Submitted by Cherice Chen on Thu, 08/21/2014 - 3:00pm
More than 56 million Americans have some type of disability, according to the Census Bureau. Autism, for example, affects one in 50 children. For parents of a child with a disability, the great fear is: “What happens when we’re gone?” One answer: Set up a trust for the child. Here is how.
To support a special-needs child during and beyond your lifetime requires truly special planning. Not only are there more costs and uncertainties but also heavier emotional weight.
Submitted by Sterling Raskie on Thu, 08/07/2014 - 12:00pm
At some point in your life you probably started a new job, applied for life insurance, started a retirement account or opened a bank account. Remember the forms asked you to name a beneficiary, both primary and contingent, telling the account custodian to whom your account passed if you died? Time’s passed and those names you scribbled now loom large in your estate plans.
Submitted by Wes Moss on Tue, 08/05/2014 - 12:00pm
Selling your life insurance policy so that someone else can collect on it when you die? The thought of it is uncomfortable. Life settlements, formally known as viatical settlements, often elicit a great deal of emotion, but they might make sense if you can’t afford or don’t want your insurance anymore. Trouble is, the payouts usually are a fraction of the policy’s death benefit.
Submitted by Jim Ludwick on Tue, 07/29/2014 - 12:00pm
What happens to all your online accounts when you pass away? In this age where we manage all financial matters online, a digital control plan with a list of accounts and passwords saves your loved ones unnecessary hassles.
My best friend died two years ago. I still miss him. We had a mutual pact. I had a sealed envelope and an encrypted hard drive in my friend’s gun safe eight miles away from my home office. He had a sealed envelope in my safe in my garage.
Submitted by Dan Crimmins on Wed, 07/16/2014 - 12:00pm
Our first article touched on two guides from the Federal Consumer Financial Protection Bureau (CFPB) for novice financial caregivers. Here we look at the second pair of guides in the series “Managing Someone Else’s Money” if a friend or family member asks you to help with major money matters.
Submitted by Heidi Clute on Tue, 07/15/2014 - 12:00pm
You unfailingly schedule your annual physical and health screenings and dental checkups for you and your family. Schedule time for a regular wealth checkup, too, to determine your money situation today and how close you are to your financial tomorrow.
Here’s part one of what you need to do at least annually to make sure your money works hard for you.
Submitted by Sue Stevens on Wed, 06/04/2014 - 3:00pm
The American Taxpayer Relief Act (ATRA) lets you leave millions to heirs tax-free. Our first two articles examined ATRA and various trusts. Here are some of the remaining tools you can use to bequeath assets and avoid a big estate tax bite.
You still need powers of attorney. Essential tools for managing disability, these are inexpensive and simple to set up.
Submitted by Jeff Rose on Tue, 06/03/2014 - 3:00pm
If you’re like many investors, you look to gift a portion of your estate to stave off a hefty estate tax down the road. In estate planning, though, “gift” carries a special meaning that the taxman seems to change every year.
When gifting, you incur no levy unless you exceed the new gift tax exemption of $5.34 million in cash or other assets throughout your life; the recipients pay taxes. Your spouse has a separate exemption for the same amount.
Submitted by Sue Stevens on Mon, 06/02/2014 - 3:00pm
Our first of three articles looked at your estate planning considerations now that the American Taxpayer Relief Act (ATRA) is law and you can leave $5.34 million ($10.68 million for married couples) to heirs tax-free. Other kinds of trusts offer you various ways to leave money and save taxes.