After “I Do”: Estate Planning for Newlyweds
Getting married is one of life’s watershed events; few other things usher in as many changes, adjustments—and joys—as starting a new home with the person you love most in the world. The days and weeks after the wedding are typically filled with dozens of decisions and changes: moving into a new home, combining your “stuff,” […]
“This Changes Everything”: How an Inheritance Affects Your Financial Plan
Several years ago, a friend of ours was in the audience as novelist John Grisham related the story of how he “made it.” According to Grisham, he had recently turned in the manuscript for what would become his breakout bestseller The Firm. It was a Sunday morning, and he was preparing to teach the kindergarten […]
Diversification: Your Best Tool for Managing Portfolio Risk
There’s an old story that goes like this: two farmers are sitting in the feed store, talking over the prospects for the coming season. One says to the other, “How’s your cotton crop looking?” The other replies, “I didn’t plant cotton; I’m too worried about the boll weevils.” “Well,” the other says, “then I guess […]
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 […]
Is Your Financial Advisor a Fiduciary? Should You Care?
For a moment, think back to the last time you or a loved one had a medical problem serious enough to warrant a trip to the doctor. What was the one thing you most wanted from your time with your physician? Of course, you wanted to know how to get well, and in all likelihood, […]
Why Retire? Your Answers Really Matter
Many of us are familiar with—or at least have heard about—author Simon Sinek and his maxim, which he also used as the main title of his bestselling book : “Start with Why.” The reason Sinek’s book and the idea behind it are attracting so much attention is that many of us intuitively understand that success […]
Three Financial Resolutions for Multigenerational Family Wealth-Building
It is a sad, but true fact that the vast majority of family fortunes do not survive past the third generation. In fact, a particular 20-year study of 3,000 wealthy families discovered that 70% of the families had lost their wealth by the second generation, and 90% had lost it by the third generation. This […]
