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Wealthy Kids Unappreciative? You’re Not Alone While this isn’t true in all wealthy families, the hard work that it took to achieve financial success is not always appreciated or valued by children or grandchildren. Can that be changed? In 2007, the Boston College Center on Wealth and Philanthropy embarked on... Continue reading
Posted Sep 7, 2018 at Oklahoma City Estate & Tax Planning
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Can a Non-Citizen Spouse Have an Estate Plan? In today’s global world, it’s not unusual to have a spouse who is a citizen of another country. If that is your situation, there are some estate planning rules that are different. Basic estate planning is an important thing for any family... Continue reading
Posted Sep 6, 2018 at Oklahoma City Estate & Tax Planning
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Advance Planning for Diminished Capacity We all know someone who was smart and capable and then, maybe as a result of dementia or an accident, became incapacitated. It’s a frightening thing to consider, but advance planning can help you and your loved ones. The good news is that we are... Continue reading
Posted Sep 5, 2018 at Oklahoma City Estate & Tax Planning
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How Medical Expenses Impact Retirement When planning retirement expenses, couples need to take an honest look at their expected health expenses during their later years. Even if one person is healthy and the other has chronic illnesses, the costs will impact both. Just because one is well and healthy at... Continue reading
Posted Sep 4, 2018 at Oklahoma City Estate & Tax Planning
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New Scams for Seniors: Be Warned! People think they are doing the right thing by planning for the future, and they are—but you have to be careful who you let handle assets. Many new scams are focused on estate planning for seniors. Scammers prey on the elderly, giving them deliberately... Continue reading
Posted Sep 3, 2018 at Oklahoma City Estate & Tax Planning
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Siblings Say Celebrity Chef DiSpirito’s Draining their Grandmother’s Estate He might be great in the kitchen, but Rocco DeSpirito’s own brother and sister say he’s draining their grandmother’s estate and pocketing the cash. Grandmother Nicolina DiSpirito may have become famous making hundreds of meatballs on her son Rocco’s television show... Continue reading
Posted Aug 24, 2018 at Oklahoma City Estate & Tax Planning
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Just in Case Happily Ever After Isn’t, You Need a Prenup Most people go into marriages thinking they will be forever. However, the hard truth is, about half of American marriages end in divorce. With those odds, your best bet is to have a pre-nuptial agreement. A prenuptial agreement may... Continue reading
Posted Aug 23, 2018 at Oklahoma City Estate & Tax Planning
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Timing Inheritance for Their Own Good Having an estate plan forces you to ask many important questions, and one of them is when the right time is for your children to have access to their inheritance. The answer is different for every family. You know your kids best—the one who... Continue reading
Posted Aug 22, 2018 at Oklahoma City Estate & Tax Planning
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Understanding the Difference Between Alzheimer’s and Dementia While Alzheimer’s is the most common form of dementia, accounting for an estimated 60-70% of all cases, there are other types of dementia. High blood pressure causes the second most common form, vascular dementia. The words “dementia” and “Alzheimer’s disease” are often used... Continue reading
Posted Aug 21, 2018 at Oklahoma City Estate & Tax Planning
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How Married Women Can Prepare for Being on Their Own It’s easy to become complacent about household finances, if your spouse handles everything. That’s why it’s so important for both partners to be involved with bills, investments and estate planning. Women who struggle the most with adjusting to being widowed... Continue reading
Posted Aug 20, 2018 at Oklahoma City Estate & Tax Planning
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Robin Williams’ Artwork, Memorabilia and More Set for October Auction A portion of the proceeds from auction of Williams and his former wife’s collection will benefit a number of causes that were important to them. Everything from personal items, like watches, bicycles and his Hollywood Walk of Fame award to... Continue reading
Posted Aug 17, 2018 at Oklahoma City Estate & Tax Planning
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After College and Before Their First Apartment: A Time to Enjoy Your Almost-Grown Kids You sent them off to kindergarten, then to college. Now they’re back home, but before long they will start their first job and start looking for their own place. Use this time wisely. The number of... Continue reading
Posted Aug 16, 2018 at Oklahoma City Estate & Tax Planning
