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Estate Planning & Asset Protection

August 29, 2019

Which life events that require an immediate estate plan update?

Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation skipping transfer and probate court costs. However, your plan must […]

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Estate Planning & Asset Protection

August 27, 2019

IRAs, Annuities and Guardianship: Providing for Your Minor Children after You Die

Deciding on a guardian for your minor children may very well be the most vexing decision you’ll make regarding your estate planning. Not only must you trust the appointed guardian to raise your children as you’d want them raised, but you also need that person to be financially responsible with your children’s inheritance. For example, […]

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Estate Planning & Asset Protection, Trusts

August 22, 2019

Trusts – The Swiss Army Knife of Estate Planning

To the general public, a trust may seem like an advanced tool only for the wealthiest among us. But, the reality is that trusts are a foundational estate planning tool with a solid history for being highly effective in ensuring a person’s wishes are carried out. The process begins with the maker of a trust […]

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Probate

August 20, 2019

The Pros and Cons of Probate

In estate planning circles, the word “probate” often comes with a starkly negative connotation. Indeed, for many people — especially those with larger estates — financial planners recommend trying to keep property out of probate whenever possible. That being said, the probate system was ultimately established to protect the property of the deceased and his/her […]

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Estate Planning & Asset Protection

August 15, 2019

How to Manage Your Basis “Step Up”

If you or someone you know has received an inheritance, it is important for you to understand how to manage your basis “step up.” A “step up” in basis is the adjustment of the value of an appreciated asset – for tax purposes – upon inheritance.  IRS Taxes An executor who has to file a […]

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Estate Planning & Asset Protection

August 13, 2019

How a Community Property Trust Could Save You From Heavy Taxation Down the Road

When it comes to your family’s legacy, every dollar you can save from tax collection counts. One way to keep your assets out of the hands of the IRS is the formation of community property trusts.  How does a community property trust (CPT) work?  CPTs save you money on taxes by adjusting or “stepping up” […]

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Estate Planning & Asset Protection

August 8, 2019

How to Fix 5 Common Estate Planning Problems

Not surprisingly, most people loathe reviewing their estate plan because it can be both confusing and daunting. Others do not want to think about death and avoid the topic altogether. If you already have put an estate plan together, you are ahead of the curve as many people do not have one. If you do […]

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Estate Planning & Asset Protection

August 6, 2019

Estate Planning Isn’t Spooky! But not planning can be downright terrifying.

The idea of implementing an estate plan might be one of the scariest things you have to confront as an adult. But estate planning does not have to make chills run down your spine. On the contrary, estate planning is empowering for both you and your family and allows you to live confidently knowing that […]

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Estate Planning & Asset Protection

August 1, 2019

Why Your Estate Planner Needs to Know If You’ve Lent Money to Family

Many children and grandchildren are skipping the traditional bank and obtaining loans from parents or grandparents.  Unfortunately, we have all heard stories of families torn apart because of disagreements over money. So, what can you do to make sure your intra-family loans help — rather than hurt — your family? As far as estate planning […]

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