Submitted by Rick Kahler on Fri, 04/11/2014 - 3:00pm
“Two can live as cheaply as one.” This old saying is mostly true. However, when it comes to death, divorce, and taxes, two are probably better off financially if they don’t marry. Intentionally or not, many federal and state laws reward couples that choose to live together without marriage.
Submitted by Rick Kahler on Thu, 02/20/2014 - 3:00pm
A survey done by the financial services company HBSC finds that only 59% of U.S. parents intend to leave their children an inheritance, the lowest of the 15 nations studied. The fact the U.S. is last came as no surprise to me. What did surprise me was that 59% seemed high.
Submitted by Rick Kahler on Thu, 02/13/2014 - 3:00pm
My last article explored three fears that stop adult children from talking with parents about their estate plans, even though such conversations could greatly benefit both generations. These are: “It’s none of my business,” “I don’t want them to think I am greedy” and “It will ruin our relationship.”
Submitted by Dean Stange on Wed, 02/12/2014 - 3:00pm
Even if you’re young, newly married or just had your first child, you need basic estate planning. Here’s how to start.
A comprehensive estate plan offers benefits to almost everyone: control over distribution of your property after your death, including trusts for your spouse or children; naming of guardians for minor children; designation of a personal representative to administer your estate; appointment of agents to make financial and health-care decisions for you when needed; and reduction or elimination of estate taxes at death.
Submitted by Rick Kahler on Fri, 02/07/2014 - 3:00pm
Too often, for psychological reasons, families don’t discuss their finances, particularly grown children and parents. That leads to problems. Intergenerational candor brings great benefits.
Talking about money is taboo in the U.S. If you don’t believe me, next time you’re at a social gathering ask everyone you meet these two questions: “What was your taxable income last year?” and “What is your net worth?” It’s not a recommended way to make new friends.
Submitted by Rick Kahler on Fri, 01/24/2014 - 9:00am
The chances that Americans will get an inheritance are not good. A lot of U.S. heirs’ parents don’t have the money. Culprits are sluggish economic growth and high inheritance taxes, versus elsewhere in the world.
Stroll through a retirement camping resort or pass an RV on the highway, and you might see this bumper sticker: “We’re spending our children’s inheritance.”