Set your college-bound kids up for success with power of attorney, basic estate documents, credit card accounts, and more.

If you happen to become the beneficiary of a large wealth transfer, don’t be surprised when everyone around you suddenly starts talking like they are a financial expert. You’ll likely get plenty of advice about what to do with your money. But who do you listen to? Who can you truly trust? When deciding what to do with inheritance money, allow us to give you some free, no strings attached advice. 

If you are part of the sandwich generation, chances are you have significant demands on your time.

Start by defining the purpose of your wealth. In other words: What’s the money for? What are you trying to do with your wealth, and why does this matter to you or future generations? Reframe the language surrounding your wealth by identifying your family values.

Cancer. One word that no one wants to hear. As we sat around the dinner table, I clenched my husband’s hand. The cheerful sounds of the bustling restaurant faded into the background as we tried to comprehend what his parents just shared with us: my father-in-law had been diagnosed with Stage 4 Melanoma. It was fall of 2018, and we immediately knew our lives were going to change forever, and we would face a difficult road ahead.

The federal government sets a lifetime estate tax exemption amount that can be gifted during life or at death free of taxes. If the value of your gross estate exceeds the exemption amount in the year you pass away, your estate may be subject to estate taxes. Amounts above the exemption will be subject to a 40% tax (as of current law).

A SLAT is an irrevocable trust where one spouse (aka “Donor Spouse”) makes a gift into the trust that: Benefits the other spouse (aka “Non-Donor Spouse”), and Removes those gifted assets from their combined estates

When it comes to actually paying the bill for your child to go to college, there’s an option that schools don’t advertise. In fact, you’re probably going to have to proactively ask about it. What is it? Paying for all four years of undergraduate costs upfront. Basically, rather than paying your child’s university bill on a semester basis, you pay a portion or most of the expenses upfront when they enroll.