Many people, including federal employees, think estate planning is just for the well-to-do. FedSmith’s article, “Estate Planning for Federal Employees,” says that at the very least, you should understand what estate planning is, so you can make a decision regarding the legal documents you need. You don’t want to create a stressful problem for your family and loved ones. We also want...
Continue ReadingThe sudden deaths of fashion designer Kate Spade and chef and storyteller Anthony Bourdain are sparking discussions about mental health. They’re also a stark reminder that a sudden death can affect any family. CNBC’s article, “Sudden deaths like those of Kate Spade and Anthony Bourdain can devastate family finances,”explains that a number of the leading causes of death in the US...
Continue ReadingAccording to a 2016 study by Oregon State University and Portland State University, the average age of farmers and ranchers is now 60. An estimated 10 million acres of farmland will change ownership over the next 20 years, making farm succession and estate planning that much more critical. The Salem, Oregon Capital Press asks in its article, “Mental competence a key factor...
Continue ReadingWhen a person dies, and after his or her family members have dealt with their initial emotions, the real work begins, according to Kiplinger in the article “5 Things to Do the Moment a Loved One Passes Away.” If you know you are named as executor of the will, take these steps to be sure that the named beneficiaries receive as much...
Continue ReadingSome baby boomers are thinking about starting a business in their retirement. However, retirement planning isn’t a priority for many entrepreneurs. Saving for retirement as a small business owner also isn’t as easy, as being automatically enrolled in a company 401(k) plan. US News & World Report’s recent article, “7 Reasons Entrepreneurs Don’t Save for Retirement,” examines some of the biggest mistakes...
Continue ReadingAfter Alan Thicke passed away from a ruptured aorta in 2016, his sons Robin and Brennan were named co-trustees of his estate, according to TMZ. Fox News reports in its story, “Alan Thicke’s widow claims late actor’s sons are spending trust, keeping her from inheritance” that Alan Thicke’s wife Tanya Callau feels the brothers are leaving her out of the loop and...
Continue ReadingForbes recent article, “Two Key Steps to Successful Estate Planning” explains that, in many instances, the ultimate goal in estate planning is to ensure the wealth you accumulated, lasts for a while and is used to improve the lives of your family. Unfortunately, the process of passing on the wealth often creates problems within the family. Disagreements can arise, and conflicts about...
Continue ReadingWhen Brad and Robin Cooper started to plan their instructions for their estate, they knew they wanted to help charities that were near and dear to their hearts. One of the organizations they selected as beneficiaries, was Flagler Health Care Foundation. That was because of Brad’s participation on the board of trustees and also because of the care that...
Continue ReadingAs you look at your financial future, procrastinating can make things much tougher down the road. Here’s how to get confident about your money. USA Today’s recent article, “Financial planning: How to determine if you need life insurance in retirement,”notes that many older Americans wonder if they’ll need life insurance in retirement. They are concerned about whether their surviving spouse and...
Continue ReadingThe Tax Cuts and Jobs Act of 2018 temporarily doubles the allowable credit for the federal estate tax. It is $11.2 million for an individual and $22.4 million for those who are married, reports Newsmax’s recent article, “Trump Tax Law Necessitates Immediate Review of All Estate Plans.” Note that a more recent change, called “portability”, allows the unused estate tax credit from...
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