Thinking about your future means more than just setting aside money for retirement. It's also about ensuring your investments, like your stock portfolio, are safe from risks like creditors and taxes. With thoughtful estate planning, you can protect these assets, making sure they stay secure and beneficial for you and...
Category: Asset Protection
Estate Planning as a Key Aspect of Financial Wellness
When the term “financial wellness” is brought up, you might picture creating a debt management strategy, choosing the right investments, and planning for retirement. What you may not consider, though, is that estate planning is another element of a comprehensive plan for financial wellness.
A few reasons to...
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Where Does Your Debt Go After You Die?
When someone passes away, a common question arises: What happens to their debt? It's a concern that touches many families, leaving them uncertain about the financial implications. The deceased's estate is typically responsible for settling outstanding debts before any inheritance is distributed. This process can vary greatly depending on the type...
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Does Charitable Giving in Your Estate Plan Have Tax Benefits?
When you start the process of estate planning, your main goals may include avoiding probate, protecting generational wealth, and ensuring that your spouse, children, or other family members are cared for in your absence. You might also consider legal options like wills and trusts, along with directives for healthcare, guardianship,...
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Common Mistakes Made on Life Insurance Beneficiary Designations
Over half of Americans have a life insurance policy, either as an individual or through their workplace. Investing in life insurance can give you peace of mind and a sense of security, but it’s important to pay close attention to details when designating beneficiaries.
Your...
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Spring Cleaning Your Finances: A Fresh Look at Your Estate Plan
Spring is a time of renewal, energy, and optimism. It’s also tax season. When you take those facts together, it’s obvious why spring is the perfect time to clean up your financial situation. That includes closely examining your estate plan and updating it as needed.
If you dread the...
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Estate Planning Lessons From Hollywood
Take away the glitz and glamor of Hollywood, and celebrities are not unlike you. However, there are very few things that set celebrities apart from others, including the size of their estates. Celebrities often have much to protect, which is why estate planning is critical.
Many celebrities don’t take...
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4 Strategies to Ensure Your Legacy Is Protected for Multiple Generations
As the saying goes, Rome was not built in a day. Similarly, your wealth and assets likely did not appear overnight. It took years of hard work and smart investments for you to accumulate your property, and you understandably want yourself and your loved ones to enjoy the fruits of your labor.
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The Tax Benefits of Dynasty Trusts in Estate Planning
A trust can be one of the most critical parts of an estate plan. There are several types of trusts to choose from. Each serves different purposes and helps you achieve your goals for the future.
Dynasty trusts are one common type. If you’re interested in determining whether...
Excluding a Loved One from Your Estate Plan
When drafting an estate plan, most people will elect to leave their hard earned assets to their spouse and children. At times, however, a person may choose to leave a certain family member out of their estate plan. A parent...