“You may delay, but time will not,” Benjamin Franklin. Everyone knows that they need an estate plan, but few of us do anything about it. In fact, according to a 2007 study, more than 55% of Americans don’t even have a simple Will. And yet, the clock is ticking for all of us. So why don’t more of us actually put together an estate plan? For some, it’s a morbid fear that by thinking about death, we’ll hasten it. For some, it’s simple procrastination. For many people, though, the problem is not … [Read more...]
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What’s Retirement Got to Do with it?
As more and more Baby Boomers retire, many wonder where they should spend their golden years. Each person’s unique facts and circumstances should inform that decision, including, without limitation, the various taxes imposed by each state. The findings in this article might surprise you. Read on to learn more. … [Read more...]
Is an Irrevocable Life Insurance Trust Right for You?
Irrevocable trusts are a common estate planning tool, and they provide valuable benefits in a variety of planning situations. For example, irrevocable trusts can be used: One of the most common irrevocable trusts is the Irrevocable Life Insurance Trust, or ILIT. You establish this trust with the purpose of holding your life insurance policy. Transferring your life insurance policy to an ILIT keeps the value of the policy out of your taxable estate at your death. You will want to … [Read more...]
The Importance of Having an Estate Plan
We all know that we should create an Estate Plan, yet so many of us procrastinate in undertaking such an important task. Creating an Estate Plan represents a simple, yet effective way to provide comfort and stability to your family upon your death by ensuring that your assets pass in the way that you want to whom you want. Unfortunately, so many encounter a tragedy or crisis before prioritizing their Estate Plan, sometimes it is too late. As headlines often remind us, even those with significant … [Read more...]
To Roth, or Not to Roth: That is the Question for Estate Planning
Congress enacted a new type of retirement savings plan, a “Roth” IRA, named after the Senator sponsoring the legislation. With a traditional IRA or 401k plan, contributions are tax deductible, earnings are tax deferred, and withdrawals are fully taxable. With a Roth IRA, contributions are not tax deductible, but earnings and withdrawals are not taxable. From an estate planning perspective, this creates a huge advantage for a Roth IRA. With a traditional IRA, you are required … [Read more...]
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