If your grandkids are headed to college in the fall, you may be concerned about how they are going to pay for school without being indentured to the student loan system into their late 40’s. Compared to when you sent your own children to college, prices have more than doubled after adjusting for inflation. Studies show that the rising cost of higher education has deterred students from completing their degrees. But you may be able to help defray the costs for your grandchildren without negatively impacting your tax liability or their eligibility for financial aid. [Read more…] about Grandparents Can Help Grandkids Pay for College and Save on Taxes
Many people procrastinate to get an estate plan due to price objection. While long term planning can seem costly, it’s absolutely necessary and worth every penny. It’s also important to get it done as soon as possible to protect yourself and your family. Think of estate planning like the other important living expenses like a vehicle, housing, or insurance. If you’re still having trouble justifying the expenditure, here are 5 ways you can save to afford it. [Read more…] about 5 Ways to Save Funds for Your Estate Plan
Part of caring for a child with special needs is creating a plan for when you’re no longer living. There are a few different planning options that you’ve probably already heard of from other special needs parents or professionals. As special needs planning attorneys, we’ve seen parents utilize all of these different options. We’ve found over the years that a special needs trust is the most helpful, and leaves your child with the most options to enjoy life.
As parents you constantly give your adult children advice. Dont wash the red socks with the white shirts, unplug electrical items when you’re not using them, try to avoid debt. But have you advised them to get their basic estate planning documents done? [Read more…] about Parents: Have You Talked to Your Adult Kids About Estate Planning?
A revocable living trust is an effective document for avoiding probate, protecting privacy, and assigning a manager of your assets if you become incapacitated or die. While many people assume that a will is all they need, wills do not cover incapacitation nor can they escape the probate process. With a trust, your estate plan and your interests have an added layer of protection. [Read more…] about What is a Revocable Living Trust & Why do I Need One?