Not surprisingly, most people loathe reviewing their estate plan because it can be both confusing and daunting. Others do not want to think about death and avoid the...

Congratulations on welcoming the newest addition to your family. Being a new grandparent changes everything -- including how you approach your finances -- and is one of the most joyous occasions in life. The excitement of a new baby -- and all of the firsts that come with this bundle of joy -- can grab all of your attention and focus. That being said, there is one thing that every new grandparent must do as soon as possible that is often overlooked. Specifically, every new grandparent should immediately create (or revise) an estate plan so that it includes your family’s newest generation.

Whether you are in your first marriage or have remarried after a divorce, blended families are a common part of modern society. That being said, it is important...

One of the biggest estate planning mistakes I see is people who do not have updated beneficiary designations for their retirement assets or life insurance.  However, as further...

As we build wealth, we naturally desire to pass that financial stability to our offspring. With the grandkids, especially, we often share a special bond that makes us...

Owning your own business can be a great endeavor that takes a lot of passion and drive. Many small business owners focus on the day-to-day management and growth...

During your lifetime, your retirement account has asset protection, but as soon as you pass that account to a loved one, that protection evaporates. This means one lawsuit...

Twenty years ago, the Roth IRA first became available to investors as a financial tool for their estate planning needs. These accounts have maintained their popularity because unlike their traditional IRA counterpart, a Roth IRA provides account owners tax-free income during retirement. In fact, many people chose to convert their traditional IRA or 401(k) plan into a Roth IRA to benefit from this long-term tax advantage. (Of course, there is a current tax bill that has to be considered when you make a conversion.) The recently enacted tax reform, however, has removed one helpful opportunity: the ability to recharacterize -- or undo -- a Roth IRA conversion.

Estate planning is about protecting what’s important to you. Although much of the traditional estate planning conversation focuses on surviving spouses, children, grandchildren, many pet parents wonder about what could happen to their “furry children” after their death or if they become incapacitated and unable to care for the pets. Read on if you’ve ever thought, “What will happen to my cat, dog, or other pet if I pass away?” “What if I’m incapacitated and unable to care for them?”

In the event of your untimely death, the manner in which your beneficiaries -- or those people who receive your assets from your estate -- are determined is highly dependent on how your property is titled and if there is a beneficiary designation. Generally, property with title includes vehicles, boats, airplanes, real estate, bank accounts, savings bonds, life insurance policies, retirement accounts, and stock certificates. If you die without a will or a trust and haven’t used any beneficiary or transfer on death options, state law will determine who inherits property with a title. On the other hand, property without a title, such as jewelry, antiques, art, and even your digital assets are usually provided for in your will or trust, and if you don’t have one typically goes to your heirs at law. As you can see, who you have listed as a beneficiary -- and not having a beneficiary designation at all -- can have serious implications for your family after you have passed away.