Small Business Statistics in the United States
If you’re planning to pass a small business on to your children, you cannot understate how important it is to have a good succession plan. It’s about more than just you or your heirs. It’s also about the employees and the economy as a whole. You could make the argument that nothing is more important
What Can You Do With Your Estate If You Don’t Have Children
For most people, estate planning just means leaving their assets to their children. When deciding who should make medical decisions for them and who should handle their financial affairs at the end of their lives, they also pick children. But what if you do not have any children? That makes these de
Who Are the Most Popular Guardians for Children?
To make sure someone will take care of their children if they pass away, parents often pick guardians. They can do this as part of the estate planning process. The guardians only apply until the children are no longer minors, in most cases. If you’re thinking about doing this yourself, you may be mu
The Assistance Your Special Needs Heir Requires May Depend on Age
When doing estate planning with an heir who has special needs, you really need to take the time to carefully consider what can be most helpful to them when you are gone. Careful advance planning is the key. If you do it correctly, your assets can change their life, but you have to remember that this
Are You a New Parent? Take These 5 Estate Planning Steps
As a new parent, your days are filled with changing diapers, making runs to the grocery store and finding time to catch up on your sleep. In between all of this, it’s critical to review your estate plan with the idea of making changes for the better. If you don’t yet have an estate plan, creating a
You May Save If You Wait Until After Death to Sell Your House
Looking to save on taxes on your estate? One option you may want to consider is selling your second home after you pass away. Real estate that you do not use as a primary residence likely is not exempt from the capital gains taxes . So, if you bought that house 20 years ago and the value has tripled
Do Wealthy People Live Longer?
With the cost of healthcare and long-term care in the United States, it may be natural to assume that wealthy individuals live longer than those with less access to financial means. But is this assumption true? Studies have shown that it is. Some early studies indicated that there was a fairly wide
How Can You Plan to Make Your Business Last?
While thinking about business succession planning, you have probably come across some rather daunting statistics. For instance, a massive 70% of family businesses do not make it to the next generation. About 88% fail by the third and 97% fail by the fourth. Obviously, your goal is to stay out of the
The Reality of How Many People Do Estate Planning
When you think about how many people do their estate planning, it’s easy to assume that every adult must have some sort of plan. After all, everyone has assets, even if some people have more than others. Many people have children. And, above all else, all people are going to pass away at some point.
Why Divorced Women With Children May Want to Make a Trust
As a newly divorced mother, you probably have a lot on your mind. For example, you have to figure out how to provide everything your children need on just the income you currently have and the child support you receive. Many divorced parents only realize after the end of their marriage that child su