Wealth Management - 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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Have you Considered a Donor Advised Fund to Achieve your Philanthropic Goals?

Planning for Success: Have you Considered a Donor Advised Fund to Achieve your Philanthropic Goals? As you contemplate your estate planning and leaving a legacy, you may want to recognize and give to charitable organizations or philanthropic causes that have made an impact on you.  Perhaps, you may want to encourage the beneficiaries of your estate to continue the legacy of charitable giving that you have maintained during your lifetime.  There are several options available to accomplish your charitable giving goals in your estate plan, and a simple and effective solution is with a donor advised fund.     Over the past decade, nonprofit fundraising has been rapidly transformed by new ways to give.  Donor advised funds are a popular way for donors to support nonprofits of all sizes.  Most people believe donor advised funds to be vehicles that streamline charitable giving during their lifetimes.  While this is certainly true, a donor...
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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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