While the term fiduciary is a legal term with a rich history, it very generally means someone who is legally obligated to act in another person’s best interests. Trustees, executors, and agents are all examples of fiduciaries. When you pick trustees, executors, and agents in your estate plan, you’re picking one or more people to…
Baby boomers – the first generation tasked with the responsibility of planning for and funding their golden years. This generation, which includes individuals born between 1946 and 1964, have entered and continue to enter into retirement. As they make this financial transition, many are learning that they have made some of the most typical estate…
A divorce can be a long, expensive, and emotionally draining process. However, the work does not end once the divorce decree is signed. In order to ensure that your assets and estate planning wishes are carried out in light of this major life change, there are three things you must do as soon as possible….
For many employees, saving for retirement is usually a matter of simply participating in their employer’s 401(k) plan and perhaps opening an IRA for some extra savings. But, when you’re the owner of a business, planning for retirement requires proactivity and strategy. It’s not just the dizzying array of choices for retirement accounts, there’s also…
Approximately half of America’s population over the age of 18 are not married. While much of the discussion involving estate planning focuses on married couples, this topic is just as important for a single person. In fact, many times it’s even more important that a single person have a well-coordinated estate plan because the default…
No one enjoys discussing death and dying, yet it’s an inevitable event in everyone’s life and a time for which we know we need to prepare. While many people have the desire to share their wishes, something often prevents people from openly communicating with their families. As an important part of estate planning, desired healthcare…
Many people think that if they die while they are married, everything they own automatically goes to their spouse or children. They’re actually thinking of state rules that apply if someone dies without leaving a will. In legal jargon, this is referred to as “intestate.” In that case, the specifics will vary depending on each…
There is a common misconception that estate plans are only for the ultra-rich—i.e., the “top 1 percent,” 10%, 20%, or some other arbitrary determination of “enough” money. In reality, nothing could be further from the truth. People at all incomes and wealth levels can benefit from a comprehensive estate plan. Sadly, many have not sat…
Congratulations on the purchase of your new home! Whether this is your first home or an upgrade/downsize, the purchasing of a home is a big event in your life. When these major life changes occur, it’s important you are properly prepared going forward. Below are a few things for you to consider now that you…