Giving donations to a charitable cause is a noble act of kindness. And you are also likely well aware that as with donating to charity during your lifetime, dedicating a portion of your estate to a charitable cause can reduce the taxable value of your estate. But it doesn’t end here. You may be surprised to learn about the numerous benefits available when you incorporate charitable giving into your estate plan. Learn more here!
Although married same-gender couples are now enjoying nearly all of the same rights as opposite-gender couples, there is still one key right that’s still up in the air—the automatic right to be legal parents. While parental rights are automatically bestowed upon the biological parent, the non-biological spouse/parent still faces a number of challenges when it comes to obtaining full parental rights. Luckily, same-gender couples do have an alternative to adoption—estate planning.
Although same-gender marriage is legally recognized in all 50 states, long-held prejudice at both political and family levels continues to create complications for married and unmarried same-gender couples. With this, especially if you're a member LGBTQ+ community, estate planning is even more critical for you and your beloved to ensure that they will be protected and provided for in the event of your death or incapacity.
Summer is coming, young people across the country are about to reach a key milestone: high school graduation. If you have a child claiming their diploma, now is the time to prepare them for life after leaving the nest, but make sure they've got the proper planning in place. By doing so, you're modeling good financial stewardship and setting them up right from the start. Financial and legal illiteracy is an epidemic that you can quickly address, starting with yourself and your own family.
To make certain that your business—and the income it generates for your family—would continue to run smoothly when something happens to you, you need to create a comprehensive estate plan, and it really needs to include a trust. Without such a plan in place, your business will be stuck in an unnecessary court process that could easily cause the loss of everything you’ve worked so hard to build.