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Saving for Your Child’s Education With a Section 529 Plan
Q. It's time for us to begin saving for our child's education. We've heard a great deal about Section 529 plans. What are the advantages?
A....
Dividing Assets – and Tax Bills – in Divorce
How assets are split up in a divorce depends largely on where the divorcing couple lives. The following nine states are community property states: California,...
WORD CUP 2016
Estate Planning with 529 College Savings Accounts
Saving for college is one of the most daunting financial tasks a family can face, taking...
How to Handle Someone’s Taxes After They Die
The death of a loved one is always difficult but it can be even more challenging...
Does Your Loved One Need Hospice Care?
Many hospice organizations incorporate a dove into their logos, because it's a symbol of peace. Hospice care...
WRC Rally Cup
Should You Name Your Trust as Beneficiary of Retirement Plan Assets?
As you may know, the person (or persons) designated as the beneficiary of your tax-deferred 401(k)...
Beware of Predatory Lenders
Older Americans have often built up one solid form of financial security -- equity in their...
Is a Dynasty Trust Right for You?
With a properly executed estate plan, your wealth can be enjoyed by your children and even...
CYCLING TOUR
Why Business Owners Don’t Plan for Succession – and Why It’s Critical.
Many business owners procrastinate putting a well-conceived succession plan in place. The reasons are understandable. It can be difficult to plan for your replacement and...
Decanting a Trust: What Is it? When is it a Good Idea?
An irrevocable trust is usually created to take assets out of the estate of the grantor mostly to:
Save on federal or state taxes
Remove...
Pair a Trust and an Installment Sale to Pass on Your Business
For many people, a family business is a significant source of wealth, so passing it on to the next generation in a tax-efficient manner is...
Here’s Why You Should Keep Track of Your Subscription-Based Services.
It’s easy to overlook the need to keep track of monthly services or subscriptions. Especially when you don’t have to consciously make a payment...
7 Reasons to Update a Will
Once you or your loved ones have a will drawn up, don't just put it away for safekeeping and forget about it. If your...
TENNIS
Are You Getting a Late Start on Retirement Saving?
Have you suddenly realized that you're getting older and still haven't saved much for retirement? Don't just avoid the entire topic, knowing you won't like...
No Will? Who Gets the Assets?
Let's say an individual dies without a will. Who will inherit his or her assets? The first in line are spouses and children. But what...
LATEST ARTICLES
Could Your Beneficiaries Make the Cut? The SECURE Act’s Eligible Designated Beneficiary
Ushering in the new 10 Year Rule, the SECURE Act has changed the way inherited retirement accounts are now distributed. That is, to everyone but a select group. The Act has created a new...
The New Legal Rights of Your Beneficiaries: Should These Be Drafted Out of Your...
In keeping with uniform trust law, Illinois has joined 34 other states in adopting its own version of the Uniform Trust Code known as the Illinois Trust Code (ITC), effective January 1, 2020.
Provisions in...
Your Quick Guide: What to Do About the SECURE Act and Your Estate Plan
On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), effective January 1, 2020. This law is the most impactful legislation affecting retirement accounts in decades....
WHAT YOU SHOULD KNOW ABOUT MEDICAID PLANNING
You’re active and in relatively good health. You’re finally enjoying the things you now have time to do as a retiree – or looking forward to those days coming soon. The last thing you...
Don’t Send Your Student to College Without These 3 Things
Accidental injury is the leading cause of death for adults between ages 18 to 24 with over a quarter million being hospitalized yearly for non-lethal injuries. Not a statistic that parents – who are...
The Conversations You Must Have Now About Your Health Care Decisions
Selecting a trust-worthy agent who will ultimately be the decision-making authority for your medical care if something happens to you is an important decision. The goal is for your agent to make decisions in...
Understand the Basics of Estate Planning
For many people, mapping out an estate plan is something they intend to think about later. But too often, later never comes.
The reasons for not dealing with estate planning now may include not wanting to confront your...
How Will You Handle Your Digital Estate? (And, yes, you do have one.)
Some assets don’t necessarily fit into our traditional approach to estate planning. We know how to account for bank accounts and real property. But hundreds of dollars’ worth of frequent flyer miles or credit...
Do You Know What the “Other Hand” is Doing in Handling Your Estate?
You handle a large share of paying the bills and managing the bank accounts. Your spouse handles anything insurance or investment related.
It’s a common practice in many married households to split household responsibilities. Usually...
Here’s Why You Should Keep Track of Your Subscription-Based Services.
It’s easy to overlook the need to keep track of monthly services or subscriptions. Especially when you don’t have to consciously make a payment since automatic billing is doing that task for you. When...