Gifting assets to adult children is a tricky business. Of course you want to be fair, but it’s not so easy to know what that is in every case. If the children have vastly different needs, splitting the assets evenly may not actually be fair. And what makes this situation so difficult is that there […]
You can do everything right; stay out of debt, save and invest, and your family may still have nothing to show for it if you aren’t careful. This category explains estate planning in plain English so you’ll understand and be empowered to take action the right action. It also describes the simple and inexpensive things you can do to protect everything you’ve worked so hard for all your life.
Note: You should speak to a qualified attorney before taking action. This is not meant to substitute for appropriate legal advice.
A QTIP trust is sort of like a family trust – with some very distinct differences. “QTIP” stands for Qualified Interest Property”. Let’s dive in. QTIP trusts protect both you, your spouse (and your children) after either of the spouses exit the relationship through death or divorce. More specifically, the QTIP protects your assets from […]
If you’ve recently remarried you have to be really smart about your IRA beneficiary choices. First off, you might feel pulled in different directions. Of course you want to show the financial love to your new muffin cake. But if you have children from a previous marriage, you want to show up for them too. […]
Transfer on Death (TOD) is a way that you can take title to an asset. Its how some people register a bank account, investment account or a physical asset. And it tells the world what you want to happen to that property once you move on to that Big Bank up in the sky. When […]
If you hold assets in joint tenancy you might think you are in pretty good shape from an estate planning standpoint. After all, if one party dies, the asset goes to the surviving joint tenant(s). While this is true, there could still be some very big holes in your strategy. What happens if all the […]
It’s understandable if you hesitate to share personal financial data with your family. Money is a very private affair. It can also alter the family dynamics and impact other family members negatively. It brings up a lot and there are tremendous stakes in the balance. I get it. But with all that said, I still […]