According to figures from the US Census Bureau’s American Community Survey, the number of multigenerational households in the country has increased dramatically in recent years. In 2012, there were about 4.3 million households in the country in which more than two generations lived. That number, equivalent to about 5.6% of the population, represents a significant increase from the 2010 levels in which about 4% of American households were multigenerational homes. The number of these households … [Read more...] about Extended Family Living Continues to Rise
Estate Planning
Talking to Mom and Dad About Estate Planning – 2 Conversation Starters
Estate planning is, for many people, as pleasant a prospect as washing with a sandpaper sponge. While the natural hesitation when it comes to estate planning is understandable, it can often be a source of stress, especially for adult children of elderly parents. If your parents haven’t begun estate planning, or you believe they need to do more, there are several questions you may want to ask them or issues you may want to talk about to help further their efforts. When did you update your … [Read more...] about Talking to Mom and Dad About Estate Planning – 2 Conversation Starters
Have You Overlooked These Estate Planning Issues?
Creating and drafting an estate plan is not the easiest thing to do. There are, after all, a great number of things with which one must be concerned, and it’s quite easy to overlook some issues. Most often these issues are overlooked because they either do not address the tax code or they do address the tax code; either way, take a look at this list and see if you have overlooked some of these issues: The Estate Tax Don’t jump to the conclusion that your estate won’t qualify for the estate … [Read more...] about Have You Overlooked These Estate Planning Issues?
Wealthy Parents Intend to Avoid It, but Rich Kids are Spoiled
A survey by PNC Wealth Management had some interesting results about how wealthy parents feel about the creation and maintenance of wealth when it comes to their own children, and those results may not be what you would expect. Of the millionaires that were surveyed, 75-percent had grown up in a more middle-class, financially average family, whereas the percentage who grew up in a rich family or a poor family was 12-percent for each; in other words, 87-percent had to work their way to … [Read more...] about Wealthy Parents Intend to Avoid It, but Rich Kids are Spoiled
What The Fiscal Cliff Agreement Does to Your Estate Plan
Even though the next big political conflict is probably just around the corner, Congress and the President managed to reach a deal over the fiscal cliff that has significant implications for anyone with an estate plan. Though you should speak to your attorney about the specific points of the deal and how they might affect you, here are some of the big highlights. Your children get $10.5 million tax-free. Under the terms of the agreement the estate and gift tax provisions imposed by the federal … [Read more...] about What The Fiscal Cliff Agreement Does to Your Estate Plan
Estate Planning and the Importance of Creating Succession Plans for Your Family Business
After working all of your life to create and expand your family business, it is unlikely that you are willing to relinquish control easily, or allow it to fail after you die. Nevertheless, there will come a time when you will need to relinquish control to the next generation. Before this happens, you will need to make the decision about whether you want your business to continue on after your death. If you do not wish it to continue, then you can stop reading; if you would like it to continue to … [Read more...] about Estate Planning and the Importance of Creating Succession Plans for Your Family Business
The ICE Card: What It Is, and How to Make It
While you know that emergencies happen, you probably don’t think they will ever happen to you. In that respect, you are exactly like everyone else. Unfortunately, there may come a time in your life when you are involved in an emergency and your lack of preparedness could come back to hurt you. Because of this possibility, it’s important that you create an ICE card as soon as possible. What is an ICE card? An ICE card stands for “in case of emergency.” The card contains important information … [Read more...] about The ICE Card: What It Is, and How to Make It
How to Maintain Your Independence as a Senior Citizen
Unfortunately, as we get older our ability to remain independent is often called into question. Sometimes such questioning is justified because of the effects of diseases like Alzheimer’s or dementia, and sometimes it is simply called into question because we are older. If you would like to remain independent for as long as possible, the following steps may be of use: STEP 1: Stay physically and mentally active Study after study has shown that as we get older we become much more likely to just … [Read more...] about How to Maintain Your Independence as a Senior Citizen
Retiring? Single? You Need to Think About Estate Planning Right Now
If you are nearing retirement age and are a single person, you face a range of issues that a lot of married people don’t have to deal with, or do not have to worry about as much. For single people, it’s just as important to develop a complete estate plan as it is to have a good retirement plan ready for when you stop working. Here’s why. Living Arrangements Almost everyone will need some kind of help as they grow older, but for single people, finding the appropriate help at the appropriate … [Read more...] about Retiring? Single? You Need to Think About Estate Planning Right Now
Be Careful With DIY Powers of Attorney
A good power of attorney is essential to most estate plans. In fact, good estate plans usually include at least two, and possibly more depending on your situation. Unfortunately, a lot of people who know what powers of attorney are and why they’re important may choose to use do-it-yourself guides to create their own documents. This may be less expensive in the short term, but the potential problems that can arise from do-it-yourself powers of attorney are significant. Here are a couple of … [Read more...] about Be Careful With DIY Powers of Attorney
