JH

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Their kids are spendthrifts. How do parents protect them with a trust?

<b>Dear Liz:</b> My wife (71) and I (68) have been diligent savers our entire lives. We have accumulated IRA assets of approximately $2 million along with a house and other assets. Our total estate is under $10 million. We have two adult children in their 20s who did not inherit the saving gene. My …

10 Surprising (or Surprisingly Common) Estate Planning Mistakes

When it comes to wills, as a financial planner, I’ve seen a lot of sad, unfortunate or just plain weird things happen over the years. Poor estate …

Retirement

The 3 Reasons Why People Do Estate Planning

Whether you are leaving a huge financial windfall behind for your offspring or a smaller monetary account, it is important to create an estate plan which allows greater control, privacy and security of your legacy. Estate planning is defined (according to Wikipedia) <i>as the process of anticipating</i> …

Retirement

Here's how to make your retirement a reality

Forget golfing in Florida or traveling abroad, more and more workers are feeling left out of the American retirement dream.<p>Of the 74 million baby …

Retirement

Here's how to plan for higher health-care costs in retirement

Thinking about how to cover health-care costs in retirement shouldn't be so stressful that it triggers a visit to the doctor.<p>The numbers can be …

Retirement

Why Smart People Take Social Security at 62 (Even When They Shouldn't)

Is it really a mistake to claim benefits early?<p>Figuring out when to take Social Security is a tough decision. You can generally claim retirement …

Retirement

Five ways for 50-somethings to get serious about planning for retirement

The big 5-0 is one of those birthdays that can make people take serious stock of the half-century behind them.<p>Passing that milestone also can bring on the realization that retirement — or whatever you choose to call that phase of life when full-time work is largely behind you — is no longer a …

Retirement

Let’s talk about the Big Book: Everything your family needs to know when you die

Tax season is over. School is starting to wind down. Summer is coming.<p>Things have slowed enough to gather yourself and get organized.<p>We call it the Big Book in my family. Invented by my scrupulously detailed father-in-law, the Big Book is the index containing a road map to everything we own.<p>The …

Retirement

Opinion: 7 common estate planning disasters and how to avoid them

An approximately $30 trillion transfer of wealth is currently under way in the U.S. as aging baby boomers pass their assets to successive generations.<p>…

Retirement

Is Estate Planning Now Dead?

Thanks to the new tax law, that's what some people may think. But estate planning is about a lot more than just taxes.<p>With the passage of the Tax …

Retirement

Thirteen Estate Planning Tips for Beneficiaries with Special Needs

Navigate the additional complexities and plan ahead.

Retirement

Avoid the biggest mistake in estate planning

When it comes to finalizing your plans for what happens to your assets after you die, there is one simple mistake many people make which could put …

Estate Planning

Here's how much Americans have saved for retirement

As a group, Americans have shockingly little saved for retirement.<p>Northwestern Mutual's 2018 Planning & Progress Study, which surveyed 2,003 adults, …

Retirement

These costly estate planning mistakes can be fixed

When it comes to planning for your estate, chances are you haven't made all the provisions you should.<p>A new survey from Wells Fargo found that four …

Retirement

Liz Weston: You're married, but your assets don't have to be

People who aren't rich or famous typically don't have prenuptial agreements, which are legal documents detailing who gets what in a divorce. Even …

Personal Finance

Cryptocurrency’s estate planning balancing act

According to Australian Unity Trustees wills and estates accredited specialist Anna Hacker, it doesn’t help that recording cryptoassets is made more …

Cryptocurrency

Got a will? Here are 11 more end-of-life documents you may need

Your last will and testament shouldn't be the last word on your end-of-life wishes.<p>"We all prepare ahead of time for what we know is coming up," Amy …

Health Care

This is the most important person to remember in your estate plan

This article is reprinted by permission from NextAvenue.org.<p>If you are like most people, when you hear the words “estate planning,” you probably …

Tax Reform: Key Planning Perspectives for Individuals and Businesses

Tax season is upon us. Individuals and businesses are collecting year-end tax statements and have begun the task of completing 2017 income tax …

Finance

Estate Planning: Unlimited Marital Deductions | Investopedia

In the world of estate planning there are two major tools that allow assets to pass without federal estate taxation - the unlimited marital deduction …

Retirement

Here’s the Trump Tax Loophole Your Accountant Can Blow Wide Open

If exploiting a tax loophole is as much an art as a science, then the tax planning profession is poised for a creative renaissance.<p>The inspiration is …

Finance

How a Spendthrift Trust Can Protect Your Heirs From Themselves

An Introduction to Spendthrift Trust Funds for New Investors<p>Updated January 19, 2018<p>One of the most effective tools for protecting, preserving, and …

What You Need To Know About Taxes & Cryptocurrency

Cryptocurrency is riding high these days. But even as more investors are taking a chance on new currencies like Bitcoin, Ethereum, and Ripple, many are still confused about how to treat it for federal income tax purposes. In 2014, the Internal Revenue Service (IRS) issued guidance to taxpayers …

Cryptocurrency

Tax Geek Tuesday: Making Sense Of The New '20% Qualified Business Income Deduction'

On December 22nd, President Trump signed into law the Tax Cuts and Jobs Act, finalizing a once-in-a-generation overhaul of the existing Code and leaving the once-burdensome tax law so simple, we’ll all be preparing our returns on postcards come the spring of 2019.<p>HAHAHAHAHAHA<p>/wipes tear from …

Retirement

GOP tax reform: Time to ditch your 401(k) account?

On Wednesday, Republicans passed sweeping tax reform legislation that is expected to lower tax rates for many Americans, and you should be prepared to adjust your retirement strategy accordingly, one expert says.<p>Now is not the time to stash all of your money into pre-tax account like a 401(k) or …

Retirement

This Little-Known Tax Plan Takes Aim at Your Trading Account

Making money in the stock market could get more expensive.<p>The U.S. tax overhaul may severely limit investors’ ability to minimize capital gains on …

Finance

Warning: A Retirement Hurricane Is Coming!

Getting ready for retirement is a lot like preparing for a major storm. If you are approaching retirement and clouds are on the horizon, you still …

Any patient investor can turn $5,000 a year into nearly $1 million, says billionaire investor Ron Baron

It's wrong for people to think that they have to be wealthy to get rich investing in the stock market, famed buy-and-hold investor Ron Baron told …

Investing

3 Things Every Good Retirement Plan Includes

Retirement planning needs to go beyond the basics of producing adequate retirement income.<p>When making a retirement plan, it's natural to focus on how …

Haunting Estate Planning Errors: The Horror of Paisley Park

Rock genius Prince was ahead of his time as a musician, but way behind on all the tasks one needs to do to pass one's assets on to the heirs of his …

Retirement