Preserving family wealth between generations requires proper estate planning. However, that may not be enough. It is also important to make sure that younger generations know what to do with the wealth.
Throughout its history, the U.S. has had many extremely wealthy citizens. Some of those citizens left vast sums to their heirs and some of those families are still wealthy and known today.
However, for a country that has had so many wealthy citizens, the U.S. seemingly has very few lasting dynasties.
We rarely hear about the descendants of wealthy people who do not have any of that wealth...
President Trump signed tax cuts into law recently. Researchers are finding minor changes that people were unaware of before the bill was passed.
One of the consequences of recent tax reform, was that it did not give people very much time to anticipate all of the changes to the tax code before the bill was voted on, passed and signed into law. The massive bill was amended repeatedly in the last few days. As a result, very few people had the opportunity to read and comment on it.
While most of the big ticket items in the bill were known...
Getting long-term care insurance for future nursing home expenses can be exceedingly difficult and expensive. A recent announcement by GE helps to explain why.
Nursing home costs continue to increase, as more and more people need the facilities for longer and longer periods of time. This is the result of an aging population with increasing lifespans and medical science’s ability to keep elderly people alive longer, even when they are very ill.
People do not have many options to pay for their nursing home care. The government will pay for it, if all other assets of the patient have been...
If you have recently gotten a divorce, you most likely do not want your ex-spouse to inherit your property. Without good estate planning, the ex-spouse might still get control of the property, if you have minor children together.
Immediately after getting a divorce, most people are sick of dealing with attorneys. The last thing most of them want to do is to voluntarily have more meetings with attorneys to make changes to their estate plans.
However, it may be vital that they do so.
Getting a divorce is a significant event that should cause everyone to revisit their estate plans...
It is important to make plans for what will happen to your pets after you pass away.
For many Americans pets are an essential and important part of their lives and families. Some pets today are treated as well as if not better than the humans in the family.
People will go to great lengths to make sure their pets have the best food and health care. There are even day spas for pets in many places.
However, as much as people care for their pets during their lives, most fail to think about and plan for what will happen...