How does estate planning differ for same-sex couples versus heterosexual couples? Well, there are both state and federal issues influencing the financial implications of same-sex couples legalizing their unions -- and many, many unknowns.
Few 18-year-olds are prepared to handle a large lump sum of money. Laws prevent people from buying alcohol until age 21. It is assumed that people who can't legally buy a beer can somehow be responsible for handling thousands and sometimes millions of dollars.
An Ethical Will conveys values rather than valuables, feelings rather than furniture, untold blessings rather than unpaid bills.
RIP trolls claim that they are mocking "grief tourism," which they define as saccharine outpourings of grief. Yet to those who experience this kind of trolling it inspires disgust and deep sadness.
An important element of the estate planning strategy is maybe the simplest component of them all -- how to handle common bank accounts.
With digital privacy in the media spotlight and digital estate planning resources entering our mainstream consciousness, many of us have been inspired to think about the end of life and our online selves. And we should.
Love may be lovelier -- but it is also a whole lot more complicated the second time around. Record numbers of us will, one day, be in a second marriage. The pool of eligible second marriage candidates is vast as a result of both the high divorce rate and increased longevity. But before saying 'I do' (again), there are a few legal issues that merit consideration.
There are so many things to consider when having a baby! Here is financial checklist to get you started.
Getting your finances into shape can appear daunting. Breaking it down into categories can help simplify the process. There are five main categories that everyone should tackle.
Getting remarried later in life can actually bring about a host of financial and legal issues that are much different and more complicated than they are for younger couples just starting out. Here are some common problem areas you need to think about, and some tips and resources that can help.
By Jan. 1, 2013, not only will millions of people owe up to 20 percent more in estate taxes, but their options for asset protection will be significantly worse, as everything over $1 million will be subject to the highest rate of taxation. Not fully exploring your options now could prove very costly.
Money is about emotions. This is a primary reason that people blow through their money so quickly. They don't know what they are doing, but are convinced that they do. By the time they figure out their lack of knowledge, they are broke.
To protect their assets, some gay and lesbian couples resort to the last remaining way they can choose to be recognized as family by the court system -- they adopt each other as if they were parent and child. But here are three reasons that's a bad idea.
The letter stated that I was "obviously responsible" for "taking care of your husband's obligations" and that if they did not receive payment in full within 30 days, they would take further action. Did I mention that almost all of the officers of said financial institution were guests at our wedding? And his funeral?
Without a doubt, there's a huge chasm between the current exemptions/rates and the proposals. Does a senior optimistically plan for the $5 million exemption or look to a much pricier reality with the exemption at merely $1 million?
You might be thinking..."I don't have an estate to plan." Or, "that's only for the 1 percent so they can avoid taxes." No matter how much (or little) money we have, we need a plan.