This is another, in a series, of posts that feature articles I wrote for Wealth Manager and other magazines. I actually had a lot of fun writing this one, Broken Vows, Solid Contracts: For many–if not most–love-struck couples, the words “prenuptial agreement” are anathema, a blanket so wet that it threatens to extinguish their burning […]
One of 12 reasons Edwin P. Morrow III, J.D., LL.M. gives for keeping assets in a trust rather than distributing them outright to beneficiaries at death, from his outline, The Optimal Basis Increase and Income Tax Efficiency Trust: A trust allows the grantor to make certain that the assets are managed and distributed according to his/her […]
For your reading pleasure, an excellent but brief article titled, “Estate Planning and Administration – Be Prepared for the Year That Follows the Death of a Loved One.” Worthy of a read if only to put you on notice that there’s a lot to do following the death of a loved one. Here’s the middle paragraph: […]
From the article “Communicating an Estate Plan to Heirs,” posted at Successful Farming at Agriculture.com: “For some children, money equals love. Therefore, if they receive fewer dollars, they assume they are loved less. With farm distribution, there are times when the farming heir appears to get a financial advantage on paper. Sometimes this may be […]
At least that’s the moral of this story. Actually, here’s the moral as stated at the end of that story: “The moral of the story for practitioners is clear. Whenever you have a client that is either going through a divorce or is already divorced, do everything you can to get the client to change […]
Shot: “For clients who are planning to stay in their homes, a reverse mortgage can be a good source of needed cash flow. This allows them to tap their home equity and supplement their retirement income. “Additionally, most reverse mortgages are Home Equity Conversion Mortgages (HECM), which are non-recourse loans insured by the FHA. If the balance outstanding […]
“Even though you’ve paid taxes that help fund Medicaid for all your working years, you shouldn’t aspire to get a return on that “investment.” Medicaid is a program for people with minimal income and assets; if you have to use it, you’re in bad shape. Eligibility guidelines vary by state because Medicaid is a joint […]
I don’t think I ever posted a link to the official (or at least, the official looking) ATF 41 F as it appeared in the Federal Register. Here it is. To refresh your memory, ATF 41F affects the firearms trusts (aka gun trusts and NFA trusts). It goes into effect on July 13, 2016. Until […]
“While many people have an inherent aversion to talking about both death and taxes, leaving a positive legacy is something we all care about. Unfortunately, numerous studies show that over 50% of Americans have no estate plan, no will and no medical directives. Why do so many people fail to properly plan for what happens […]
That’s the claim in this piece by the Motley Fool. Myth 1: Social Security benefits will disappear in the future. Myth 2: You should always take Social Security benefits as soon as you qualify. Myth 3: What you do with your Social Security has no effect on your family. I won’t take time here to […]