Understanding Federal Gift and Estate Taxes The Internal Revenue Service (IRS) considers any transfer of assets — whether cash, property, or other valuables — from one person or estate to another a taxable event. These taxes, called gift taxes and estate taxes, can affect how much of your wealth reaches your heirs. Fortunately, most people
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Most of us aspire to live a long and healthy life. We admire senior citizens for their wisdom. However, their long life often comes with the grief of outliving their spouses, friends, and sometimes their children. If they can’t maintain and make new meaningful connections as they age, they are at risk for crippling loneliness.
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5 Common Estate Planning Mistakes — and How to Avoid Them Many people see estate planning as a one-time task — something you finish, file away, and forget. But life changes, and so should your plan. If you make lifetime gifts, change account beneficiaries, or experience financial ups and downs without updating your documents, you
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Preventing Family Conflict Through Estate Planning When it comes to inheritance and family relationships, your heirs — whether minor or adult children — may not always see eye to eye. Even families that get along well can face tension after a parent’s death. Long-buried issues may resurface, and the process of dividing your estate can
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What comes to mind when you hear the words estate planning? You are not alone if you think of older people with many assets. It is a common misconception that estate planning is only something done by older or rich people. Estate planning is for everyone, and the earlier in life you start planning for
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