Update All Beneficiaries at the Source, Not in Your Will
Do you have any financial documents with a beneficiary, e.g., a life insurance policy? Maybe you have a retirement fund with a beneficiary who is supposed to get the contents of that fund when you pass away. As you write your will, you may think it’s easy to adjust things. Just name who you want to
3 Interesting Modern Business Succession Topics
The business world is changing, and that can impact a family’s succession plan. When much of the family’s wealth is tied up in a family business, getting it right is important. Here are three crucial topics to keep in mind. Lines of succession should be clear. Sometimes, employees do not know who is
4 Estate Planning Questions to Get Started
Estate planning is something you have never addressed because you just did not know where to get started. Now you’re thinking you absolutely want to get a plan in place. What should you do first? To begin, just start by asking yourself a few basic questions . These can help you determine your specif
A Concerning Trend Shows Women Don’t Make Financial Decisions
Are you married, in an opposite-sex marriage? If so, how do you and your spouse make financial decisions? Who tends to handle the finances more often? For instance, perhaps you are a woman and you tend to let your husband make big financial decisions. Maybe he pays the bills, puts money aside for ta
Estate Planning After Getting Married Again
You got married 20 years ago, had children and got divorced. Now you’re getting married again. Is it time to think about estate planning? Do you need to create a plan or update the one you have? This is absolutely something to think about. If you don’t, experts warn that you could accidentally cut y
Staying in Your Home to Leave it to Your Children
You want your children to have your house after you pass away. However, you do not want to give it to them as a gift in advance because you plan to live there until you pass away. Likewise, you don’t want to sell it to them. So, if you just stay in the home and wait, what happens? After you pass awa
Do Employees Stay As Your Business Changes Hands?
As you prepare to move on from your business, you start thinking about your employees. Do they now face an uncertain future? Or will they stay with the company? Every situation is different, but remember that even many third-party buyers want to keep key employees , if they can. It helps the transit
The Terms of a Trust Specify How the Money Can Be Used
When creating a trust, you likely have a specific goal in mind. How the trust accomplishes that goal depends on the terms that you put in place. Those terms define how the money can be used. For instance, some people who have trusts in their name want to use them to buy homes . They may use the trus
Misconceptions about Estate Planning
Estate planning is important, but many people don’t do it. Often, the reason is that they have heard some common myths and now they hold onto popular misconceptions about the process. It derails their planning and puts their family’s financial future in jeopardy. Whether you have done your estate pl
Do You Think of Estate Planning as an Issue for Women?
When you think about estate planning, who do you think it should focus on the most? Do you think it’s for couples? Is it primarily for men? Is it a women’s issue? While all people, of all genders, do need to do their estate planning, some experts do refer to it as a serious women’s issue . Their rea