When a parent is considering giving or lending a child money, the key question is whether it’s empowering or enabling. You need to structure a transfer that is best for both generations. When my older daughter Meredith bought a house in Portland, Oregon, in 2015, she needed help with the down payment. Housing prices were …
Intergenerational Transfers: Helping Adult Children Read More »
As a generation, baby boomers are starting to wonder how we can leave our mark upon the world. What, besides material possessions, can we hand down to the next generation? How do we capture and define the wisdom and values that we’ve cultivated over decades of experience? How do we pass these precious assets down …
If you got hit by a bus tomorrow, would your loved ones know how to access your important records? Would they know which accounts you hold and where your money is? What about insurance policies? Real estate ownership papers? You may have your records organized in a way that works for you, but imagine what …
Discover what it means to be wealthy or successful. If you’re like most, it takes a few hard knocks to understand what life truly has to offer. Several years ago at the Berkshire Hathaway annual shareholders meeting in Omaha, Neb., a precocious 10-year-old investor stood bravely in front of a microphone and posed a weighty …
6 Wealth & Success Lessons From The Ultimate Gift Read More »
As a lesser-known but viable alternative to a private foundation, a community foundation offers a number of philanthropic—as well as tax-related—benefits, especially for smaller donors. Creating a family legacy through charitable giving receives a lot of press when the likes of Bill Gates and Warren Buffett commit to leaving huge amounts of their fortune to …
Charitable Gifting Through Community Foundations Read More »
What would happen if your earliest childhood dreams actually powered your life and business plans? What if you integrated fun into your weekly, monthly, and life goals? If you’re spending time on things that don’t matter, here’s a chance to rethink your plan. What life lessons would you share with the world if you had …
Having a will is necessary, but there is a great deal of information the legal document does not include. Here’s what to cover in a supplemental letter that specifies preferences, discloses critical logistic info, and will save your family significant stress during a difficult time. Having a proper will goes a long way to prevent …
Last Will & Testament: Add a Letter Covering These 14 Wishes Read More »
Celebrities have enough money to hire the best estate planning lawyers. You would think celebrities, of all people, should have ironclad estate plans that keep their affairs private, leave money and possessions to the people they love and the charities they care about, and take advantage of legal ways to avoid or minimize estate taxes. …
In most families, the needs and interests of family members overlap. Even if your money is separate, planning needs to happen for all. It is normal, when working with your financial advisor, to focus on the needs of your immediate family. If you are a baby boomer, for example, you are probably looking at retirement …
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