Getting married as an older couple may have it’s benefits for the relationship, but there are many financial things that can complicate matters and should be carefully considered before saying “I do.” Couples over the age of 50 have many more things to consider than couples in their 20s. Of course there are the important decisions of whose house to live in and whether or not you will share a checking account, but older adults also may be paying for their children’s college, already own insurance policies, and have retirement savings to take into account. Here are a few things

Family-owned businesses normally experience conflict, and sadly its normal for those businesses and families not to have a formal management structure with standard practices and policies. Instead, families and family businesses tend to go with an informal management style, which can make conflict resolution more difficult and can inhibit a company’s growth. With family businesses, there are more dynamics and conflicts of interest that exist in non-family businesses because there are more than just business issues, but also family issues and ownership issues. To help set the framework and structure for your family business, here are six rules to consider

There are several benefits to having a revocable trust. With a revocable trust, often called a Living Trust or a Loving Trust, you can place property and assets into the trust, and if you decide later, you can remove the property and terminate the trust. This is different than an irrevocable trust, which cannot be changed. It’s great to have a revocable trust if you think you might change your mind about the assets in the trust before your death. It’s called “revocable” because, as long as you’re mentally competent and sound, you can change or dissolve the trust for

Why Asset Titling is so Important with Estate Planning When reviewing or putting together an estate plan, there are so many documents and items to review and things to do that it can be overwhelming. Many don’t understand how the titling of an asset directs how assets flow into an estate. Your attorney likely sent you a letter with detailed steps on how to re-title assets, but it’s easy to overlook these steps and forget that asset titling needs to be done. Making sure your assets are titled correctly can save your family a lot of headaches. Asset titling determines

There is nothing more frustrating and worrisome for family members and friends mourning over the death of a loved one, then the additional travail of trying to decipher and predict the deceased wishes. There are many decisions to be made; did the deceased wanted a burial or preferred cremation, who gets grandma’s sugar bowl, who should be invited to the services, among a long list of other questions. To relieve the burden, consider writing a letter of instruction, which will allow your family to grieve and know who to call and where to find the important and necessary information about

A few weeks after the New Year celebrations have finally ended is a great time to create an estate plan or review the one you already have. This type of resolution may not sound very exciting, however it is very important to make sure your wishes are documented and match up with your current life circumstances. It is part of taking some time to take care of yourself. Some of the situations that happen during the year that may affect your wishes include marriage, divorce, birth, death, or disability of a family member. You may also have changes in your

Many problems surface due to inadequate estate planning. Certain precautions need to be taken when leaving a large estate, especially if it is all being left to one person. The pressure of receiving a large sum of money outright can cause the recipient of a will to become overwhelmed. That person could be left with a lot of questions as to how to handle the money responsibly and nowhere to turn for answers. Leaving a Living Trust, on the other hand, can provide guidance, protection, and account for gruesome taxes that a will cannot. Confidentiality is of concern when a

We all hope we’ve planned well enough to have sufficient funds for retirement by setting up IRAs, 401(k)s, or pensions, but what happens to assets leftover after death? Inherited retirement accounts can be subject to harsh taxes if not set up and dealt with properly. Choosing a good beneficiary and planning ahead to minimize tax penalties is vital to guarantee that your estate is applied to its full potential when you’re gone. Inherited retirements accounts are considered as income and, for this reason, are taxable. This means you are paying a certain percentage on any withdrawal made from the retirement

Often times in first marriages, neither party has children yet so estate planning and beneficiary designation is easy. Many people will choose to leave their funds to their lasting spouse after death and then whatever is left over goes to their kids after the widower has passed. Things are not so simple, however, for a second marriage. Many times, in second marriages, there are already existing children and designating a beneficiary is a much more difficult situation. While financial goals might be congruent among two people in a first marriage, spouses’ priorities in a second marriage may not match up.

A living trust must be tactfully designed in order for it to fulfill your intentions. If mistakes are made, the benefits you hoped to provide after death will subside. Here are some things to look out for to avoid a hassle with your Living Trust. You get what you pay for. While this is cliché, it is also true when it comes to Living Trusts. Trying to save money by writing a trust yourself from scratch or using an online template, or even going to the least expensive attorney you can find, can be very risky. Should your endeavors not

Succession planning is very important and can prevent many problems that arise after an unexpected parting from a company. Finding a new CEO or executive after someone suddenly quits or tragedy strikes is difficult if a succession plan has not been given sufficient thought. What happens if attention has not been paid to succession planning? If a person from within the company has not been designated to take over when a position becomes available, the company can be forced to resort to hiring from outside. Hiring from outside the company presents a large set of problems. When a newcomer joins

Even if you do not follow current events, you likely know that same-sex marriage is now legal in numerous states. Since same-sex marriage was previously banned, some laws have changed in order to be inclusive. This is especially important when it comes to estate planning. If you are a spouse in a same-sex marriage, it is good to recognize what legal rights you have previously been denied and how the law reads now. There are many rights that are currently available to same-sex marriages that can be greatly beneficial. Many examples of legal rights have to do with taxes and

Social Security is the largest and most important income for many retired people but many people do not actually understand the Social Security system. Choosing when to file for Social Security and recognizing different methods, such as file and suspend, can potentially make a world of difference. Finding guidance as to how to go about claiming your Social Security can be difficult though, since many Social Security officers and financial advisors do not guide you to file at a time that will optimize your benefits. There are many things about Social Security benefits that people do not take the time

Family businesses can be crucial to a family’s survival and well-being. If no estate planning is employed then a family’s main source of income could be lost. Having a plan for how to transfer your family business after retirement, death or other circumstances preventing you from controlling your company, is vital to the success of the business. Getting started may be difficult, but it is important to weigh your options and decide how long you want to be in control and how you want the business to be handled. One option to transfer the family business is to sell it

The family dynamic in America has changed drastically over the years. Nowadays, blended families are as common as the traditional nuclear family. However, many of today’s laws are still geared toward the traditional family. Because of this, special attention needs to be paid in estate planning. While basic estate planning principles are the same for any family, there are some aspects that require more steps for blended or non-traditional families. There are many scenarios that can prohibit surviving spouses or partners from inheriting the assets of the deceased if estate planning documents are not carefully drafted. For example, in the

There are many ways to hold your real estate title and if not planned properly, many problems can arise. Since real estate is likely one of your largest assets, it is important to be prepared for how it should be handled in the event that you pass away or become incapacitated. One way to hold title is to put it under your individual name. However, if the scenarios mentioned above do arise, or you are otherwise unable to attend to business then the courts will have to get involved and appoint someone to act on your behalf. The court, moreover,

What is a Living Will? A living will is a written, legal document that describes what your wishes are in regards to end-of-life or life-extending medical treatments. The living will spell out what you want and do not want to be done to keep you alive as well as what you prefer in regards to pain management and organ donation. It is different from a traditional will because it does not refer to your wishes regarding your belongings and property. It communicates your living wishes as opposed to your dying wishes. Other terms for a living will are an advance

A self-directed IRA is a little different than the traditional account that most people are used to. An IRA is an Individual Retirement Arrangement/Account that is used to save money for retirement. The difference is in the term “self-directed” which means that you, as the account owner, have full control over each of your investments. It also allows you to invest in different types of assets such as real estate, commercial paper, notes and many more. History In 1975 self-directed IRAs were approved as part of the Employee Retirement Income Security Act (ERISA). Initially, the most common investment choices were