The estate plan is the cherry on top of your life plan sundae! You and only you can decide how and to whom to give power and access to your wellbeing and a lifetime of building an estate.
Roth Conversions are the topic du jour as we approach year end tax planning. This article looks at the benefits and costs of a conversion, including identifying the optimal windows and why they can be great tax management tools for both early and late career savers.
529 plans can be a huge “utility” tool in a portfolio. In addition to funding education, 529 plans can be a tax savings tool and gifting /estate planning tool.
Many of our clients have college age/young adult children over 18. Even though that might not be the milestone they are most excited about (like the one that comes 3 years later!), it is a major milestone in the eyes of the law. At that point our government considers them adults. They can now:
+Join the Military (men have to register for selective service)
+Manage their own money
+Serve on a jury
+Sign a contract
On the other hand, parents are no longer able to:
-Access their medical information
-Make health care decisions
-Access their financial accounts (unless you have joint ownership)
-Access their school records (even though you may be paying)