When you are planning your estate, you may decide that you would like to provide educational opportunities for younger members of the family. This can be the greatest gift of all because you are giving them the ability to achieve their full potential as human beings. 529 Savings Plans A 529 savings plan is the ideal approach for many people. The structure is similar to the Roth individual retirement account. You contribute into the account after you have paid taxes on the income. The growth … [Read more...] about An Overview of 529 Plans
Individuals who make the sacrifices necessary to serve their country in the armed forces are entitled to certain benefits for their service. When you are creating a comprehensive long-term plan for the future these military benefits can be of great assistance, and we would like to take look at a couple of them here. There is a particular benefit that a lot of people are not aware of that can help to defray the cost of long-term care should you need such assistance at some point in time. The … [Read more...] about Long Term Planning Aided By Military Benefits
When you think about the prospect of two people getting married a certain mental image may coalesce in your mind's eye. There they are, a pair of fresh-faced, childless young adults who are madly in love and looking radiant as they exit the ceremony as man and wife with moist-eyed relatives look on approvingly. Under the circumstances above the idea that the couple entered into the union with a premarital agreement in place can seem less than romantic. Though this can be debated depending on … [Read more...] about Marital Agreements Can Play Role In Legacy Planning
Your legacy is the influence that you will be leaving behind after you pass away. Clearly, you may have had an effect that is intangible, and this type of legacy is very important and meaningful. However, there is also such a thing as a financial legacy. It is important to plan ahead for the well-being of your loved ones and perhaps generations that have yet to be born if you are in possession of a considerable amount of wealth. One of the primary reasons why you must think things through quite … [Read more...] about What Is Legacy Wealth Planning in Connecticut?
Leaving money behind to the people that you love can be a satisfying thing, but many individuals have concerns about it as well. There is such a thing as being spoiled and getting too much too soon and this can have a negative impact on a person in a number of different ways. So, when you are planning your estate you may want to take steps that guide your younger family members toward a fruitful path, one that leads to the realization of their own full potential. And in fact, you can do this … [Read more...] about Providing College Tuition Brings Dual Rewards
For serious individuals estate planning is not just a matter of drawing up a basic last will. A lot of people who see the big picture want to craft a lasting legacy and do everything possible to provide for their loved ones while making a mark that can extend to the community at large. Some people are very interested in philanthropic efforts, and these and others may be intent on providing resources for multiple generations. This type of comprehensive planning is going to require expert legal … [Read more...] about Legacy Crafting: Legal Assistance Is Invaluable
When you are looking ahead toward the future you may start to think about your legacy. Indeed, there are a number of ways that you can proactively endeavor to have an influence even after you are gone. Charitable Giving One of the steps that you can take to preserve your legacy would be to set aside resources for the benefit of charitable causes. You probably have seen hospital wings, libraries and sections of libraries, university buildings, and even little league fields that are named after … [Read more...] about What Steps Can I Take to Preserve My Legacy?
The federal estate tax stands between your loved ones and their inheritances and it is something to take very seriously. There are those who are under the impression that the estate tax is only levied on the rich, but in reality many people who would not consider themselves to be wealthy are in fact exposed to the estate tax. And, it is important to understand that you may be exempt during one year and squarely in the cross hairs of the estate tax the next. To explain, right now the estate tax … [Read more...] about Use Of Trusts Can Reduce Estate Tax Liability
Many people decide that they would like to give to charitable organizations when they are contemplating their legacies. This is obviously going to provide you with a personal sense of satisfaction as you assist worthy causes that are meaningful to you. At the same time, you may also be able to realize some tax benefits by giving to charities in a measured and informed manner. Estate Taxes Charitable giving can be a good way to gain estate tax efficiency if you are exposed to the federal … [Read more...] about Is Philanthropy Part of Your Estate Plan?
It is useful to consider your legacy as you are living your life and when you are planning your estate. Yes, you can leave behind financial resources to your loved ones, and you should arrange for this in a careful and intelligent manner. However, you may also want to think about how you will be remembered. Recently the keyboard player from The Doors, Ray Manzarek, passed away. He had been suffering from cancer and he finally succumbed at the age of 74. As a musical legend Manzarek was able to … [Read more...] about Ray Manzarek’s Legacy