The last thing you want is your family fighting after your death because you didn't create a proper estate plan. This is very common, especially when there is no Will or Trust to clarify who was given what. The good thing is that it can be easily avoided through estate planning. It is one of the most important things you should do so that your family is not having a difficult time, especially if you have a blended family. Here is a perfect example of what you want to avoid.
Talking to your children about money is a very important task and should be done in different stages. This conversation doesn’t happen all at once in one day, in fact you will need to consider their age before talking about family wealth and how it plays a role in their life. Here is how you should approach each stage when having “the money talk” with your children.
The process of divorce is a difficult time for the whole family, it can be extremely hard if children are involved. Couples tend to focus on the negatives of the relationship rather than ending their marriage in a more positive way that is healthier for everyone involved. Conscious uncoupling is the more positive divorce process that minimizes stress and makes the experience much easier. Read here how conscious uncoupling benefits you, your family, and your finances.
In a blended household, conflict is bound to arise between your loved ones when something happens to you, even if you already have a plan in place to take care of them. Fortunately, a method of planning exists for your type family. While legal planning can help resolve that conflict, it can also make your family bond stronger when done right. Whether you are the child of a parent who remarried or you are a parent who divorced and remarried, planning for everyone will keep the family together.
They say the Tax Cuts and Jobs Act is the biggest overhaul of the US tax system in 30 years. The impact will spread far and wide, starting with a significant cut in the corporate rate from 35% to 21% and lower levies on repatriating overseas profits. Yet, like the rest of us, you're probably wondering, "So, what does that have to do with me?" Even with the biggest impact aimed at businesses, there are still several changes to the personal income tax laws, and we highlight them here just for you!