You can help your relatives immensely by setting up an estate plan now, regardless of who you are. Essentially, whatever you own makes up your estate. These assets could be: Any property your own Whatever money you have in a bank account Stocks, bonds, and mutual funds invested through a taxable brokerage account A Roth…
Will Your Kids Inherit a Tax Bomb From You?
September 12, 2022
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beneficiariesBrightEstateestate planningheirsinheritance taxpersonal financetax exemptionWealth Management
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You can have good intentions with your estate to pass it on to your heirs. You are sure that they will enjoy the benefits of it and have informed them of it. It is possible, though, that if you have not prepared to get around inheritance taxes, they may not receive nearly as much as…
How to Choose (A Great) Financial Advisor
Choosing a financial advisor can be a daunting task. Personal finance is not an enjoyable topic for most, so many people decide to hire someone to work out their finances for them. Selecting a good financial advisor can save you money and put you in a better position to focus and achieve your financial goals. There are…
Why Is Estate Planning More Important Now Than Ever Before?
By Tom Wheelwright President Biden’s Build Back Better plan has an abundance of tax changes that, if implemented, could significantly decrease the amount of wealth that you can leave to your family. These potential changes are a great reason to begin reevaluating your estate planning now before it’s too late. What’s at Stake? So, why is…
The 7 Most Common Estate-Planning Myths
Myths and misunderstandings dominate the public consciousness when it comes to estate planning. Some are the result of incomplete media reports, while others arise from half-truths and exaggerations put forth by “advisors” interested in generating a quick fee or commission. Further, labels such as “death tax” and other politically charged mischaracterizations are given life by…
Why Do You Need a Living Trust
April 24, 2022
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BrightEstateestate planningIrrevocable Life Insurance Trustliving trustpersonal financeWealth ManagementWill
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Passing on assets to one’s kin after passing away can be done several ways. Making a will is the most common method. It successfully passes your possessions to the designated individuals, but only after going through probate and estate taxes. A better method for some people is to make a living trust, which also provides…
Choosing an Executor Is a Vital Part of the Estate Planning Process
Dear Dave, What exactly is an executor, and what part do they play in someone’s will? —Gabe Dear Gabe, Simply put, an executor manages the last will and testament of someone who dies. Acting as an executor is an honor and a huge responsibility. As the designated representative of the deceased, executors are responsible for…
Do We Need a Will? And More Great Reader Questions
Dear Mary: My husband and I just had our first child, and now that we have a new little life depending on us, we want to make sure she is always taken care of. Neither one of us has a will, but I think it’s important to set one up just in case. Problem is,…
Two-Thirds of Millionaires Worry Big Inheritances Could Harm Their Kids: Survey
A recent survey of high-net-worth individuals found that around two-thirds of them were concerned about leaving too much money behind for their children, while 57 percent who don’t plan to pass on an inheritance cited President Joe Biden’s tax plans as a factor. The Motley Fool polled 2,000 individuals with a net worth over $1…
Two-Thirds of Millionaires Worry Large Inheritances Could Harm Their Kids: Survey
A recent survey of high-net-worth individuals found that around two-thirds of them were concerned about leaving too much money behind for their children, while 57 percent of those who don’t plan to pass on an inheritance cited President Joe Biden’s tax plans as a factor in their decision. The Motley Fool polled 2,000 individuals with…
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