Tax & Estate Strategies Update for Married LGBTQ Couples
Sep 16, 2020
The 2015 Obergefell v. Hodges Supreme Court decision streamlined tax and estate strategizing for married LGBTQ+ couples. If you are filing a joint tax return for this year or thinking about updating estate strategies, here are some important things to remember. (more…)
Tags: Estate Planning, Tax Advantages, Tax Deductions, tax guide, Tax Planning
A Corporate Trustee Could Be a Smart Choice
Aug 12, 2020
In an ideal world, managing a family trust would be simple. There would be no stress, no big learning curve, and no great time commitment involved. Unfortunately, the world is not ideal, and heirs who become trustees are often left with headaches. A corporate trustee may be a good option. (more…)
Tags: Certified Financial Planner Charlotte NC, Estate Planning, Family Wealth, financial advisor charlotte nc, Investment Planning, Personal Finance, taxes
Charitable Lead Trusts
Jun 24, 2020
Are you concerned about the inheritance taxes your heirs may have to pay? Then you may want to consider creating charitable lead trusts. (more…)
Tags: Estate Planning, Family Wealth, Financial Planning, Legacy, Wealth Building
Explaining the Basis of Inherited Real Estate
Jun 22, 2020
At some point in our lives, we may inherit a home or another form of real property. In such instances, we need to understand some of the jargon involving inherited real estate. What does “cost basis” mean? What is a “step-up?” What is the home sale tax exclusion, and what kind of tax break does it offer? (more…)
Tags: Estate Planning, Family Wealth, Tax Advantages, taxes, Wealth Building
SECURE ACT Lesser Known Provisions
Feb 20, 2020
The SECURE Act passed into law in late 2019 and changed several aspects of retirement investing. These modifications included modifying the ability to stretch an Individual Retirement Account (IRA) and changing the age when IRA holders must start taking requirement minimum distributions to 72-years-old.1,2 (more…)
Tags: Education Planning, Estate Planning, Investment Planning, Legacy, Personal Finance, Retirement Planning, Secure Act
Ways to Fund Special Needs Trusts
Jan 27, 2020
If you have a child with special needs, special needs trusts may be a financial priority. There are many crucial goods and services that Medicaid and Supplemental Security Income might not pay for. It may be used to address those financial challenges. Most importantly, a special needs trust may help provide for your disabled child in case you’re no longer able to care for them.
In planning for one, one of the most pressing questions is: when it comes to funding the trust, what are the options?
Tags: Estate Planning, Health Care Needs, Legacy
Talking to Your Heirs About Your Estate Plan
Oct 14, 2019
Talking about “the end” is not the easiest thing to do, and this is one reason why some people never adequately plan for the transfer of their wealth. Those who do create estate plans with help from financial and legal professionals sometimes leave their heirs out of the conversation. (more…)
Tags: Estate Planning, Family Wealth, financial advisor charlotte nc
Why You Might Want to Create a Donor-Advised Fund
Oct 11, 2019
Do you regularly donate to charities and other non-profit organizations? Then you may want to open a donor-advised fund.
Donor-advised funds are becoming popular. It is easy to see why. They offer potential tax perks, and in some instances, a chance to grow money set aside for charitable gifting. (more…)
Tags: Estate Planning, financial advisor
The Importance of TOD & JTWROS Designations
Sep 30, 2019
TOD, JTWROS – what do these obscure acronyms signify? They are shorthand for transfer on death and joint tenancy with right of survivorship – two designations that permit automatic transfer of bank or investment accounts from a deceased spouse to a surviving spouse.
This automatic transfer of assets reflects a legal tenet called the right of survivorship –the idea that the surviving partner should be the default beneficiary of the account. In some states, a TOD or JTWROS beneficiary designation is even allowed for real property. (more…)
Tags: Estate Planning
An Executor Checklist
Sep 25, 2019
If you are an executor to an estate, you must carry out your duties responsibly. Fulfilling these duties is not only a measure of your ability, but a measure of your character.You can approach these tasks methodically. In fact, it is probably best if you do. Here are the common steps required of executors, before and after the death of a testator.
What should you do now, before having to assume the role of executor? The most important thing you can do is to communicate with him or her. Ask where the will and other foundational estate planning documents are, so you can locate them when the time comes. See if they want an elaborate funeral, a simple service, or no service at all – and yes, ask whether burial or cremation is preferred. Ask for the contact info of the key financial, insurance, tax, and legal professionals connected to the testator’s financial situation, plus contact info for business partners, creative collaborators, and any relatives you may not know well. (more…)
Tags: Estate Planning
More Insights
Sep 28, 2020
A U.S. drug company recently said that it’s in late-stage trials for its coronavirus vaccine and reported that it could be given to Americans as early as the end of the year.1
Sep 25, 2020
To some, this may hardly feel like an economy headed for a bright future. But don’t tell that to home builders. Builder confidence in August jumped to an eye-popping 78 in August, according to the Housing Market Index courtesy of the National Association of Home Builders. To put that number in perspective, anything over 50 … Continue reading “Home Builders Confident in Economic Rebound”
Sep 23, 2020
When it comes to retirement, some women face obstacles that can make saving for retirement a challenge. Women typically earn less than their male counterparts and often take time out of the workforce to care for children or other family members. Added to the fact that women typically live longer than men, retirement money for … Continue reading “Women Facing and Conquering Retirement Challenges”
Sep 21, 2020
Football is back, which means Summer is coming to a close, days will get shorter, and sweaters will soon be in play. This year, there was no pre-season, so professional football started in September, which coincidentally, is a perennial month for stock market volatility.1
Sep 18, 2020
Roth IRA Conversion decisions have attracted retirement savers since their introduction in 1998. They offer the potential for tax-free retirement income, provided Internal Revenue Service rules are followed.
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