Unfortunately, many today see money as a solution to problems, but that is not always the case. In fact, wealth can be quite damaging to a family dynamic. Planning, in this instance, is vital. When family members have prepared and have learned how to work together, that’s when wealth and inheritance can be used as a tool to benefit a…
This seems like a simple question, right? My retirement goes to the person I listed as my beneficiary (spouse, kids, etc.). Most of the time this is true, yet we also get a fair share of people having to file a probate for an IRA or having to request the court to allow someone to set up a special…
There are many great options these days when it comes to senior living communities and long-term care, but that’s just it. There are hundreds of options. Finding the best solution for yourself or a loved one is a project and can be a daunting task for families. How do you truly know what the best choice is for elderly parents?…
You may or may not already have your estate planned for when you die, but did you know that you can also make gifting your assets while you are alive a part of your estate plan? Most people are aware that you, as an individual, can gift up to $15,000 per year to any other individual without having to…
As family members age, we often find other members becoming involved in caregiving and decision-making. Unfortunately, this can sometimes lead to conflict as communication and relationships deteriorate in disagreement over an issue that impacts the older adult or the family as a whole. In these cases, it can be helpful to have a qualified third party ask the right questions…
If you have minor children, nominating a guardian for them in case of your death or incapacity is one of the most important reasons to do an estate plan. For many families, the choice is not easy, and they end up procrastinating. Think of it this way, do you want a judge, who may know nothing about your children or…
Because the federal estate tax exemption is so high, currently set to $11,700,000, many people believe their families won’t have to worry about filing a federal estate tax return (IRS Form 706) on their deaths. And while this may be true to a certain extent, there are also benefits that come with filing an estate tax return that could save…
When people write down their assets in conjunction with their estate planning, they often overlook their digital assets. Digital assets are considered to be any electronic record that you own or control. This can include Venmo, PayPal, Zelle, or other online accounts. It can also include cryptocurrency, such as Bitcoin, social media pages, online photos, email accounts, credit card rewards,…
Unfortunately, there comes the point in life when the family home becomes a burden, whether that is emotionally, physically, or financially. And, usually, downsizing might seem like the way to go, but it doesn’t come without complications. There is so much more to moving and downsizing in the aging journey. It’s not just about buying and selling a home, but…
Proposition 19 is a ballot measure passed in the November 2020 election in the state of California that significantly changes the property taxes on real estate inherited by children from their parents. And not in a good way. Under this proposition, a parent can only transfer the primary residence (either by gift, by inheritance or by sale) without causing the…