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Estate Planning for Professional Athletes

Wed 28 Apr, by on Estate Planning, Probate

Estate Planning for Professional Athletes

In sports, success frequently brings significant monetary compensation. While this is a dream come true for most individuals, it is important to take the right steps to safeguard this hard-earned money. Most people assume that the biggest challenge is spending beyond one’s means. While this can cause many problems, it is not the only issue that athletes need to be aware of and plan for. Your Off-Court or Off-Field Penalty: Taxes There are several types …

Options for Establishing and Transferring Your IRA to a Loved One

Fri 23 Apr, by on Estate Planning, Probate

Options for Establishing and Transferring Your IRA to a Loved One

Now, more than ever before, Americans are using a variety of tax-deferred accounts such as 401(k)s and IRAs to save for retirement. And while the laws are currently designed so that people must start withdrawing the money when they retire, it is not uncommon for many of these accounts to still have significant value at the owner’s death. As a result, a huge amount of accumulated wealth is just waiting to be passed on to …

Estate Planning for Unmarried Partners

Thu 8 Apr, by on Estate Planning, Probate

Estate Planning for Unmarried Partners

According to a 2019 survey conducted by the Pew Research Center, 7 percent of surveyed adults were living with an unmarried partner, up from 3 percent in 1995.[1] More people are entering long-term, committed relationships without getting married. Unfortunately, state and federal laws do not protect unmarried couples as they do married couples when it comes to inheritance, taxes, and decision-making powers. Therefore, it is important that you engage in comprehensive financial and estate planning, …

What You Should Know about Life Insurance Settlements

Fri 2 Apr, by on Estate Planning, Probate

What You Should Know about Life Insurance Settlements

Though many people are familiar with life insurance policies and have a general understanding of how they work, the process of selling a life insurance policy to a third party may be less commonly understood. When an insured party sells a life insurance policy to a third party investor, the transaction is called a life settlement.   How Life Settlements Work  Though the idea is counterintuitive to many people, life insurance policies are considered property and therefore can be bought …

What If No One Wants My Assets?

Fri 19 Mar, by on Estate Planning, Probate

What If No One Wants My Assets?

A critical question to ask yourself when creating an estate plan is who will get your assets when you pass on? While most people think about who they would like to receive the major items—homes, retirement accounts, savings—personal property such as jewelry, clothing, sports equipment, vehicles, and other possessions are often overlooked. The truth is that while some mementos and sentimental items may be very valuable to you, the people that you want to give …

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