The world changes once you become a parent. Instead of taking steps only to protect your own future and the future of your spouse, you now have to take steps to protect your children. With a few steps you can put a plan in place that will better ensure a good upbringing, no matter what the future may hold.
There are certain life events that should trigger a review of one’s estate plan. A death in the family, the birth of a new family member, a divorce or a marriage are common examples. Another example: tax changes.
A recent publication in The Atlantic estimates over 1.4 million American households hold over $5 million in assets. With such large wealth in the country, many are starting to ask whether there is such a thing as “too much” inheritance. For many wealthy families, the question stems from a concern that future generations should be encouraged to be productive members of society instead of planning for a future of financial stability thanks to the cushion of a large inheritance.
Putting together an estate plan is likely on your “to do” list. For those who already have a plan, they may have an annual reminder to review the plan and make changes as needed. Whether you are one of the millions in the former situation or part of the more prepared later group, it is important to make sure your estate plan truly encompasses your wishes.
Fair does not always mean equal. Parents learn this lesson while their children are young. It quickly becomes apparent that each child has their own personality and may have different needs. This can translate to different forms of parenting styles for each child.
Putting together an estate plan is a unique process for everyone. Although legal professionals will caution against the use of do-it-yourself (DIY) estate planning tools, nothing sends the message home better than real life examples of the errors that can occur when using these fill-in-the-blank documents.
How we handle our money is changing. Forbes recently reported a “resurgence in value” of Bitcoin in 2019. Bitcoin is just one form of digital currency. The piece also reports cryptocurrencies as a whole are valued at over $335 billion as of June 2019.
The Internal Revenue Service (IRS) is considering a new rule that will impact retirement plans. The rule specifically addresses IRAs.
The dogs, cats and other animals we share our homes with become more than just pets. For many, these furry, feathered or even scaled companions become family members. As such, an increasing number of pet owners are taking steps to better ensure their pets receive a similar level of care throughout the pet’s life.
The Tax Cuts and Jobs Act (TCJA) increased the estate-tax exclusion rate. The rates increased from approximately $5.5 million to $11.4 million per person to or $22.8 million for a married couple. As a result, it is wise to consider putting certain estate planning tools into effect now to take advantage of these rates.