Many parents may feel it is unnecessary to inform their adult children about their personal, financial affairs. However, as your children grow older, it can work to your advantage—and that of your entire family— to share with them key financial, medical, and estate planning information. Awareness of important information, and knowing where to locate relevant documents, can help your grown children take appropriate and timely action if a sudden death or catastrophic illness we
A charitable remainder trust (CRT) can be a highly effective financial and estate planning tool. The CRT can allow you to: avoid capital gains taxes on highly appreciated assets, however, when income is distributed to the income beneficiaries it is taxable; receive an income stream based on the full, fair market value (FMV) of those assets; receive an immediate charitable deduction, and ultimately benefit the charity(ies) of your choice. Some individuals may be reluctant to t
Estate planning helps with the transfer of your assets through a trust or a will. In today’s day and age, settling an estate isn’t as straightforward as it used to be. This is due to the fact that most of our assets are digital these days. Learn More About Estate Planning With Bauerle Financial Digital estate planning entails organizing, cataloging, and preparing for the disposition of someone’s digital assets after their death. This has become the new norm over the past deca
I have seen my share of client-drafted wills. While most people opt to have a lawyer draft their last will and testament, there is no requirement that an attorney does so. If you do opt to draft your own will, make sure to avoid the following five mistakes that I repeatedly see in layman-drafted documents. Learn More About Estate Planning With Bauerle Financial 1) No Inclusion of Your Family Tree The core idea of a will is that you can leave your money to whomever you choose.
Minimize the need to decide taxes and transaction costs for all beneficiaries. Nothing ignites family arguments like inheritance problems. If you plan to leave money to more than a few beneficiaries, for the sake of peace and your own emotional legacy, know how to divide the proceeds fairly. First, you can divide your estate among however many heirs you want: three, seven, 11 or 13 and so on. Here are the best practices for how to divide your wealth. Learn More About Estate P
Estate Planning is a technique of preparing and also considering options that will satisfy specific wishes as well as goals to plan for points that might occur to a person and also individuals they find special to them. Learn More About Estate Planning With Bauerle Financial Estate Planning may be a word that is come across by numerous citizens particularly the elderly. What is Estate Planning? What benefits does it supply to individuals? An estate strategy may be referred to