“The phrase 'legacy planning' is becoming increasingly used in place of, or to supplement, estate planning.” Unfortunately, legal terms and financial terms can be confusing. The term “legacy” has a specific technical definition—a gift or bequest made under a last will and testament. This creat...

“What taxes will be owed if you gift money to family?” Questions often come up when gifting to children. What are the consequences to the giver and to the recipient? An article from nj.com, “Gift tax consequences for you and your heirs,” begins with the big picture, then looks at the annual gi...

“You can't give your required minimum distribution from a 401(k) to charity without triggering a tax, but you can donate your 401(k) RMD tax-free, if you roll the money over to an IRA.” Required Minimum Distributions (RMDs) are minimum amounts that a retirement plan account owner is required t...

“If your senior parents don't want to talk about money, here are some tips to start the conversation.” If your mother is a widow and she lives alone, you may notice that she's beginning to have difficulty getting around and refuses to have help in the house. nj.com's recent article, “When you...

“There are more aspects to estate planning than just signing a will.” The (Beckley WV) Register-Herald's recent article, “Important Medical and Financial Choices,” notes that along with a will, there are medical, financial, and other important decisions that come into play in estate planning. ...

“Having no heirs or surviving spouse, can make estate-planning decisions more difficult.” Some people have a somewhat unique estate planning challenge: they're childless and not sure what should happen to the assets they leave behind or whom to appoint as their proxy decision-maker. CNBC's re...

“Estate planning challenges include mastering financial markets, tax laws and other arcane technicalities.” The psychological issues in deciding how to leave your assets can be the hardest part of the process, says Wilmington Biz in the recent article, “Keep Mental Hang-Ups From Sabotaging Est...

“As the auction hammer fell at Sotheby's in New York last week, a painting by Jean-Michel Basquiat fetched a record $110.5 million. Now, another hammer will come down: the tax man's.” Lise Wilks, the seller of the Basquiat, will have a sizeable capital gain—about $85 million. That means she ma...

“Now that the heirs are stepping up and Prince's distinctive shadow is receding, everyone sitting around the table wants to run the legacy like a business.” The probate nightmare Prince created by not having a will has ended. The musician's relatives have moved from defending their position,...

“Save early and often. The sooner you start to save, the easier it will be to amass a comfortable nest egg -- thanks to the power of time and the magic of compounding” For the 70th-anniversary issue of Kiplinger's Personal Finance, Kiplinger outlined its best advice to show you how to build, p...

“Five months after actor Alan Thicke died, he's the subject of what's shaping up to be a bitter family feud over the remainder of his estate.” Alan Thicke's two eldest sons, Brennan and Robin, filed a petition in Los Angeles County Superior Court over claims that their father's widow is disput...

“Many people don't see the importance of estate planning, until they have been forced to deal with the adverse effects of not being prepared for death or disability.” Some parents will engage their kids in disability and estate planning, with some viewing it a way to share the work and bring o...

Las Vegas, NV “Onetime child star Britney Spears' five dogs live better than a lot of human families—and should anything happen to her, their golden meal ticket would get mighty precarious.” Trust Advisor notes that pet trusts for the rich are becoming extremely popular. Pets are expanding th...

“This case arose out of a will contest between the wife and son of deceased musician Ray Price.” Price's widow filed an interlocutory appeal alleging that the trial court erred in appointing a receiver to take possession of property subject to the will contests, according to a recent write-up ...

“Music icon Jerry Lee Lewis is suing his daughter and son-in-law for elder abuse, after spending years trapped in a moldy house. The details are horrifying!” The 81-year-old music legend and Rock and Roll Hall of Fame member, Jerry Lee Lewis, recently filed court documents against his daug...

“Hundreds of Elvis Presley artifacts and memorabilia are still being held by a Las Vegas casino, a year after the King's estate filed a lawsuit to get those valuables back from a short-lived exhibit.” The Westgate Las Vegas Resort and Casino's chief operating officer Mark Waltrip said that Elv...

“Naming a guardian for your children is one of the hardest, and most important, decisions you will ever make.” If you're having a tough time deciding who to name as guardians for your kids, you're not alone. Should you go with a close family member or someone who's better with money? Typically...

“It's the big day. You've taught your child everything he knows from how to tie a knot to how to knot a tie.” Your kid's now an adult, ready to head to college and start a new adventure. But businessinsavannah.com's article, “College-bound children need critical financial, health documents,”...

“If you don't want money you've worked hard for to pass down to your son's or daughter's ex, then consider a trust.” The federal estate tax exemption in 2017 is about $5.5 million per person or $11 million for married couples. As a result, creating a trust to save on taxes for your family when...

“One of the legendary fortunes just moved one generation farther from the source. The next few years will determine whether dynastic planning has hit its ultimate limit or will truly run forever.” John D. Rockefeller was the poster child for long-term estate planning 80 years ago. David Rockef...

“Whether they're working or not, people with disabilities and their caregivers often have higher costs associated with medical care or daily living, so the current tax code makes some of these costs deductible.” The Centers for Disease Control and Prevention found in 2015 that 53 million adult...

“Helping someone in need with their finances may seem altruistic and may even tap into your inner hero, but if you're not careful, you could find yourself in hot water.” Assisting someone with his or her finances sounds simple, right? Your mom, a neighbor or the person for whom you provide h...

“Each year over 43 million Americans provide unpaid care to a family member, usually a parent.” Adult children who care for an elderly parent will typically be asked to oversee and provide medical care and finances. However, sometimes the caregiving goes far beyond this.  As a result, many...

“There are many frequently perpetuated myths about wills and trusts circulating around. It is important to make sure that you have your facts straight.” It can be tough to decipher all of the requirements and rules in estate planning documents, along with the probate process. If you can't ...

“Almost $7,000 a year. That's what the average American family caregiver spends each year on household, medical and other expenses for a loved one.” The annual costs of elder care crosses generations, according to a recent CBS MoneyWatch article entitled “How to ease the pain of paying for...