Maybe you grew up without much. You worked hard. You earned a good education. You succeeded in life even though the streets weren’t paved with gold where you grew up. In fact, maybe you grew up in a very impoverished, oppressed community. Now you (and your spouse if you’re married) have accumulated enough so you’re comfortable. Maybe you’re not a billionaire, but you feel like you’ve achieved a reasonable level of material success. After your death, you’d like to provide for your loved ones so … [Read more...] about Leaving Assets Can Be Tricky – Part 3
Planning for Special Needs Children
A “special needs” child is a child who faces a physical or mental disability and may require needs-based benefits, such as Medicaid or Supplemental Security Income (SSI). A special needs child is precious, like any other child. But the same planning won’t work for this unique child. Further, a lack of planning is even more problematic for a special needs child than it would be for a child without special needs. Let’s look at an example: Mike has $900,000 in assets and has three children, Amy, … [Read more...] about Planning for Special Needs Children
Your Planning Can Help Your Loved Ones
Whether or not we plan to do so, each of us will face death eventually. However, by planning, we can make our passing easier and better in many ways for those we leave behind. This is the second of a series on the ways we can ease the transition through planning. This second article focuses on the importance of the way in which you leave assets to your loved ones. The next article will focus on the importance of communicating your wishes to your family. When we think of leaving assets to our … [Read more...] about Your Planning Can Help Your Loved Ones
Estate Planning is About More Tan Taxes
The new tax law doubled the amount that can be passed free of federal estate taxation, at least through 2025. In 2018, an individual can pass $11.18 million free from federal estate taxation. But, estate planning was never just about estate taxation. The core of estate planning has always been about protecting your loved ones and the assets you leave them. There are many different ways you can protect your loved ones. Here are a few ways, depending upon the needs of your loved … [Read more...] about Estate Planning is About More Tan Taxes
Special Accounts for People with Special Needs
Those with special needs have unique challenges in life. But, there are special accounts available to individuals who were disabled before age 26. The Achieving a Better Life Experience or “ABLE” Act created ABLE accounts under section 529A. As discussed in the last blog, 529 accounts give preferential tax treatment when the accounts are used for educational expenses. ABLE accounts are similar in structure to the 529 educational accounts. The income earned on the assets in ABLE accounts is … [Read more...] about Special Accounts for People with Special Needs
