When was the last time you reviewed your Will or estate strategy? August is National "Make a Will" Month, an excellent annual reminder to update or create your Will. A Will can outline your wishes and help guide the settlement of your estate. Has there been a birth,...
By Marc C. Shaffer As a financial advisor, I'm always on the lookout for tools that can help our clients protect their assets. Recently, I've been using Carefull, a service that helps guard money, credit, and identity from threats, thieves, and everyday money...
By Marc C. Shaffer We tend to think of a financial caregiver coming into the picture when someone like a parent or grandparent starts to decline, mentally, physically or both. However, that might not be the only time you should be considering either planning to bring...
If you’ve ever had to navigate the final affairs of a loved one, you probably have a great understanding of the value of estate planning . Regardless of age, income, or asset level, estate planning can greatly benefit those you leave behind, especially the ones tasked...
Many parents wonder how their own finances will change as their children become independent. Where should you draw the line with your children? What level of involvement and/or support should you maintain with your children? What are some planning points that you, as...
By Marc C. Shaffer
I recently embarked on a journey to purchase a new vehicle, and the new method I tried was a game-changer. Instead of going the traditional dealership route, I utilized a refreshing new approach with Your Car Dog, a car buying agent recommended by a referral partner. The experience was nothing short of wonderful, and I’m eager to share my story.
By Marc C. Shaffer
The idea of a “boomerang” generation has been around for a long time, but a new economic situation could be fueling another wave of boomerangers. Sure, there are still children who graduate and move back in with their parents right away. But while many adults are still recovering from pandemic-era job loss and financial recovery, the housing situation of low inventory, high prices and high interest rates is not helping. This could cause children of any age to boomerang right back into the nest.
Passing your estate to an heir with credit problems, a shaky marriage, a gambling or alcohol addiction, or any other concerning situation might not only lead to that wealth being squandered, but the inheritance could worsen destructive behaviors.
Of course, you don’t want to disinherit your child(ren) simply because of their personal challenges. There are potential solutions that allow parents to control and incentivize behaviors long after they are gone, helping ensure that a troubled child’s inheritance won’t be misused.
You do not want to avoid or delay creating a plan hoping that your heir’s issue will go away. This could result in you passing before any plans have been set and the inheritance could be given without restrictions.
By Jessica Searcy Kmetty
Whether you’re talking about finances as a couple, as a family, or with a financial advisor, the situation can feel uncomfortable and vulnerable.
Chances are, finances weren’t talked about in your house growing up. For many, discussing such things was considered taboo, so it’s hard to start a conversation now about something you just don’t have experience talking about.
But, staying quiet about finances could hurt you.
By John C. Fales
Should we include our children in conversations about inheritance, our net worth and our estate plan?
Should we be gifting assets to our children along the way or should we control the money until it transfers to them upon death?
How do we teach our children and grandchildren to be smart with money?
When an individual or couple has more than enough assets to meet their personal needs, thoughts often turn to how best to provide for and transfer wealth to the next generations.