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Legacy Counsellors, P.C.
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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 yesterday 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 3 days ago 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 5 days ago 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.
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 being resuscitated against their wishes... Continue reading
Posted Jul 23, 2018 at Legacy Counsellors, P.C.
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 that you will need long-term care... Continue reading
Posted Jul 19, 2018 at Legacy Counsellors, P.C.
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 two additional ways that Investopedia recommends as ways to reduce your... Continue reading
Posted Jul 17, 2018 at Legacy Counsellors, P.C.
In the past, wealth advisors had client assets move to a conservative position, once they retired. Retirement could now last several decades, and investment planning has shifted as well. Longer lifespans mean that financial planning has had to change. As recently as one generation ago, advisors considered retired people in... Continue reading
Posted Jul 11, 2018 at Legacy Counsellors, P.C.
Unless you want your spouse or your kids to make a lot of very difficult decisions during a difficult time, you should have a living will in place. A living will provides instructions about how you want to be cared for at the end of your life. It allows you... Continue reading
Posted Jul 9, 2018 at Legacy Counsellors, P.C.
You’d be surprised at the things that people do wrong with their estate plans. Improperly prepared documents can result in beloved children being left out of estates, tax bills that take a huge bite out of inheritances and fractured families. Some of these are pretty obvious and some are somewhat... Continue reading
Posted Jul 6, 2018 at Legacy Counsellors, P.C.
Unless you have been an executor for a loved one in the past, you are probably not thinking about a “to-do” list of things that must be done shortly after someone dies. This is a useful list, and one you may want to keep on hand. Once the initial shock... Continue reading
Posted Jul 5, 2018 at Legacy Counsellors, P.C.
“Saving for retirement is daunting. We know we should do it, we want to do it, but it can feel overwhelming figuring out where to start—especially if you’re a struggling millennial.” When couples start planning a future together, that’s when it’s time to think about long-term plans, long after the... Continue reading
Posted Jul 4, 2018 at Legacy Counsellors, P.C.
With the average age of farmers and ranchers across the United States around 60 years old, the ag world is looking carefully at succession and aging issues. It is estimated that as many as 10 million acres of farmland will change hands in the next two decades. The future of... Continue reading
Posted Jul 3, 2018 at Legacy Counsellors, P.C.
There are certain tasks that require the specialized knowledge of a professional. An experienced elder law or estate planning attorney will protect your family and is well worth the investment. Estate planning and elder law attorneys often receive phone calls from people whose parents decided to write their own wills... Continue reading
Posted Jun 28, 2018 at Legacy Counsellors, P.C.
As much as people want a set formula or equation, there is no one single answer. The key: look at the bigger retirement picture and be fully informed before making a decision. There’s a refreshingly realistic approach in Kiplinger’s recent article, “The Biggest Social Security Mistake You Can Make,” which... Continue reading
Posted Jun 27, 2018 at Legacy Counsellors, P.C.
Your attempts to discuss estate planning with your aging parents failed and now both parents have passed away. There’s a big mess to sort out. What should you do now? The first thing you’ll need to do is launch an exhaustive search for a will, says Wealth Advisor’s article, “Your... Continue reading
Posted Jun 26, 2018 at Legacy Counsellors, P.C.
Having a college or advanced degree provides advantages in the workplace and a big boost, when it comes to retirement finances as well. A prosperous retirement doesn’t always follow a prosperous work life, but let’s face it, it doesn’t hurt! Even if you haven’t had a lifetime of high income,... Continue reading
Posted Jun 25, 2018 at Legacy Counsellors, P.C.
Most Americans expect to keep working past traditional retirement age, according to a recent study. According to a recent article from Think Advisor, “1 in 3 Americans Have Less Than $5,000 in Retirement Savings,” almost eight in ten Americans are “extremely” or “somewhat” concerned about being able to enjoy a... Continue reading
Posted Jun 22, 2018 at Legacy Counsellors, P.C.
For those who are inexperienced with handling large amounts of money, taking control of a trust can be daunting. Start by learning the basics about trusts, so you can feel more comfortable in this new role. Fear of the unknown is one reason why people, who have never been responsible... Continue reading
Posted Jun 20, 2018 at Legacy Counsellors, P.C.
If you’ve been asked to serve as an executor of an estate, it will be important for you to understand your responsibilities. It is both an honor to be asked to carry out your family member or friend’s final wishes, but it is also a lot of work. A useful... Continue reading
Posted Jun 19, 2018 at Legacy Counsellors, P.C.
Parents of children with special needs must plan carefully for their children’s lives, after the parents are gone. If there is an inheritance in the future, means-tested benefits could be lost, unless proper planning takes place. Parents who have devoted their lives to providing care to their children with special... Continue reading
Posted Jun 18, 2018 at Legacy Counsellors, P.C.