Fulfilling tax obligations stands as a vital responsibility for individuals and businesses alike. However, neglecting tax payments can result in a series of consequences. What are the potential outcomes of not meeting your tax obligations? Financial penalties and...
If you are just starting your professional life, creating an estate plan might seem somewhat silly. After all, you might not yet have very many assets to protect. You also may be healthy, making an advance directive or health care power of attorney appear to be...
Regardless of your age or net worth, it is important to write a last will and testament. This important estate planning document describes what you want to happen to your assets after your death. If you are a parent, your will also can name a guardian to care for your...
Although discussing your death may feel unpleasant, it is essential to plan to ensure your family follows your wishes post-mortem. Unfortunately, after a loved one passes away, relatives can sometimes argue while fighting over inheritance and other issues while...
When it comes to high-asset marital property planning, there is much to consider beyond simply dividing up assets. Couples with substantial wealth must take special care in developing a plan that will protect their assets and ensure their financial security. Here are...
Community property states offer tax advantages to some married couples. Thanks to recent legislative changes, married people in common-law states, such as Texas, can now enjoy some of these advantages by establishing a community property trust. What is a community...
Even though your marriage seems to be barreling toward an inevitable divorce, neither you nor your spouse is quite ready to call it quits. If you have not yet tried it, marriage counseling might help. In fact, according to Psychology Today, emotionally focused therapy...
Most parents do not want to think about what would happen to their children if they both die. However, it is an important part of the estate planning process. Choosing a guardian for your child is not easy, as you want to find someone who shares your same parenting...
Your estate plan is an excellent place to discuss the distribution of your assets. You can provide guidance to your heirs and pass along your legacy. Optimizing asset distribution can make your gifts more meaningful to their recipients. A good strategy might also...
The purpose of an estate plan is to protect yourself and your family in case of an accident, sickness or death. An estate plan allows you to determine what to do with your assets if something happens to you. While the initial creation of an estate plan is essential,...
