Discussing your wealth and your wishes with loved ones in advance is essential to safeguarding both your requests during your lifetime and your bequests in the future. Yet it’s typically the single most avoided conversation for most families.
Planning ahead can help define preferences, avoid hurt feelings and confusion, and ensure a smooth transition of wealth to later generations.
Receiving an inheritance is generally a time of mixed emotions. The potential of the financial legacy to improve your lifestyle is typically tempered by grief over the loss of someone near and dear.
You can honor your loved one through careful stewardship of the inheritance. There are multiple factors to consider when deciding how best to invest your windfall. Take your time to make reasoned and logical decisions that support your long-term life goals, including retirement. Jennifer Myers recently discussed how personal investment tolerance and the size and nature of the inheritance can impact these important decisions, in US News & World Report’s article: ‘How To Invest An Inheritance For A Comfortable Retirement‘. Read More
Your estate planning documents express your wishes for your own care and wellbeing during your lifetime. They also guide care for your dependents, define legacies, and provide instructions about other matters in the future.
We recommend that you review these important documents every two to three years; sooner, if you experience a significant life event e.g., marriage, divorce, birth of a child, etc. If it’s time to refresh your estate planning documents, consider addressing these sometimes overlooked items as part of your updates. Read More
The holidays are traditionally a time of gathering together and giving, sharing good times and good fortune with family, friends and those we care about. What happens, though, when the gifting is financial in nature and substantial in size?
Michael Fuhr was recently quoted in a CNBC article that looks at the impact of large monetary gifts on the lives of the recipients, and discusses the taxable, financial, and long-term planning implications for those generous individuals who make sizeable gifts to their loved ones: ‘Smart Ways To Gift Money During The Holidays‘. Read More
Yet, during this time, you must complete a variety of tasks and make important financial decisions. You may need to make final arrangements, notify various businesses and government agencies, settle the individual’s estate, and provide for your own financial security.
The following checklist is offered as a guide. Note: Some of the following tasks may have to be completed by the estate’s executor. Read More
Whether you’re buying a home, starting your own business, or retiring, life’s major events can be a challenge.
So can finding the documents you need.
The SageVest LifeList is designed to help you organize the important paperwork and information associated with key aspects of your life. It serves as a reference list of where each document or piece of information can be found.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Act) included new gift, estate, and generation-skipping transfer (GST) tax provisions. The Act provides that in 2012, the gift and estate tax exemption is $5,120,000, the GST tax exemption is also $5,120,000, and the maximum rate for both taxes is 35%. New to estate tax law under this Act is gift and estate tax exemption portability: generally, any gift and estate tax exemption left unused by a deceased spouse can be transferred to the surviving spouse. The GST tax exemption, however, is not portable. These major changes are temporary: absent further legislation, in 2013, the exemptions are generally scheduled to drop to $1 million, the maximum rate will jump to 55%, and portability will be repealed. You should understand how these temporary rules may affect your estate plan.