Transfers that skip a generation of heirs are subject to the generation-skipping transfer tax (GST). Its primary design is to prevent wealthier individuals from avoiding estate and gift taxes by transferring large amounts of assets to their grandchildren, bypassing their…
It is a good idea to designate a family member to keep an eye on elderly relatives. Make sure everyone knows who will be responsible for checking in with an elderly loved one each day. Also set up a process…
It's uncomfortable to think about death, especially your own. Add to that the issue of what will happen to our assets after our deaths and it’s little wonder why so few people have created wills and other estate planning documents.…
You might find it difficult to comprehend that the small child who once needed everything from you has now turned 18 and become an adult (depending on your state). Now they are free to vote, marry, apply for a credit…
Increasing numbers of adults in the US have disabilities, and parents need to plan for their adult children's well-being on an ongoing basis as their disability needs change. A Journal of the American Medical Association reports the life expectancy of…
Power of attorney is an essential tool in planning for the possibility of becoming incapacitated and needing someone to manage your affairs on your behalf. These legal documents can grant broad authority to one or more power of attorney agents…
Your adult life is divided into two halves: the first half is spent achieving financial security, and the second half is spent trying to maintain it. This adage is why many people spend substantial time and effort maximizing their legacy…
As a parent age, they lose their ability to think clearly and make meaningful decisions. This growing inability may occur due to Alzheimer’s disease, other forms of dementia, mental illness, stroke, brain injury, or other severe health or disability conditions.…
An estate will details who will receive a deceased person's property and which person (called the executor) will be responsible for settling the estate after death. For many reasons, beneficiaries can feel slighted by what they did or didn’t receive,…
Family values and assets can be difficult to address and legally formalize, especially if parents wait too long to begin instilling them. Undoubtedly the best time to teach and empower your children as eventual inheritors of your family legacy is…