Retirement is more than just an end to the working years; it's an exciting new phase of life that requires thoughtful preparation and strategic planning. In this article, we’ll discuss the first 5 steps, why they’re important, and how to implement them. See Part 2 for the remaining 5 steps.
Step 1: Plan for the Transfer of Your Assets
Why It’s Important: Effective estate planning ensures that your assets are distributed according to your wishes, potentially reduces estate taxes, and can prevent a lot of legal complications for your heirs. Proper estate planning also helps to avoid the public, often lengthy and costly process of probate, ensuring that your heirs have quicker access to the assets you leave behind. Moreover, clear directives in estate planning can prevent family disputes (sometimes resulting in irretrievably broken relationships) and ensure that your specific instructions are followed, preserving your legacy exactly as you intend. This is...
As we welcome the New Year, filled with hope and resolutions for a brighter future, if you have minor children or grandchildren, put this commitment at the top of your list– a Kids Protection Plan called The Guardian Guide™.
Even if you have already named legal guardians for your children (or your siblings have done it for their kids, or your kids have done it for your grandchildren), most people … even lawyers! … make 1 of 6 common mistakes when naming legal guardians. And, if you (or your siblings or your children) haven’t named legal guardians for minors you care about, make it your New Year’s resolution is to take care of the littles in your life before the end of this month.
It can be hard to think about a future where you couldn’t be there for the people you care about the most, but having a plan in place will ensure the little ones you love stay in the care of the people they know and trust in the event you become...
UPDATE: Many recent changes have occurred related to the Corporate Transparency Act (“CTA”) and the requirement for all business owners to disclose their personal information to the US government.
Here’s what’s transpired since a Texas federal court first suspended the CTA filing deadline on December 3, 2024:
What this means for you: As of now, the filing requirement is optional. However, as we’ve seen this week, this is subject to change on any given day, so check back here and we’ll keep you updated. In the meantime, to learn more about the CTA, including the filing...
If you or your family members hold crypto assets, there's a critical change coming up that you may want to act on by December 31, 2024. Let's break down what's changing and what you need to do, if you want to qualify for safe harbor protections related to the basis of your crypto assets. Basis is relevant because when you sell your crypto assets, you will pay capital gains tax on the difference between your “basis” or the cost at which you purchased, and the sale price, or the price at which you sell your assets.
In the past, tracking basis for purposes of reporting gain on the sale of crypto assets was able to be combined across all tokens and all wallets. As a result, whether you bought or sold crypto in any one wallet or exchange, you could use first-in/first-out (FIFO), last-in/first-out (LIFO), Highest Cost First Out (HCFO) or other capital gains reporting methods across all of your crypto assets. Starting in the 2025 tax year, that will no longer be the...
If you’ve given any thought about estate planning, you probably associate it with preparing for death. But did you know that there are critical reasons (and significant benefits) for planning while you’re still well and alive? That’s why we refer to our services as Life & Legacy Planning. When done right, planning for your assets and your death is something that should start right now through honest, open conversations with your family.
It starts by talking with your parents, siblings, and children about what you want the future of your family to look like, how you’d like assets managed, and what type of care each family member would want in the event of a debilitating or terminal illness.
You may have already started a conversation about estate planning with your family. But here, we dive deeper into the conversations you need to have right now to truly understand your family’s financial picture and plan for the future in the best...
Love is undoubtedly the most profound and cherished thread that weaves us all together, and there are many different ways to express our love to the people who mean the most to us. Often when we think of showing our love, we think of bouquets of flowers, surprise gifts, and meaningful notes. But an often overlooked – and incredibly meaningful – way of showing your love is to put that love into a plan for the future.
While estate planning may seem like a realm of financial jargon and legalities, it is, at its core, a tangible expression of your care for those closest to you. (And that’s why I refer to estate planning as Life & Legacy Planning.)
In this blog, we'll look at why adding your partner to your not only your Will, but your holistic estate plan isn’t just a romantic gesture but the ultimate act of love.
Providing Care and Protection
Estate planning is typically associated with financial matters and legal technicalities, but at its core, it's...
Anyone who’s seen an episode of “Modern Family” knows that families these days come in many different shapes and sizes. Long gone are the days when a “family” was defined as a mother, father and two children (or was it 2.5 children? Where does the .5 come from anyway?). In this article, we’ll focus on one of the types of families that’s common in our modern culture: the blended family.
The Unique Dynamics At Play in Blended Families
A “blended family” comes into being when parents divorce, or are widowed, and a person remarries. You also don't have to actually be married (a partnership of any shape counts) to have a blended family situtation. While everyone may get along effortlessly while the parent is alive, that too-often doesn’t happen once the parent dies. Why? Because the law still hasn’t caught up to our modern definition of “family.” The law often favors the spouse, which works well when the...
As parents, we're hardwired to prioritize our children's well-being above all else. We work tirelessly to provide for them, nurture them, and ensure they have every opportunity to thrive. Yet, amidst the hustle and bustle of daily life, it's easy to overlook a crucial aspect of their future: what happens to them if we're no longer here to care for them?
It's a sobering thought, but one that deserves your attention. You may assume that in the event of your untimely passing, your children will automatically be cared for and inherit your assets. However, the reality is far more complex and potentially unsettling.
Let's unpack why relying on these assumptions could leave your children's future in uncertain hands.
The Myth of Automatic Care
Yes, it's true that your children will inherit your assets upon your passing (if there is not a surviving spouse in most cases). However, without advance planning, the management of those assets will fall into the hands of a court-appointed trustee....
We talk a lot about love and legacy here at Breiner Law Firm. Specifically, how to show your loved ones, well, love, through specialized Life and Legacy Planning®.
But, there's a different kind of love that deserves our attention: the love we show ourselves, our family, and our wallet through thoughtful financial planning.
Now I know what you’re thinking – that doesn’t sound as fun or showy as a fancy night out, a bouquet of flowers, or even a night in with Netflix - not that kind of love! But trust me, making smart planning decisions with your assets is one of the best gifts you can give your loved ones – and a gift that keeps giving over time.
Last week we explored 7 ways to show your finances and your family some love with smart, tax-advantaged financial tips for the new year:
We talk a lot about love and legacy here at Breiner Law Firm. Specifically, how to show your loved ones, well, love, through specialized Life and Legacy Planning®.
But, there's a different kind of love that deserves our attention: the love we show ourselves, our family, and our wallet through thoughtful financial planning.
Now I know what you’re thinking – that doesn’t sound as fun or showy as a fancy night out, a bouquet of flowers, or even a night in with Netflix - not that kind of love! But trust me, making smart planning decisions with your assets is one of the best gifts you can give your loved ones – and a gift that keeps giving over time.
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