Tuesday, December 20, 2011
Gift Tax Non-Compliance?
Monday, December 12, 2011
Treating Children Differently
Designating A Guardian
Thursday, December 8, 2011
Protecting an Inheritance
Tuesday, December 6, 2011
Survivors Not Responsible for Debts of Decedent
Wednesday, November 30, 2011
Ohio - Next of Kin Notification
Monday, November 28, 2011
Proposed Estate Tax Legislation
Wednesday, November 23, 2011
Heiress Leaves Fortune to Non-Relatives
Wednesday, November 16, 2011
Are Domestic Asset Protection Trusts Effective?
Tuesday, November 15, 2011
Mistakes Made By Surviving Spouses
Thursday, November 10, 2011
$5 million gift exemption to end November 23?
Friday, November 4, 2011
2 Estate Planning Points
Thursday, November 3, 2011
Return of Large Inherited Fortunes
Wednesday, November 2, 2011
Perils of Estate Plan Not Staying Current
Friday, October 28, 2011
Trusts Are Good for Maintaining Privacy
Tuesday, October 25, 2011
Estate Planning for Women
Personal Property Disputes
Thursday, October 20, 2011
National Estate Planning Awareness Week?
Friday, October 14, 2011
Tips for Same Sex Couples
Wednesday, October 12, 2011
Estate Planning Basics
Thursday, October 6, 2011
Steve Jobs (1955 - 2011)
Unrelated to anything else on this blog, but worth sharing because they are from the most innovative man of our lifetimes, a list of the best Steve Jobs quotes is here.
Monday, October 3, 2011
Overview of Charitable Gifts
Friday, September 30, 2011
Rules on Portability of Unused Exemption of Deceased Spouse
Thursday, September 29, 2011
Are Irrevocable Insurance Insurance Trusts Still Necessary?
Wednesday, September 28, 2011
Should You Buy Long Term Care Insurance?
Friday, September 23, 2011
How Difficult Is It To Serve as Executor of an Estate?
Thursday, September 22, 2011
How Families Handle Inherited Wealth
The Stages of Wealth
Start educating your child early, and keep at it well into adulthood.
AGE 8: Each week put a small allowance -- $1 to $5 in dollar bills -- into an envelope and hand it to your child. Explain that it's up to him to decide whether to buy candy or save up for, say, a skateboard. (Don't undercut the lesson by buying the skateboard yourself.)
AGE 10-12: Invite your child to start attending regular family meetings. Discussion items: How lucky we are to be financially comfortable and what we as a family think is the purpose of our money. Should we take fancy vacations or give to charities? Make it clear your kid's opinion matters.
AGE 12-14: Make sure your kid knows how to manage a checkbook. And at the family meetings, start making it clear where the family money came from–somebody's hard work! Start setting future expectations: Tell your child, "You're going to have to make your own fortune," or "Someday this will all be yours to preserve."
AGE 14-16: Don't be afraid to invite your banker or financial advisor to attend family meetings. It can be easier to have a neutral third party broach delicate topics such as a prenup and how much money you plan to leave your kids.
AGE 15-20: If the message isn't getting through, initiate steps for a "beneficiary rescue." Shift assets from normal investment accounts and minors' trusts into entities that you firmly control, such as family limited partnerships.
AGE 20-25: Make it clear you'd welcome your kid into the family business -- as soon as he's ready. College is a first step, and training at someone else's company can offer perspective. Remind your child that you love him and have total confidence in his ability to make his own way into the world. He'll thank you for it when he's 40.