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Financial Planning Archives - Page 13 of 15 - Wealthspire | Page: 13

dynasty trusts

A Primer on Dynasty Trusts

By Guides & Whitepapers
Why is it called a “Dynasty Trust”? Some are surprised to learn that most trusts are temporary. Unlike a corporation, partnership, or other artificial legal entity, most trusts cannot be perpetual. A rule of law called the “Rule Against Perpetuities” terminates most trusts automatically, and cuts them off at a few generations. As a result, even the most careful trust planning will eventually be unwound, because these temporary trusts will terminate and the property will be distributed outright into the hands of the trust beneficiaries. This limitation can be avoided by using a Dynasty Trust, because it is a perpetual…
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Often Overlooked Estate Planning Details

By Blog
Even though the Tax Cuts and Jobs Act of 2017 resulted in fewer families being subjected to estate tax, estate planning, or the process of preparing instructions for how your personal assets should be administered and distributed after your death, remains a necessary task for all. More than just the writing of a legal will, estate planning can provide legal clarity to final wishes, name beneficiaries of assets, and outline terms of care in the event of incapacitation. As the process of creating an estate plan can be complex, there are some basic but important details that one should consider…
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financial organization

3 Simple Steps to Better Financial Organization

By Blog
Every New Year, many resolutions are made, and often, many get quickly broken. While commitments to eat healthier, be more active, or learn a new skill are often quickly forgotten, there is one New Year's resolution you can still enact and thank yourself for the rest of the year: Better financial organization. Plenty of people try to organize their financial lives. However, organizing your finances isn’t just about creating a budget. Think about it like decluttering a messy closet: you will ditch the junk, find things you had forgotten about, make room for new items, and feel accomplished and rejuvenated.…
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4 Ways to Instill Good Financial Habits in Your Kids

By Blog
Parents have arguably the most difficult job on the planet. Molding your children into high-functioning, independent beings takes more effort than simply teaching proper manners. The saying “actions speak louder than words” applies to some parenting duties – politeness, for example – but many valuable lessons must be presented to your kids through honest conversation. Unfortunately, financial conversations can often feel quite uncomfortable. In fact, 71% of parents have some degree of reluctance to discuss financial matters with their kids, but failure to have meaningful money conversations with them leaves them to learn from your actions alone, which are not…
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QCDs

Developing Charitable Goals with a Personal Mission Statement

By Blog
Focusing Your Charitable Activities for a Lasting Impact For many wealthy individuals, charitable donations and philanthropic activity serve as meaningful ways to support causes you are passionate about. It is also common for philanthropy to increase in importance either after a liquidity event or retirement. While contributing monetarily to non-profit organizations is an effective way to earn tax deductions and reduce the size of your taxable estate, the most important reason most people give for their charitable inclinations is a desire to effect real change in an issue about which you feel strongly. Philanthropy can be overwhelming. Donors are bombarded…
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divorce

The Finances of Divorce

By Blog
Planning Your Finances Must be a Priority During Divorce Whether you are just thinking about divorce, in the middle of the divorce, or your divorce is finally over, planning your finances should be a top priority. Regardless of who handled the financial decisions during marriage, it is critical to focus on your future and set financial goals, as these decisions will likely affect the rest of your life. Emotions are Expected, but Try to Separate Them From Your Financial Assessment It is easy to get swept up in the emotions and not want to deal with the finances, but at…
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What You Should Consider When Choosing a Financial Planner

By Blog
Asking for help when it comes to your financial decisions is never a bad choice. Whether it is something as simple as, “How much should I contribute to my 401k?” or as big as, “Can I retire next year?” we could all use some help along the way. Enlisting the services of a financial planner is a major decision, since this person may ultimately be managing your financial life, maximizing your wealth, planning for your retirement, and helping you work towards major goals. Because of that, your search process should involve several steps as it would when hiring any sort…
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cybersecurity

Keep Your Identity to Yourself!

By and Blog, Guides & Whitepapers
With all the recent headlines from the hacking of consumer data at Equifax, combined with data breaches over the years at Target, JPMorgan Chase, Yahoo!, Sony, and many more, it is probably safe to assume that your personal financial data is not completely secure in our cyber world. Per a recent study by Javelin Research out of Pleasanton, California, about one out of every sixteen US consumers were a victim of identity theft in 2016, with damages close to $16 billion. Further, most victims are not even aware that they have been hacked for many months. Fraudsters using your basic…
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kiddie tax

What is the Kiddie Tax?

By Blog
As an advisor who works with clients in their 30s and 40s, I spend much of my time talking about children. Besides discussing how much fun kids are or how little their parents are sleeping, a majority of these conversations focus on the best way to save for children, now and for the future. We often discuss the pros and cons of 529 Savings Plans, custodial (UGMA/UTMA) accounts, and creating and funding separate trusts, as well as target annual savings rates for specific expenses (e.g. college, camp, etc.). One topic that is often overlooked, however, is the tax rules impacting…
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financial goals

Get “SMART” with Your Personal Financial Goals

By Blog
So, you’ve finally graduated college and entered “the real world.” Maybe you have secured your first job, or are in a new city, and are feeling truly independent. Now that you have a professional income, you may think that you can spend money on whatever your heart desires. But have you taken a step back from all this newfound excitement to assess the state of your personal finances? For many young people, the answer is no. To take the next steps towards establishing a secure financial footing for yourself, first understand that personal finances are not to be left to…
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