What the National Debt Ceiling Extension Means for Your Family

July 14, 2023
You’ve probably heard about the national debt ceiling and its recent extension, but you might wonder what it has to do with your everyday life as a family. While it may seem like a distant matter, the national debt ceiling extension can have a significant impact on your family’s financial well-being and future planning.  …
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Want to Grow Wealth? Warren Buffet’s Unexpected Investment Advice

May 18, 2023
If you are going to take investment and estate planning advice from anyone, Warren Buffett is likely one you want to consider. As one of the most successful investors in history, his track record speaks for itself. However, his wisdom goes beyond picking stocks and making money.  At this year’s Berkshire Hathaway annual shareholder meeting,…
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Checklist: 5 Financial Decisions to Consider Before December 31

December 23, 2022
This week, before the year ends, consider these 5 financial, retirement and tax actions you may need to take before it’s either too late or very costly for your family. And, if you have living parents in their 70s, make sure you cover these considerations with them this week..  01 – Review Your Investments to…
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4 Year-End Tax-Saving Strategies For 2022

December 2, 2022
Although the end of the year can be a hectic time, it’s also the deadline for your family to implement a number of key tax-savings strategies. By taking action now, you can significantly reduce your tax bill due in April, but with just a few weeks left in 2022, you better act fast. While there…
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lawyer talking to two clients

Trusts & Taxes: What You Need To Know

October 21, 2022
People often come to us curious—or confused—about the role trusts play in saving on taxes. Given how frequently this issue comes up, here we’re going to explain the tax implications associated with different types of trusts in order to clarify this issue. Of course, if you need further clarification about trusts, taxes, or any other…
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lawyer talking to two clients

President Biden’s Student Debt Relief Plan Explained With FAQs

September 16, 2022
This August, President Biden, Vice President Harris, and the U.S. Department of Education (DOE) announced a three-part plan to help low and middle-income families deal with the increasingly burdensome cost of paying for college, while also making the student loan system more efficient and easier for borrowers to manage. The most dramatic part of the…
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Saving For Your Child’s College Education—Part 2

August 12, 2022
If you have started to save for your child or grandchild’s college education, it’s worth considering whether to use a 529 plan, an education savings account, or an irrevocable trust.  Last week, in part one of this series, we discussed 529 plans and education savings accounts, which are both popular options for saving for college…
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Saving For Your Child’s College Education—Part 1

August 5, 2022
If you have started to save for your child or grandchild’s college education, it’s worth considering whether to use a 529 plan, an education savings account, or an Irrevocable Trust.  Here’s what we think you should consider as you decide:  First, consider whether you want your offspring to have broader options than just the traditional…
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Key Milestones For Planning Your Retirement

May 20, 2022
The road to retirement is a long one, and as with any journey, it helps to have a few key milestones along the way to help gauge your progress. While your individual retirement plan and goals will be unique to your income, family situation, and desired lifestyle, most Americans share a number of common retirement…
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Does Your Family Need Umbrella Insurance?

April 8, 2022
In today’s highly litigious society you are at near-constant risk for costly lawsuits—even if you’ve done nothing wrong. This is especially true if you have substantial wealth, but even those with relatively few assets can find themselves in court facing a potentially devastating lawsuit. If you are sued, your traditional homeowners or auto insurance will…
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Family Financial Planning

What is the Difference Between a Will-based plan and a Trust-based plan?

In this article I will explain the difference between a Will-based plan and a Trust-based plan so you can make an educated decision for your family about what is best for you and, ultimately, for them. A Will-based plan is…

5 Things We Should Learn From Our Parents About Retirement

When we talk about retirement, most of us are still thinking about our parents’ retirement and how they did – or did not – plan properly for it.  It’s no big stretch to think that our retirement will differ significantly…

Longevity Insurance Can Help Those Worried About Outliving Their Money

With longer life spans comes the necessity to be sure your money is around at least as long as you are.  Longevity insurance – where you pay a certain sum to an insurer when you’re in your 60s in exchange…

Savvy Year-End Tax Moves for Retirement Plan Owners

Even though the elections are over, no one knows what Congress will do by the end of the year when it comes to taxes so retirees are advised to look at strategies to cut their tax bills now rather than…

Retirement Planning Guidelines for Every Age

You’re never too young or too old to save for retirement; here are some guidelines by age group: Under 25:  If you graduated from college with debt, you are certainly not alone – the average debt burden is currently $26,500…

How to Protect Elderly Parents From Financial Abuse

According to a recent study by the Investor Protection Trust and Investor Protection Institute, the top three ways that the elderly could be financially exploited are: Theft of funds or property by family members Theft of funds or property by…

When It Comes to Inheritance, Treating Children Equally Not Always the Best Plan

While most parents have the inclination to treat all their children equally when it comes to an inheritance, Personal Family Lawyers® know that this is not always the wise choice.  Here are some scenarios when an unequal distribution may be…

Planning for Estate Taxes in 2013 and Beyond

What will happen to estate taxes in 2013?  Right now, you may as well try to predict what the weather will be on Jan. 1 than count on new laws from a contentious Congress still debating the scenarios. The estate…

How to Correctly Name Beneficiaries for Your IRAs

You could be unintentionally reducing your family’s wealth potential if you do not properly designate the beneficiaries of your IRAs.  Improper estate planning could mean that your IRA assets could pass to the wrong people or entities, so how you…

What to Do When You Inherit a Retirement Account

As a Personal Family Lawyer®, I am often asked to help people who inherit a retirement account.  The action you need to take with an inherited IRA depends upon your unique situation; the IRS has rules for each and recently…

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