Year-End Gifting for 2024: Some Important Considerations
As this is written, football season is getting underway and for much of the country, summer heat is starting to give way to more pleasant temperatures. We’re wrapping up the third quarter of 2024 and about to enter the busy fall and winter holiday season. As we look toward the winding down of 2024, it’s […]
Having “the Talk”: Communicating with the Kids about Your Estate Plan
Not too long ago, we shared many of the following thoughts with clients in a newsletter. But the topic of responsibly handling and communicating your estate plan is one that never goes out of style, and we thought it would be helpful to underline many of these important ideas here, on our blog. The fact […]
“My Deceased Husband Owned a Business: What Do I Do?”
Grieving the loss of a spouse is perhaps the most difficult crucible anyone can endure. The fog of grief can make it seem impossible to take even the simplest action; it’s as if the whole world has been turned upside down. For someone whose spouse was a business owner, however, it can be even harder. […]
The FAFSA Is New for 2024–25: A Summary of the Changes
If you’ve ever had a child who applied for college or even technical training, you’ve probably dealt with the FAFSA—the Free Application for Federal Student Aid. Parents with students within a year or two of college enrollment must fill out the application and provide the required family financial data so that they can be considered […]
529 Plans and SECURE 2.0: Now Even Better
In 1996, Congress authorized 529 education savings plans, named for the section of the Internal Revenue Code governing them. Since that time, parents and grandparents have been using 529 education savings plans to help fund college for children and grandchildren. By depositing funds in these state-sponsored accounts, owners can provide funding that grows on a […]
Walking the Talk: More Financial Lessons I Learned from My Mom
In my book, Mom Was Right: Family Tragedy to Financial Freedom—How a Widowed Mother of Seven Retired Debt-Free, I tell the story of how a hard-working, determined single mom was able to maintain financial independence and even build a debt-free retirement while simultaneously raising seven children. One of those seven kids was yours truly, and […]
Passing It On: Tax-Smart Gifting Strategies for Grandparents
Any grandparent can tell you: it’s pretty hard to say “no” to a request from your grandkids. Whether it’s staying up late on a weekend sleepover or making one more trip to the toy store, grandparents are just naturally inclined to let the youngsters have what they want—within reason. After all, it is well known […]
Adulthood Isn’t for Kids: Remembering the “Spiderman” Rule for Finances
It’s a movie scene that has become a meme: Peter Parker’s Uncle Ben, not realizing that his nephew is struggling with making the transition into superhero-hood, is worried about some unexplained changes in Peter’s behavior. He looks into the young man’s eyes and says, “With great power there must also come great responsibility.” The proverb […]
Do You Need a Trust? The Answer Might Surprise You
It is likely that many who read the title to this article almost immediately had thoughts like these: “Why would I need a trust? I don’t have that much money!” Or, “I’ve got a will in place, and my estate isn’t that complex. Besides, establishing a trust is probably too expensive.” The fact is, however, […]
Understanding Your Digital Estate (Yes, You Have One)
It’s easy to imagine someone reading the title of this article and thinking, “I wouldn’t touch cryptocurrency with a 10-foot pole; I certainly don’t have a digital estate!” Not to burst your bubble, but there is about a 99.999% chance that your impression is incorrect. For example: Do you use email? “Sure, doesn’t everyone?” you […]
