While the children may have fond memories of the family vacation home, they may not be able to afford it or even want it after you pass, according to the Globe and Mail in "How to keep the cottage in the family."
“Waste not, want not” is a widely held belief system for America’s baby boomer generation and the elderly. While conservation and frugality can be a beneficial strategy, in excess, this belief system can lead to dangerous hoarding behavior.
Figuring out how transferring assets via gift or inheritance will trigger capital gains taxes is an important step in a comprehensive estate plan. Factoring in tax impact is an important part of your investing strategy as well as your estate planning strategy.
Some farmers are caught between wanting to see their farm operation continue after they are gone and the fact that their children have no interest in working a farm, according to the Iowa Farmer Today in "Good fences make good neighbors."
Many entrepreneurs have complicated financial situations and may need both a CPA and an experienced estate planning attorney involved in the process of creating an estate plan. The main reason for including the CPA is that many entrepreneurs have business interests spread out over several different entities.
Asset protection planning involves strategies that protect certain types of assets from being exposed to future risks. Examples of those risks may involve divorce, creditors or lawsuits.
Wills are often dry, technical documents. However, they can be beautiful things. Wills can be beautiful, if done correctly and for the best intentions, according to Nasdaq in "A Will Can Be a Beautiful Thing."
It may be surprising that comprehensive estate planning also takes into consideration issues related to funeral and burial instructions. With the shocking costs of traditional burial arrangements, the option for cremation is thoughtfully considered during the estate planning process.
In addition to managing your own family’s finances, you may find yourself in the position of taking over for your aging parents, in-laws or other elderly relatives. This can be overwhelming, especially if there are a lot of assets to manage and several accounts to reconcile.
