-tested government benefits, especially after family members are no longer around to provide for the child. This article examines the benefits and drawbacks for two of the solutions to this problem: ABLE…
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