As our society ages, you may find yourself making challenging end-of-life decisions for loved ones sooner than you imagined. And when that time arrives, you'll quickly realize the path is anything but simple. Read more.
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Memorial Day offers a chance to contemplate mortality, remembrance, and legacy. But what exactly is a legacy, and how does it relate to you? Read more.
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If you have a current estate plan, I'll bet you plan to leave your assets to your children outright and unprotected by age 35 or maybe a little later. Go take a look at your estate plan, and see what it does right now. And, if you don’t have an estate plan and you have kids or other people you care about, contact us today and let’s get that handled for you.
If you do have a plan and it distributes your assets outright to your kids -- even in stages, over time, some at 25, then half of what’s left at 30, and balance at 35 (or something along those lines), you’ve overlooked d an incredibly valuable gift you can give your children (and the rest of your descendants for generations); a gift that only you can give them. And a gift that, once you’ve died and left them their inheritance outright, is lost and cannot be reclaimed.
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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.
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As you’ve surely heard by now, we’re in the midst of great economic shifts. The collapse of the crypto market, the stock market's roller-coaster, rising interest rates, dropping home values, and inflation through the roof are 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.
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What are you thankful for this year?
I love Thanksgiving. It’s generally low-key, full of good food, and amazing company. It is also an opportunity to pause and consider what you are really thankful for.
Included in most folks’ “top 5 things I am thankful for” list is. . . . family. As it should be, right? Family brings us all the feels - like laughs, joys, tears, frustration, and a sense of belonging. Family is the one thing that we all protect, good or bad. This is why now is the time to create a plan for those that you love in the event that the unexpected occurs.
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The pandemic has caused Americans to change their behavior in a number of different ways, and one of the most positive of these changes is related to estate planning. For the first time since the study’s inception, Caring.com’s 2021 Wills and Estate Planning Study found that young adults are now more likely to have an estate plan than middle-aged adults.
Specifically, the study found that in 2020 only 16% of Americans aged 18 to 34 reported having a will or another estate planning document, but in 2021, that percentage rose by 10 points to 26%—a 63% increase in just one year. Conversely, the 2021 study found that the number of 35 to 54 year-olds with an estate plan actually decreased from 27% in 2020 to 22% in 2021.
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This holiday season, let’s not forget what the holidays are truly about. Act with intention, create traditions, empower children and future generations to be their most amazing selves and achieve their own successes.
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It’s not how many things you’ve accomplished or the goals that you’ve reached in life. It’s the process that you took to get there.
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