For many people, if they know about reverse mortgages at all it is probably limited to seeing them advertised on late night TV. They are not widely used or understood, and might even seem gimmicky; but given the right circumstances, they could be worth considering. Reverse mortgages are primarily designed for older homeowners who have … Continued
Many families hold philanthropy as an important family value and strive to find ways to give efficiently, perhaps accomplishing additional objectives in the process. Investors, having lived with low interest rates for many years, are starting to see signs that rates may gradually rise. That begs a question: are there unique financial planning opportunities worth … Continued
Protecting Americans from Tax Hikes Act of 2015 Signed into Law Very rarely big changes sweep the landscape of financial planning but when they do taxpayers are sometimes awarded significant benefit from the change. On December 18, 2015, the Protecting Americans from Tax Hikes (PATH) Act was signed into law. The Act does considerably more … Continued
Many couples going through divorce are opting to pursue a settlement process through mediation. Mediation can reduce the overall cost and the emotional trauma experienced in a more traditional dissolution process in which spouses are separately represented. While every situation is unique, people generally find the neutral mediator and the structured sessions typical to this … Continued
Typically, a regular IRA is not the most efficient asset to use for inter-generational transfers of wealth. If the IRA and estate are large enough, both estate and income taxes will apply. As a result, heirs can end up with only about 20% of the actual value of an IRA. However, if estate taxes are … Continued
Tragically, developing Alzheimer’s disease or another form of dementia can rob families of the joy of the golden years. According to the Alzheimer’s Association, every 67 seconds someone in the United States develops Alzheimer’s. Because on average women live longer, they are even more likely than men to develop dementia – almost two thirds of … Continued
One nice feature of the increasingly popular charitable vehicle called the donor-advised fund (DAF) is the ease with which it can be established and managed. An equally important attraction is the ability to accelerate charitable deductions into the year in which any gifts are made to the DAF, even though donors can defer any actual … Continued
When a young family adds a new member, the first few months are laden with a host of complications and new adjustments. But when the dust settles (and the baby is sleeping through the night), there are a few key areas you can address to provide financially for your family today and in the future. … Continued
As a high net worth individual with a robust balance sheet, you may find yourself the intended recipient of an inheritance and for the purposes of generosity and tax efficiency, would rather pass on to other family members. This may be especially true if you have an asset base in excess of the Federal estate … Continued
Trusts are commonly-employed structures for wealthy families. To manage estate taxes as part of an overall estate planning strategy, it is common to transfer ownership of a home from an individual to a trust. However, this well-intended strategy can have potentially disastrous outcomes by creating exposure to potential uninsured claims. In the event of a … Continued