Here are the highlights from my daily blog for last week. If you’d like to read any blog in its entirety, just click on the link provided. Enjoy!!
For many families, treating all children equally is the right choice. But what if you have children with vastly different needs, or vastly different agendas, your estate plan will need to take that into account.
When it comes to our children, we want to equally divide our time, love, and attention the best that we can. And when we think about our estate plans for our heirs, equal division may be the first thing that comes to mind. But it’s not always the best solution as not all heirs are created equal in terms of their needs.
This subject was taken up by Business Insider in a recent article titled “Not Every Good Estate Plan Treats Its Heirs Equally.” Click here if you'd like to read the entire blog.
November 12, 2012
If you think you had a couple of separate businesses and it turns out that you really had a partnership you can end up with a pretty ugly mess…
When it comes to structuring a business, you have many choices. So how do you choose the best option? A golden rule for business is to do business the way your business is structured, and to structure your business entity in the way you need to be doing business! If you mix and match, it has an unfortunate tendency to create serious liabilities which often come with a fairly aggressive tax assessment. With liabilities and taxes in mind, consider reading a recent Forbes article titled “Beware Of Partnership Status Sneaking Up On Your Business Venture.” Click here if you'd like to read the entire blog.
Because people build collections out of love, they often do not consider them with the same financial rigor that they would apply to other assets, and often just insure items for the price they paid for them.
What would you consider are your favorite and most valuable assets? Maybe it’s your stocks, business, or real estate. For some, however, their favorite and most valuable assets may be the beautiful art hanging on their walls. In life we tend to limit our risks through various forms of insurance. Accordingly, when it comes to your art, this issue was addressed in a recent Forbes article titled “Should Your Art Be Insured?” This is not an easy question to resolve in every instance. Click here if you'd like to read the entire blog.
Some 60 percent of unmarried boomers are divorced. And that carries serious implications for the next generation: Who will care for those people, how will the emotional and financial costs of that care be shared – and what can society do to prepare for this demographic downpour?
If you think divorce is more of a younger generation problem, you are mistaken. Divorce happens at all ages and stages, and the children of divorced boomers are starting to encounter the challenges of caring for their elderly parents on separate levels.
The evidence has been slowly coming in for a while, of course, but current articles have helped to publicly put the pieces together for us. For example, consider a recent article in Reuters titled “Double the trouble when divorced parents get old.” Click here if you'd like to read the entire blog.
Can you count on Social Security for retirement income?
Is Social Security a pipe dream, a shell game, a bankrupt program from which you will never receive benefit? Or is it a social safety net for those whose working years are over? A Morningstar article tries to answer those questions, and provides insight as to whether or not you should count on it. The problem is that this article was written 18 months ago and the questions it poses are still with us today.
According to last year’s Gallup poll, 60 percent of Americans don’t expect to receive Social Security benefits once they stop working. Younger generations are even more pessimistic, with 77 percent of 18- to 34-year-olds reporting that Social Security either has “major problems” or is actually in a state of crisis. Those feelings are not unfounded. It is true that the Social Security Fund now pays out more in benefits than it takes in by taxes, and much of the fund itself consists in Treasury bonds rather than actual cash. Click here to read the blog in its entirety,
Reference: Morningstar (April 29, 2011) “Should You Count on Social Security”