Estate Planning

A fundamental goal of estate planning should be to protect your assets so they can be passed to your heirs, usually the next generation of your family. In estate planning, asset protection takes two forms: 1) protection from estate taxes, and 2) protection from future creditors. Protection from estate taxes  -- the 98% mistake. Almost [...]

When she died, Ellen left an equal share of her $500,000 estate to her irresponsible daughter. Here’s how she did it. Like most parents, Ellen wanted to treat her three children the same – to the penny. But Ellen worried about Kathy, who had a spectacular talent for wasting money. In her last days, Ellen [...]

Since his stroke last year, Rick (age 75) has needed constant medical care. He and his wife, Helen, have exhausted their savings and plan to sell their home (worth about $240,000) to pay for Rick’s care. Now, Rick needs to be in a nursing home at a cost of about $6,000 per month. Question. What [...]