First, a couple of other ways exist to protect the interests of your individual beneficiaries when leaving a fixed-dollar amount to charity from your estate.
Trusts and Estates
Too often in the world of wealth management, estate planning is about splitting up the money after people are gone. I think this is too bad. For me, leaving a legacy of wisdom and love is more important than leaving money.
Your individual retirement account can constitute one of the richest assets you can leave to heirs. In some circumstances, your heirs benefit if you convert your traditional IRA to a Roth before your death. Whether to convert depends on many of your needs and circumstances.
Our first article looked at several new aspects of tax planning for large estates, including recent rules changes, portability and trusts, among other tools. Here are additional strategies that allow big estates to reduce taxes while gifting to heirs and charity.
When taking on a partnered client, it takes two. I always want to meet with both parts of the couple. Sometimes, I am often disappointed to find women don’t want to play an active role in money matters. Planning investment strategies and long-term finances takes active input from both wife and husband.
Nothing ignites family arguments like inheritance. If you plan to leave money to more than a few beneficiaries, for the sake of peace and your own emotional legacy, know how to divide the proceeds fairly.
Rules recently changed for estate planning, especially planning for large estates. If you drafted your estate plan before the new rules kicked in, examining your plan again might save you thousands of dollars.
Two things people avoid talking about are death and money. Combining the two is estate planning. These conversations, though difficult, provide clarity and prevent conflicts. Here are three conversations you need to have.
Your training to live a healthy financial life began in our first article, and you may be coming to realize that your budget is more out of shape than you thought. Like reading healthy recipes and counting calories to develop good eating habits, tracking your spending is the first and most important step toward achieving your financial goals.
Do you remember how you felt the last time you received a beautifully written letter from a loved one, dear friend or even a person with whom you had a falling out? In a world of social networking, micro-blogging and 140-character tweets, letter writing is a fast-fading art. But writing a meaningful letter should not fade away.