Recent studies show that doctors have more influence on an aging person's decision to stop driving than the person's family does. But if you can’t speak to the doctor, there are a number of topics that, if not handled correctly, can cause division between an aging parent and their children. Is it safe for the parent to drive? Is the parent taking proper care of themselves or their pets? Should the parent consider moving into an assisted living center? There are ways for the children to handle these topics in a sensitive way. In some ways, these conversations need to…
Many people wonder if it is a good idea to give their home to their children. While it is possible to do this, giving away a house can have major tax consequences, among other results. When you give anyone property valued at more than $13,000 in any one year, you have to file a gift tax form. Also, under current law you can gift a total of $5 million over your lifetime without incurring a gift tax. If your residence is worth less than $5 million, you likely won't have to pay any gift taxes, but you will still have…
Even with the many concerns over retirement accounts in America, it’s undeniable – IRAs and 401(k)s represent a lot of personal wealth for everyday Americans. That means retirement accounts are assets uniquely worthy of particular attention, to include when it comes to their role in your estate planning. Indeed, amongst households with at least $100,000 to invest, 60% of the household’s assets are in an IRA or 401(k). So, how ought retirement accounts factor into your estate planning. Who will inherit them? The answer is not a simple as you may think. Truth be told, the problem with retirement accounts…
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