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Would a Joint Bank Account Work for You and Your Parents? After a few months of buying Mom and Dad’s groceries and transferring money between accounts, it seems like it would be easier just to create a joint checking account. Not so fast! Like any other financial move that seems... Continue reading
Posted Aug 15, 2018 at Oklahoma City Estate & Tax Planning
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What Should You Do When the Diagnosis is Just Plain Bad? There’s no way to be prepared for a bad diagnosis, but when it happens, you still need to take care of the financial and legal aspects of your life. Once the initial shock of a bad diagnosis has passed,... Continue reading
Posted Aug 14, 2018 at Oklahoma City Estate & Tax Planning
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Richard Harrison of “Pawn Stars” Demonstrates the Correct Way to Disinherit A Child You might not have expected a lesson in estate planning from this family of reality stars, but Mr. Harris made a decision and it was carried out correctly. If you watched the “Pawn Stars” show, you know... Continue reading
Posted Aug 13, 2018 at Oklahoma City Estate & Tax Planning
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What Happens When the Beneficiary Doesn’t Want a Payout There should always be a contingent beneficiary on a life insurance policy. There are times when someone simply does not want the proceeds from a life insurance policy. It sounds like an unlikely scenario: someone gets a call that an uncle... Continue reading
Posted Jul 26, 2018 at Oklahoma City Estate & Tax Planning
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A Collaborative Approach from Wise County, Virginia, Against Elder Abuse A new emphasis on seeking justice for victims is being put into action in southwestern Virginia, where law enforcement is drawing parallels between elder abuse and child abuse. One in ten Americans over age 60 has been subject to some... Continue reading
Posted Jul 25, 2018 at Oklahoma City Estate & Tax Planning
Why is the Queen Smiling? Maybe Because Meghan Markle Signed a Prenup With a prenup in place to protect Prince Harry’s $500 million fortune, Queen Elizabeth’s demand was granted, with no hesitation. Maybe that’s why she has been able to relax and enjoy her new granddaughter. Millions watched with delight,... Continue reading
Posted Jul 24, 2018 at Oklahoma City Estate & Tax Planning
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Estate Planning for Federal Employees Estate planning is not just for wealthy people. In fact, it’s even more important for those who are not rich, but want to prepare for their family’s future. Estate planning could be difference between a person getting the end of life care you want or... Continue reading
Posted Jul 23, 2018 at Oklahoma City Estate & Tax Planning
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Late to the Retirement Party? You Can Still Catch Up It will take discipline and serious belt-tightening, but if you haven’t saved for retirement, you can still recover. More than 30% of workers in America ages 45-54 report having saved less than $25,000 for retirement, according to the Employee Benefit... Continue reading
Posted Jul 20, 2018 at Oklahoma City Estate & Tax Planning
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The Challenge—and Benefits—of Long Term Care If long-term care insurance seems expensive, do the math and figure out how much it would cost, if you do not have long-term care insurance. It won’t look so expensive. Boomers are concerned about rising premiums, but the longer you live, the more likely... Continue reading
Posted Jul 19, 2018 at Oklahoma City Estate & Tax Planning
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Yes, You Have to Pay Taxes, But You Can Pay Less There are a number of savvy strategies to minimize your tax liability, but some are better known than others. Here are two more to add to your tax toolbox. A Spousal IRA and a Backdoor Roth IRA Contribution are... Continue reading
Posted Jul 18, 2018 at Oklahoma City Estate & Tax Planning
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Executing a Durable Power of Attorney Requires Witnesses—How Many? Make sure that your legal documents are executed properly. This is a critical and last step for completing an estate plan. Don’t neglect this last detail. First, let’s define what a durable power of attorney is and what it does. The... Continue reading
Posted Jul 17, 2018 at Oklahoma City Estate & Tax Planning
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Here’s an Unexpected Way to Improve the Quality of Your Retirement A new study reveals a surprising approach that is based on serious statistical analysis. This doesn’t seem possible, but the source is impressive, and the concept warrants a closer look. Imagine that you have a choice of how to... Continue reading
Posted Jul 13, 2018 at Oklahoma City Estate & Tax Planning
Restraining Order Issued Against Marvel Comic’s Genius Stan Lee According to his former attorney, after Stan Lee’s wife died, a long-time caregiver started taking over his life. Sky News reports that Stan Lee’s former attorney filed a petition for a restraining order, because caregiver Keya Morgan is “unduly influencing Mr.... Continue reading
Posted Jul 13, 2018 at Oklahoma City Estate & Tax Planning