Vacation homes are typically treasured by families and often pass down from generation to generation. But there may be more to transferring the family lake cottage or beach house than first meets the eye. If you plunge ahead without careful planning, it could disrupt harmony and lead to a “family feud.” In some cases, relationships may be severed forever. (more…)
Insight on Estate Planning
According to the 2017 Genworth Cost of Care Survey, a widely used barometer for the industry, the median cost of adult day health care in the United States is $1,517 a month. It’s $3,750 for an assisted living facility, $3,994 for home care services and $4,099 for home health aides. And the median cost rises to $7,148 for a semiprivate room at a nursing home and $8,121 for a private room! (more…)
The Tax Cuts and Jobs Act (TCJA), which generally went into effect at the beginning of 2018, lowers individual and corporate tax rates, reduces or eliminates many deductions and enhances other tax breaks. One thing the new law doesn’t do is repeal the federal estate tax. But the TCJA does include other provisions that can impact your estate plan. (more…)
Do you know someone who suddenly became widowed when a beloved spouse passed away in the prime of life? You may have tried to console the widow or widower, but then resumed your normal daily activities. And the surviving spouse was left to pick up the pieces of his or her life, often on their own.
But this isn’t always “someone else’s” problem. It can happen to you or a member of your immediate family. The question is: Would you be prepared to cope emotionally and financially? Could you afford to live the same lifestyle? (more…)