The recession made many parents and grandparents into personal bankers, making loans to strapped children or grandchildren to help them cope with unemployment or other financial misfortune. However, family loans need to be prepared properly to avoid tax repercussions.  Here are some tips on how to do that: Put loan terms in writing – the…

When you hear the words, “trust fund,” do you conjure up images of stately mansions and party yachts? A trust fund – or trust – is actually a great estate planning tool for many people with a wide range of incomes who want to accomplish a specific purpose with their money. Simply put, a trust…

Not many people would view the IRS as a charitable organization, but you might if you plan your gifting appropriately – i.e., in a way that will benefit you on your income and gift taxes. Here are guidelines when gifting to charity or your own family members this season: Charitable Donation Rules Household items. These…

Families of those with disabilities – physical or mental – are typically concerned with the best way to fund the long-term financial and personal needs of their special needs loved one in a way that will secure a fulfilling life for them. The best vehicle to accomplish this goal is known as a Special Needs…

According to the Investment Company Institute, the use of IRAs for retirement saving has increased in the past decade, with $6.5 trillion invested in traditional and Roth IRAs. But how much of those assets will pass beyond the primary beneficiaries to the next generation? Currently, not much. Studies show that individuals who inherit IRAs spend…

Parents of children with special needs usually share one overriding concern: what will happen to my child after I’m gone? They also struggle with guilt for what they envision as an eventual destiny for their other children who might assume care of their special needs sibling. This is what estate planning was made for. You…

If you have grandchildren – or are getting ready to welcome one like political power couple Bill and Hillary Clinton – you know the special joy they bring. After all, you can now leave all the heavy lifting to the parents and just enjoy connecting with them. Many grandparents who enjoy financial freedom are often…

Inherited wealth need not be “an albatross around the neck of the children” as Sting so succinctly put it recently when asked if he was leaving his wealth to his children. His children will not see much of his millions, but not all wealthy parents feel the way he does.  Many a great family fortune…

You bring your children into the world with love. You raise them with love. If you’re going all the way as a parent, you also create an estate plan to safely pass on your legacy of love as well as your assets. But does your plan simply leave your assets outright, so they pass directly…

While most parents have the best intentions when it comes to teaching their children about handling finances wisely, sometimes the lessons don’t take.  In addition to concerns about spendthrift behavior, some children experience problems with substance abuse or have mental issues that make giving them access to wealth a problem.  This is where a trust…