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Legacy Counsellors, P.C.
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Boldface names like Aretha and Prince make the news, when they die without a will. However, for the average family, someone dying without a will is no headline. It’s an expensive and stressful mess, and sometimes, can tear families apart. What happens when someone dies without a will is usually,... Continue reading
Posted 2 days ago at Legacy Counsellors, P.C.
The general idea of planning for your own death isn’t an easy thing to do. However, you should think of it as a parting gift to those you love, giving them an opportunity to gain real insight into who you are, what life has meant to you and how you... Continue reading
Posted 5 days ago at Legacy Counsellors, P.C.
The surest way to make sure the wealth you’ve created never makes it past the next generation, is to keep it a secret, or fail to convey values of service and philanthropy to your children and grandchildren. Creating wealth is one thing. Building a legacy that includes transferring wealth across... Continue reading
Posted Oct 10, 2018 at Legacy Counsellors, P.C.
Start by making a list of pros and cons. Will you sell to a family member? Sell to a key employee? Or just close the whole thing down? There are many different ways to go when it’s time to sell the family business, says the Philadelphia Business Journal’s recent article,... Continue reading
Posted Oct 4, 2018 at Legacy Counsellors, P.C.
You hate the idea of dying. We do too. However, we bet what you hate even more is the idea of your husband’s ex-wife inheriting millions in insurance proceeds, because he never updated his beneficiary designations. Documents that were never updated, beneficiary designations that haven’t been changed in decades and... Continue reading
Posted Oct 2, 2018 at Legacy Counsellors, P.C.
Unmarried, with no children, you still need to have a will. Think of it as a way to make your parents proud of you—and spare them the further pain of what happens, when no will is in place. It’s not surprising to learn that a recent survey from revealed... Continue reading
Posted Sep 26, 2018 at Legacy Counsellors, P.C.
Most of us will need some kind of long-term care during our lives. Accepting this as a possibility and planning for the expense, is a wise way to protect your retirement. It may be impossible to know when you’ll need long-term care, but chances are good that you will. Think... Continue reading
Posted Sep 24, 2018 at Legacy Counsellors, P.C.
Bold face names seem to attract estate problems, especially when there’s a lot of money involved. Many of these issues surround incapacity, providing why a Power of Attorney is so important. Not having a will, like Prince or Aretha Franklin, creates one set of problems for the children of unmarried... Continue reading
Posted Sep 20, 2018 at Legacy Counsellors, P.C.
If the first thing parents learned about estate planning, was that it is a way to protect their children from being raised by their rebellious brother, chances are good that every parent would rush to have their estate plan done. Most of us understand that an estate plan is to... Continue reading
Posted Sep 18, 2018 at Legacy Counsellors, P.C.
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 age 65 does not necessarily... Continue reading
Posted Sep 13, 2018 at Legacy Counsellors, P.C.
By now, the dorms are filled, and a new fall semester is underway. However, you can still take care of these often-overlooked details for your college student. If you were so busy focusing on the logistics of getting your student off to college, that you didn’t have time to get... Continue reading
Posted Sep 12, 2018 at Legacy Counsellors, P.C.
We like to think money doesn’t matter when it comes to the ones we love, but if an elderly parent should need skilled nursing care and has no resources, the family will need to know what’s coming next. At some point, families have to face the grim reality that they... Continue reading
Posted Sep 11, 2018 at Legacy Counsellors, P.C.
Free from workplace obligations, where you live in retirement starts as a wide-open choice. However, once you define your family’s needs, the answers will become clearer. There’s no one right answer, when it comes to the question posed in Forbes’ recent article, “Where Will You Live In Retirement?” You’ll need... Continue reading
Posted Aug 31, 2018 at Legacy Counsellors, P.C.
How the cash value of a life insurance policy grows, depends upon what policy you own, its provisions and the life insurance company itself. Known as permanent life insurance, also called cash-value life insurance, has a cash value that grows over time, as well as a death benefit. Other insurance... Continue reading
Posted Aug 29, 2018 at Legacy Counsellors, P.C.
Creating an estate plan when heirs are minors, requires a special touch. You can leave your asset to whomever you want, of course, but some properties cannot legally be owned by minors. There are special structures and rules to convey assets to minors, but they have to be carefully followed.... Continue reading
Posted Aug 27, 2018 at Legacy Counsellors, P.C.
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 be the first legal document an engaged couple signs, even before... Continue reading
Posted Aug 23, 2018 at Legacy Counsellors, P.C.
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 turns a dollar into ten bucks... Continue reading
Posted Aug 21, 2018 at Legacy Counsellors, P.C.
As discussed in Parts I and II of our series on underutilized wealth, underutilized assets should almost always be transferred to the next generation. Here is some more information on recognizing and managing underutilized wealth. Inheritances That Will Not Be Utilized: We sometimes encounter sudden heirs who have planned for... Continue reading
Posted Aug 17, 2018 at Legacy Counsellors, P.C.
The key to recognizing underutilized wealth is to look at the entire family and all five elements of family wealth. In his 2007 book, Family: The Compact Among Generations, James E. Hughes lists the following five elements of a family’s wealth: human capital, intellectual capital, emotional capital, spiritual capital, and... Continue reading
Posted Aug 15, 2018 at Legacy Counsellors, P.C.
Regardless of the size of a client's estate, recognizing underutilized wealth is the first and most fundamental tool of preserving family wealth. Whether we are doing tax planning or long-term care planning, underutilized assets should almost always be transferred to the next generation. The following are reliable ways of recognizing... Continue reading
Posted Aug 13, 2018 at Legacy Counsellors, P.C.
You don’t need to be wealthy to create a financial disaster for your family. Not having a will or other estate planning documents, could wreak havoc on their budgets and make their lives stressful. It’s true—planning a summer vacation is far more fun that facing your own mortality and deciding... Continue reading
Posted Aug 9, 2018 at Legacy Counsellors, P.C.
Today’s complex and uncertain world makes the management and preservation of tangible assets more challenging than in the past. In the next few decades, the largest wealth transfer between generations in recent history will take place. This makes legacy planning more important than ever. It also presents an opportunity: the... Continue reading
Posted Aug 6, 2018 at Legacy Counsellors, P.C.
It won’t matter what your will says about any accounts or assets that have a designated beneficiary. The named beneficiary will receive the asset on your death. What happens if you don’t spend all of the money in your 401(k) plan, before you pass away? Your retirement savings will go... Continue reading
Posted Aug 1, 2018 at Legacy Counsellors, P.C.
If you chose not to have a will or create a will without the help of an experienced estate planning attorney, and your will is found to be invalid, you’ll be leaving an expensive mess for heirs. With no will or a will that is found to be invalid, the... Continue reading
Posted Jul 30, 2018 at Legacy Counsellors, P.C.
Many investors have tools for investing, retirement calculators and charts and spreadsheets as they track their portfolio, but that’s not a retirement plan, notes Kiplinger in a recent article, “Is Your Retirement Plan Completely Backward?” You want a roadmap more than a calculator. Goals. You may want to retire at... Continue reading
Posted Jul 26, 2018 at Legacy Counsellors, P.C.