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The Financial Planning Blog

Your go-to financial planning and wealth management resource, whether you're just getting started or well on your way to a financially secure future.

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Estate Planning  |  Retirement Planning  |  Wealth Management  |  estate planning  |  legacy planning

Estate Planning Disconnects and What to Do About It

What happens when couples who are working to build their legacy aren’t on the same page about what’s best for their family? How do you bring two different perspectives together? In our practice, we see many kinds of estate planning disconnects. It happens to couples who are happy in their marriage and lifestyle as well as to those who aren’t. So, why the lack of alignment?

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Estate Planning  |  Legacy Planning  |  Retirement Planning  |  estate planning  |  legacy planning  |  wealth management

Are You Wondering About the Soft Side of Estate Planning?

"The Greatest Irony in Family Estate Planning" I always find the greatest irony in family estate planning is that people tend to think more about financial assets and give little thought to the personal side of preparing heirs. Some clients just want to be “done with it” and not look at estate planning again. Looking through plans, I see they represent a lot of time and legal work. What’s often missing is the story behind it all. How did the family get to this point? What is the backstory of their pain, failures, victories and joys?

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Family Inventory Workbook

Family Inventory Workbook

Use this free workbook to gather a comprehensive list of all information pertaining to your family’s current financial picture!

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Estate Planning  |  Legacy Planning  |  Retirement Planning  |  Wealth Management  |  estate planning  |  legacy planning

3 Things to Consider in Estate Planning Conversations

Estate Planning: Are Equal Slices Best When You Divide the Family Pie? While many people think life isn’t always fair, in my practice I find it more likely that life is unequal in how wealth gets distributed. This inequality carries over into many families with children of different ages, skills, interests, needs, and degrees of material success. "... there are many creative ways to actually increase the impact of “the family pie.” -Greg Hammond, CFP®, CPA You may believe a policy of “sharing equally” is the best way to divide your assets. While it’s easiest, especially when it comes to avoiding conflicts, I find it’s not necessarily fair. Even at the risk of conflict, often it’s more practical to divide your assets by recognizing and compensating for differences in the needs and abilities of your heirs.

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Estate Planning  |  Legacy Planning  |  Wealth Management  |  cross purchase Buy-Sell Agreement  |  estate planning  |  legacy planning  |  wealth management

Cross-Purchase Buy-Sell Agreement

Under a properly funded cross purchase buy-sell agreement, an owner agrees to purchase all or a portion of the business interest of the other owners. The agreement stipulates that the deceased owner’s estate must sell the business interest and that the surviving owners will buy that business. The agreement also establishes the price to be paid either based on a fixed amount or a formula. In general, current tax law has made the formula method the more prudent choice.

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Estate Planning  |  ILIT  |  Legacy Planning  |  Wealth Management  |  crummy letter  |  estate planning  |  irrevocable life insurance trust  |  legacy planning

Irrevocable Life Insurance Trust

An irrevocable life insurance trust (ILIT) is an irrevocable trust set up to own and be beneficiary of life insurance  policies. The life insurance can be on one individual or be a second-to-die survivorship policy where death proceeds are payable at the second death.

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Blog Feature

Estate Planning  |  Legacy Planning  |  Retirement Planning  |  Wealth Management  |  estate planning  |  legacy  |  legacy planning

Legacy is a Powerful Word

Your legacy can be joyful, tragic, or somewhere in between – but you get to choose which.

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