SCHEDULE ONLINE
Home Who We Are How We Work Services How to Get Started Guardian Guide™ Freebies Blog WORKSHOPS Login

Articles

Revocable Living Trust Or Irrevocable Trust: Which One Is Right For You?

Uncategorized Jan 27, 2023

 You’ve probably heard you need a trust to keep your family out of court and maybe out of conflict in the event of your death or incapacity. And, if you haven’t, you are hearing it now. If you own any “probatable” assets in your name at the time of your incapacity or death, your family must go to court to access them. If you aren’t sure if your assets are “probatable” contact us to discuss.

But you may need clarification about whether you need a revocable living or irrevocable trust. More and more, we are seeing people come our way asking for a irrevocable trust, and so this article is designed to help you learn the difference and then get into an “eyes wide open” conversation about the right kind of trust for you and your loved ones. 

What Is A Trust? 

A trust is an agreement between the grantor of the trust (that’s you) with a trustee (someone named by you) to hold title to assets for the benefit of your...

Continue Reading...

Why Every Adult Needs A Living Will

When it comes to estate planning and wills, you have a variety of options for legal documents. The most common of these options is a “last will and testament,” which is also known simply as a “will.” But you may have also heard people talk about a “living will” and wonder what that is, and whether you need a living will in addition to a regular last will and testament.

Both terms describe important legal documents used in estate planning, but their purpose and function differ significantly. In this article, we will review some of the most critical things you need to know about living wills and why having a living will is essential to every adult’s estate plan. And it may be that a living will is even more important than a last will and testament.

What Is A Living Will?

A living will, also called an advance healthcare directive, is a legal document that tells your loved ones and doctors how you would want your medical care handled if you...

Continue Reading...

Creditors And Your Estate Plan

What Happens To Your Debt When You Die?

Maybe you’ve wondered about your own debt or perhaps your parent’s debt—what happens to that debt when you (or they) die? Well, it depends, and that’s part of the reason you want to ensure your estate plan is well prepared. How you handle your debt can greatly impact the people you love.

In some cases, you could inadvertently leave a reality in which your surviving heirs—your kids, parents, or others—are responsible for your debt. Alternatively, if you structure your affairs properly, your debt could die right along with you.

According to the Federal Trade Commission, an individual’s debt does not disappear once that person dies. Rather, the debt must either be paid out of the deceased’s estate or by a co-creditor. And that could be bad news for you or the people you love.  


 What exactly happens to this debt can vary. One of the purposes of the court process known as probate is to...

Continue Reading...

Checklist: 5 Financial Decisions to Consider Before December 31

 This week, before the year ends, consider these 5 financial, retirement and tax actions you may need to take before it’s either too late or very costly for your family. And if you have living parents in their 70s, make sure you cover these considerations with them this week. 

 

01 - Review Your Investments to Harvest Losses This Year

If you have investments in a taxable account (including cryptocurrency investments), you may want to consider selling off any losers to offset any gains you have made. Selling losses can help reduce your tax liability for the year, if you have any capital gains, and then you can carry forward investment losses to offset capital gains in the future. 

If you are sitting with cryptocurrency losses that you haven’t recognized yet because you haven’t sold your cryptocurrency due to wanting to stay in the market for when crypto goes back up, you can have the best of both worlds. Sell your cryptocurrency  now before...

Continue Reading...

Will The Coming Wealth Transfer Be A Blessing Or A Curse For Your Family?

Uncategorized Dec 15, 2022

 Whether it’s called “The Great Wealth Transfer,” “The Silver Tsunami,” or some other catchy sounding name, it’s a fact that a tremendous amount of wealth will pass from Baby Boomers to younger generations in the next few decades. In fact, it’s said to be the largest transfer of intergenerational wealth in history.

Because no one knows exactly how long aging Boomers will live or how much money they’ll spend before they pass on, it’s impossible to accurately predict just how much wealth will be transferred. However, studies suggest it’s somewhere between $30 and $90 trillion. Yes, that’s “trillion” with a “t.”

A blessing or a curse?

While most are talking about the many benefits the wealth transfer might have for younger generations and the economy, fewer are talking about the potential negative ramifications. Yet there’s plenty of evidence suggesting that many people, especially...

Continue Reading...

