When you are a kid, finding a suitable gift for Father's Day can be a struggle. You want to get Dad something he'll enjoy, but you can't afford expensive things. And even after you become an adult, that struggle for the perfect Father's Day gift often continues, albeit in a slightly different way. With this in mind, give your father a tribute to the role he has played in your life by preserving his legacy for generations to come with a Family Wealth Legacy Passage.
As we head into the peak of wedding season, if you are a newlywed or are about to tie the knot, add "estate planning" to your do list. And yes, we imagine that at this happiest time of your life, planning for your potential incapacity and eventual death is probably the farthest thing from your mind right now, but getting it handled as part of your wedding planning is the greatest gift you can give your soon-to-be spouse.
Planning for your potential incapacity and eventual death, regardless of your financial status, is something that you should take care of immediately, especially when you have children. While Aretha lived a relatively long life, you'll never know when tragedy may strike, and through diligent estate planning, you can save your family from the needless disputes, expense, and embarrassing public exposure the late singer's loved ones are currently enduring.
Nearly three years have passed since Aretha Franklin, known as the “Queen of Soul,” whose earnings are worth $80 million, died from pancreatic cancer at age 76. Yet, due to poor estate planning, her children have yet to see a dime of their inheritance, and what they ultimately receive will be significantly depleted by back taxes. Also, it’s still not clear whether or not Aretha ever had a valid will. Her story shows how destructive poor estate planning can be for the loved ones we leave behind.
Having an estate plan is one of the best things you can do for your family to ensure your wishes are carried out in the future. However, estate planning is not a one-and-done type of deal. Because if it’s not updated regularly when your wealth, family status, or laws change. Then your plan will be meaningless - it can create its own set of problems that can leave your family worse off than if you’d never created a plan at all.
Setting up a trust is a great way of securing your assets, reduce tax obligations, and define the management of your estate according to your wishes, even if you're wealthy or not. It's the best decision to set up a trust while you still can since it has different types, and each has various tax consequences. Choose what's best for your family so that when the time comes that you're incapacitated, their future will be safe. Learn more to help you weigh decisions and make the right choice.