I had a client recently hire the firm because his father had passed away. He had a will and that was it. He thought it would be a simple probate to pay any outstanding debts and then distribute the assets. And I thought the same thing too, until he told me how big his estate was. “Remember, you have to add up everything: real estate; investment accounts; retirement accounts; life insurance proceeds; cash; and anything else of value,” I said….
In you own a business and are wondering when the right time to start business succession planning the answer is NOW! There are several components you should have in place before you even start your business, including a buy-sell agreement and contingency plan for someone to run your business if you are unable to. But there so much more to think about. Funding an exit. Funding retirement. Estate taxes. Grooming the next generation to take over and succeed with the…
Yes, we’re all snowflakes, special little creatures with our own special talents and eccentricities. But there is one thing we all have in common – we’re all going to die someday. I don’t mean this in a morbid sense, but in a biological one. No matter what you do this is one thing you can’t run from. What makes this subject scary and makes people want to run away from it is when you acknowledge that it’s going to happen…
Estate planning can be frustrating and scary; a lot of people don’t want to talk about preparing for when they are no longer around. And while it can be upsetting to some (though not me – I see it as an aspirational opportunity), it’s a necessity, and it’s better to have some kind of plan than none at all. These five tips are things that if you come to your initial consultation with or do immediately after, will make the…
Most people think disability insurance is covered by their employers and by the taxes they pay. This is not true! While your employer may provide you with some coverage in the event you are disabled and cannot work, this coverage is usually poorly suited to cover your actual needs. And your needs are many. Imagine a scenario where you are unable to work for two weeks, two months, or two years. How is your family going to survive? How are…
You ever play a game with someone and they “forget” to tell you all of the rules, so you make a bunch of moves in one direction with one strategy in mind only to find out that everything you thought was right is wrong? I definitely have, and there’s no worse feeling than that sinking pit in your stomach when you realize you are about to lose the game. The problem with that sinking feeling is that it can happen…
Whether you know this or not, your IRA, while you are alive, is protected from most creditors. It is protected from most lawsuits. It is protected from almost everything. This is not the case, however, when your kids or others inherit your IRA when you die. The reasons for this aren’t that important – *what is important is understanding that all of your hard work and saving could be wiped out in months if you aren’t careful.* So what is…
