Knowledge is Power
Although the word “inheritance” usually conjures up images of property or accounts with significant monetary value, you can leave your family an even longer-lasting inheritance by doing these seven things, whether or not your bank account is overflowing. Make a Plan Often, people who do not have a lot of money think that it is…
If your life or the law has changed since you signed your estate plan, last will and testament, or trust agreement, you need to update your document. You can make updates to a revocable living trust by way of an amendment or a complete restatement of the trust agreement. An amendment updates a specific part…
Not only is Disney’s award-winning animated film Encanto hugely entertaining, but it also contains the following valuable estate planning lessons: Leaving a family legacy is important and can have an impact beyond your immediate family. Be sure to consider the significance of multigenerational planning. Treating each beneficiary as a unique person is essential. Naming the…
As parents age and their physical and mental capacities diminish, it is natural for their adult children, recognizing the parents’ decreasing ability to care for themselves, to step in and help them. Often, a specific child will take over the bulk of the responsibilities such as taking the parent to doctor’s appointments or the attorney’s…
It is better to give than to receive. But if you give a gift above a certain amount, you might end up owing money to the Internal Revenue Service (IRS) via a gift tax. The federal tax code has very specific rules about how much you are allowed to transfer to others each year—and over…
Social media is about putting yourself out there to connect with people, sometimes all over the world. If you are a social media influencer, not only are you being social, you are also gaining a following that may be bringing in cash. If you are using social media to earn income, here are five questions…
A nonfungible token (NFT) is a unique digital code that represents a digital item such as art or music, as well as a growing number of physical items, that runs on the blockchain (a secure, decentralized, and cryptography-backed online ledger) and provides proof of ownership of virtual collectibles. That explanation may cause confusion, and when…
With couples of similar ages, planning for the future is naturally a joint effort. However, if you are married to someone who is significantly older or younger than you, the future can look different and mean different things to each of you. To protect yourself, your spouse, and other loved ones, you need to have…
According to Statista, more than 295 million people in the United States use social media.[1] If you are an avid social media user, have you considered what will happen to your accounts when you die? If you have spent time creating, uploading, and sharing content, it is important to take a look now at what…
