Starting an LLC with partners can be exhilarating. It is an excellent vehicle to learn business practices with a minimum of personal risk. Most people who form LLCs know and trust each other. LLCs, for this reason, are often compared to a marriage. Suppose five people...
There’s no limit on the amount of cash or assets that may be put into a trust for a child with “special needs”, but setting up and administering a special needs trust (SNT) is no simple matter due to state and federal laws, which dictate a host of rules about: how...
“Philanthropy can be a differentiator,” the CEO of Exponent Philanthopy tells financial planners. “It can strengthen a client relationships over the long term and even extend to multiple generations.” Yet, in a U.S. Trust survey of 100 people with $3 million or more...
“The Indiana equine industry is an important component of the Indiana economy, a report from Purdue Extension pointed out, serving a variety of needs, including: racing showing (second largest use in Indiana) recreation (largest use in Indiana) work...
“Sizable age gaps (between spouses) can create special challenges from a financial and retirement planning standpoint,” Christine Benz points out in Morningstar. Why? They may need to plan for different retirement dates. They need to plan for different life...
“There are many potential roles that can be filled by a financial life planner” Stephen Brody writes in the Journal of Financial Planning. “The overarching role, however, is being a leader,” Brody asserts, quoting John Quincy Adams’ statement: “If your actions...
Their whole lives, Tom and Sara Smith had worked hard. Although hardly wealthy, the couple had lovingly accumulated assets which they had hoped to leave to their children and grandchildren. Now medical problems had become a challenge. Tom had survived cancer, but his...
“For many retirees, paying taxes isn’t a one-time-a-year task”, a recent issue of Kiplinger’s Retirement Report points out. Even after taking care of their 2018 tax return, many seniors will need to work on their Form 1040-ES to pay estimated 2019 taxes, with the...
For all of us, falling leaves are a reminder that, as year-end approaches, we need to make sure all our tax-related i’s are dotted and our t’s crossed. Year end is also a time when tax planning and estate planning are most inter-related for seniors. As the AARP...
“Seniors need to be aware that their children, siblings, and other heirs can sometimes try to use such a health condition as a way to gain legal control over their property,” pennyborn.com cautions. “Seniors should be aware that they are vulnerable to involuntary...
