What Should I Do with My Stuff?

What Should I Do with My Stuff? image

“As baby boomers age, many are planning to downsize into smaller homes. However, preparing to live in a smaller space brings up a challenge: how do you get rid of all the stuff you’ve accumulated through the years.”

Maybe you always thought one of your daughters would want the silverware that you were so proud to inherit from your own mother. However, today’s millennials are not very interested in their parent’s stuff, even when it has market value. According to The Wall Street Journal’s recent article “Baby Boomers Are Downsizing and There’s A Problem: What To Do With...

Teacher Leaves Gift for Students

Teacher Leaves Gift for Students image

A New Jersey teacher left a surprisingly large gift for students in her Will with the intent of helping to pay for college.

Genevieve Via Cava taught for years as a special education teacher in Bergen County, New Jersey. She was not a particularly well-known person outside of those she taught. However, she was apparently a very frugal person and was able to amass a small fortune by saving as much money as she could and foregoing treats for herself. A longtime friend said that Via Cava even refused to get needed hearing aids because of the expense.

Via Cava...

Reasons for Estate Planning

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There are many reasons that people get estate plans. However, those reasons fall into a few general categories.

People who do not have estate plans, often wonder why they should get one. People want to know what they and their family can get out of an estate plan. In large part, this depends on individual circumstances.

What assets a person has, how valuable those assets are and who they should go to after the person passes away, all make a big difference in answering why a person needs an estate plan. There is not a general answer that is truly...

Do You Understand Social Security?

Do You Understand Social Security? image

To get the most out of Social Security benefits, it is very important that older Americans understand how the system works, before they start to get benefits. An alarming number do not.

On the surface, Social Security is a fairly simple concept to grasp. People pay into it, while they are working. When they retire, they then get paid benefits that are based on their income, when they were working. This seems simple enough. However, what the federal government does is often not that simple.

Social Security is actually a very complex system with all sorts of different rules people...

Generation Skipping Transfer Taxes

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When creating an estate plan, it is important you keep in mind the generation-skipping transfer tax.

In part, the federal estate tax is intended to make it, so wealth does not accumulate in one family indefinitely. It may be questionable how well the idea works. However, the idea is that as property passes down from succeeding generations in a family, the government will take a cut at each generation. People have often found ways around this.

One way around it, is by arranging for the inheritance to skip generations within a family. Instead of leaving property to their children, wealthy...