If you’re putting aside money for college or other educational expenses, consider a tax-advantaged 529 savings plan. Also known as “college savings plans,” 529 plans were expanded by the Tax Cuts and Jobs Act (TCJA) to cover elementary and secondary school expenses as well. And while these plans are best
When it comes to estate planning, trusts are appealing for many reasons. They can enable you to hold and transfer assets for beneficiaries, avoid probate and reduce estate tax exposure. But they can be complicated to set up. One of the major decisions you’ll need to make when establishing a
If you own an interest in a closely held business, it’s critical to have a well-designed, properly funded buy-sell agreement. Without one, an owner’s death can have a negative effect on the surviving owners. If one of your co-owners dies, for example, you may be forced to go into business
When planning your estate, you’re likely focused on major assets, such as real estate, investments and retirement plans. But it’s also important to “sweat the small stuff” — your tangible personal property. Examples include jewelry, antiques and photographs. These personal items — which often have modest monetary value but significant
Owning property jointly with an adult child or other family member is a common estate planning mistake that people make. It sounds reasonable that adding a loved one to the title of your home, bank accounts or other property can be a simple way to leave the property to that
Many people consider moving to another state when they retire. Some move for a lower cost of living, nicer weather, or to be closer to family. If you are considering this in your retirement, make sure to also think about how the state and local taxes will affect your anticipated
Planning your estate around specific assets is risky and, in most cases, should be avoided. If you leave specific assets — such as homes, cars or stock — to specific people, you may inadvertently disinherit them. Illustrating the problem Let’s say Debbie has three children — Abbie, Mary Kate and
According to Pew Research Center’s most recent poll, the percentage of U.S. children who live with an unmarried parent has jumped from 13% in 1968 to 32% in 2017. While estate planning for single parents is similar to estate planning for families with two parents, when only one parent is
The staggering cost of college makes it critical for families to plan carefully for this major expense, and in many cases grandparents want to play a role. As you examine the many financing options for your grandchildren, be sure to consider their impact on your estate plan. Make direct payments
Protecting assets from creditors is a critical aspect of estate planning, but you need to think about more than just your own creditors. You also need to consider your heirs’ creditors. Adding spendthrift language to a trust benefiting your heirs can help safeguard assets. Spendthrift language explained Despite its name,
