Financial Planning - What You Need to Know!
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What You Need to Know!

A blog about keeping you up-to-date with the latest Financial Planning and Wealth Management news.

Planning For Success October's Edition: Single Individuals Without Children Need An Estate Plan too!

Planning for Success October’s Edition: Single Individuals without children need an Estate Plan too!     More and more people are delaying, if not totally foregoing a life that involves marriage and parenting.  For many young adults, staying single and childless is simply a matter of choice.  Regardless of the reason, as more individuals opt for non-traditional lifestyles, the number of single childless households is likely to steadily increase in the coming years.  Most do not take estate planning as seriously as they should.  If you are single without any children, you may not think you need to worry about developing an estate plan, but the reality is that it can be more important for those individuals to have a proper estate plan in place.       If you are single, you face a myriad of potential estate planning complications that are not an issue for those who are married with children. ...
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When Was The Last Time You Reviewed Your Estate Plan?

When was the last time you reviewed your Estate Plan?   Even if you have a sound estate plan in place, it canbe worthless for the people you love ifnot regularly reviewed nor kept up to date.  Most people believe their estate plan is done when they sign a will, trust, power of attorney or a living will, but estate planning is a lifelong process.  Your life will inevitably evolve as changes to laws, assets, family, and goals happen.  In absence of any major life events, we recommend reviewing your estate plan annually to ensure it is current and still reflects your desires. These are the four questions that you should ask yourself during an Estate Checkup. Has your family or household changed?   Marriage: Marriage instantly changes your legal status.  Regardless of whether it is your first marriage or fifth, you must take the proper steps to ensure your estate plan...
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Overprotected - Britney Spears

Planning for Success: “Overprotected” - Britney Spears    When Britney Spears burst onto the Billboard Charts at the age of sixteen, she instantly became one the world’s most beloved pop stars.  Despite Britney’s massive fame and fortune, she has never had full control over her own life.  Imagine becoming a worldwide sensation, amassing riches and fortune, but with the caveat of having to ask for permission on how and when it can be used.   As most of us remember, Britney suffered a mental breakdown in 2008, which led to the formation of a conservatorship.  Essentially, a conservatorship is an adult guardianship in which the court appoints representatives to control the individuals legal, financial, and personal decisions.  Initially when established, the conservatorship was meant to be only temporary; yet, in October 2008, it was changed to remain in effect for the foreseeable future.  For the past thirteen years, Britney’s father, Jamie, has...
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"Life is very tough. If you don't laugh, it's tough" - Joan Rivers

An individual’s residence and domicile are often narrowly perceived as the same; therefore, potentially missing out on tremendous tax benefits.  A significant aspect of the estate administration process is your domicile at the time of your demise, not where you were residing.  While you can have multiple residences in various states, you can only have one domicile.  Essentially, a domicile is a combination of two factors, the first is residency, and the second, an intent to remain for the foreseeable future.  Clients often look to establish residency in a jurisdiction with an attractive legislation for estate planning purposes.  Suffice it to say, Florida is considered a tax sanctuary fueled by its superior asset protection climate.  Currently, there are seventeen states that will impose either an estate or inheritance tax for estates that exceed a certain threshold.  Individuals located in these states with a considerable taxable estate could be required to pay...
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Is Your Estate Plan for the Average Joe?

Is Your Estate Plan for the Average Joe?   While no one likes to think of their own demise or what needs to be done to efficiently transfer assets and protect the interest of each beneficiary, it is imperative as a business owner .  Efficacious estate and succession planning will provide a lifeline for not only the survival of your business, but your employees and their families.  An effective estate plan clearly outlines how your assets are to be distributed when the time comes.  Ultimately, this will ensure your business can continue to run smoothly as the appropriate steps towards a successful succession have been thoroughly planned. With the Dolphin’s season opener right around the corner, the estate of Joe Robbie distinctly comes to mind.  In the mid-1960’s, Joe Robbie co-founded the Miami Dolphins, which at the time played in the old American Football League, shortly before the merger with the National...
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You Have All The Influence You Choose To Have - Philip Seymour Hoffman

Most of us have envisioned what it would be like to be the beneficiary of a multimillion-dollar estate; however, it is rarely cherished by the beneficiary, the complexity of planning involved to not only protect their interest, but future generations as well.  Envision being the beneficiary of a $35 million estate, only for it to be reduced by roughly a third, this was exactly what occurred to Philip Seymour Hoffman’s estate.  Due to his decision to choose a simple estate planning technique, approximately $12 million will never make it into the hands of his family; instead, being consumed by unnecessary taxes and fees that could have easily been avoided. Philip Seymour Hoffman passed away leaving behind his beloved girlfriend and their three young children.  While he certainly had the means to hire a top estate planning attorney to develop a comprehensive estate plan; however, Philip took the advice from his accountant...
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The Layup of A Lifetime - Kobe Bryant

While it may seem like a distant memory, it has been a little over a year since the legendary Kobe Bryant and his 13-year-old daughter, Gianna, tragically passed away in a helicopter crash.  Kobe’s untimely death at the young age of 41, highlights just how critical it is for every individual to not only develop an estate plan ensuring their loved ones are properly protected, but to ensure the documents are swiftly updated to reflect recent life events.   Bryant’s earnings, between his salary and endorsements during his 20-year career with the L.A. Lakers, are estimated to be roughly $650 Million.  Kobe had a comprehensive estate plan in place.  His estate plan included a trust to not only protect his assets, but to reduce his potential estate tax liability and ensure his wealth is properly passed on to his family.  Kobe’s trust was created to allow his wife and daughters to...
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