How Will A Recession Affect Your Family?

Uncategorized Dec 01, 2022

 

As you’ve surely heard by now, we’re in the midst of great economic shifts. The collapse of the crypto market, the roller coaster that is the stock market, rising interest rates, dropping home values, and inflation through the roof—it’s enough to make you sick. And it can make you sick, unless you take the actions we are sharing here.

During every economic shift, whether it’s the Great Depression, the last Great Recession, or even during the pandemic, some people get rich, while others lose everything. Whether your family got rich, lost it all, or just hung on by their toes, you can learn from what happened and create the exact future reality you want for yourself and the people you love.

But to do that, you need to get into action now. In service to that, here are 4 steps you can take right away to change your family’s future and ensure you have the stability you need to sail through the economic shifts in the best way possible.

On that...

Continue Reading...

Pondering Parent Q & A


 Q:

Can I tap into my retirement savings to pay for my child’s college education?

—Pondering Parent

  

A: Dear Pondering:

If your kids will need financial assistance, beyond student loans, to pay for their college education, it’s vital that the way in which you choose to save will not negatively impact their qualification for such assistance. To this end, while you can use your retirement funds to pay for college expenses, this can affect your child’s eligibility for various need-based financial aid programs.

Retirement funds withdrawn to pay college expenses are reported on the Free Application for Federal Student Aid (FAFSA) as additional income. Consequently, when using retirement funds, the expected family contribution used from FAFSA will be higher, which will therefore reduce your child’s chances of qualifying for financial assistance.

Consult with us as your Personal Family Lawyer if you choose to tap into your retirement...

Continue Reading...

Protect Your Aging Loved Ones From Undue Influence

 Following the death of a loved one, close family members are sometimes surprised to learn that they didn’t receive the inheritance they were expecting, and that the deceased instead left most of their estate to an individual they only recently met, who wasn’t even a relative. While it’s not always the case, in some situations this can mean your loved one was taken advantage of by a bad actor, who manipulated them into cutting out close family members from their plan and leaving assets to the bad actor instead.

This is called "undue influence," and it’s not only unethical, it’s illegal and considered a form of elder abuse. Given the growing number of seniors, the prevalence of diminished capacity associated with aging, and the concentration of wealth among elderly Baby Boomers, we’re likely to see a serious surge in the number of cases involving undue influence in the coming years.

Undue influence can have a disastrous effect on your...

Continue Reading...

5 Best Practices to Ensure Liability Protection From Your LLC

Uncategorized Sep 21, 2022
 

Many business owners structure their business as a limited liability company (LLC) because like corporations, LLCs offer personal liability protection for their owners. But unlike corporations, LLCs are not required to adhere to many of the same burdensome corporate formalities required of corporations.

Since LLCs offer the liability protection of a corporation, without all of the administrative hassles, this entity might seem like the best of both worlds—and in many ways, it can be. But things aren’t nearly as cut and dry as they might seem when it comes to abiding by an LLC’s administrative formalities.

Although the administrative requirements for an LLC are far less complex than those for a corporation, you’ll still need to abide by some operational guidelines if you want to maintain your personal liability protection. If you fail to adhere to these formalities, a court could remove the protective barrier shielding your personal assets, known as ...

Continue Reading...

President Biden's Student Debt Relief Plan Explained With FAQS

Uncategorized Sep 21, 2022

This August, President Biden, Vice President Harris, and the U.S. Department of Education (DOE) announced a three-part plan to help low and middle-income families deal with the increasingly burdensome cost of paying for college, while also making the student loan system more efficient and easier for borrowers to manage. The most dramatic part of the plan includes the cancellation of up to $20,000 in student loan debt, which would benefit an estimated 43 million borrowers, and completely cancel the debt for 20 million.

HOW WE GOT HERE

Since 1980, the cost of both public and private colleges has nearly tripled, yet federal assistance hasn’t kept pace with the increased expense. Indeed, Pell Grants once covered roughly 80% of the cost of a four-year public college degree, but today they cover just one third. This has forced many students to rely on student loans, and today’s typical undergraduate student leaves college with nearly $25,000 in debt, according to the DOE....

Continue Reading...
1 2 3 4 5 6 7 8 9 10
Close

50% Complete

Two Step

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.