When newspapers reported about the demise of Mark Twain, the American author and humorist quipped that “rumors of my death have been greatly exaggerated.” More than a century later, the same could be said of the federal estate tax, which is effectively defunct for all but the richest Americans.
The Cost of Not Having An Up-to-Date Estate Plan
What did Heath Ledger, Princess Diana, and the singer Prince all have in common? Each of them died with a botched estate plan– or none at all– and they cost their families a fortune in money and grief as a result. The shock of Heath Ledger’s death from a drug overdose in 2008 was compounded by the discovery that his will left nothing to his only child, Matilda. Heath had prepared his will before Matilda was born, and the Australian actor never updated the document to provide for her.
Peace of Mind for Troubled Times
In the Victorian era, death was almost fashionable. Funerals were well-attended and even rivaled weddings in their splendor and expense. Department stores offered an array of luxury clothing for grieving mothers and widows. Black fabrics were reserved for those in deep mourning. Then shades of gray and mauve were mixed in as one felt able to rejoin society. If death wasn’t celebrated, it was at least taken very seriously.
When is a Child Not a Child?
Fans of the folk group Peter, Paul & Mary may remember this lyric: “Home is where the heart is, no matter how the heart lives.” Later in her career, Mary Travers’s voice may have aged, but she still sang this message of gay equality with undiminished gusto.
When is a Child Not a Child?
Fans of the folk group Peter, Paul & Mary may remember this lyric: “Home is where the heart is, no matter how the heart lives.” Later in her career, Mary Travers’s voice may have aged, but she still sang this message of gay equality with undiminished gusto.
Ashes to Ashes Planning Your Legacy
Making your final arrangements William Wordsworth said that the best part of a good man’s life is “his little nameless unrememberd acts of kindness and of love.” In this spirit, many of us work to fill each page of our life’s story with small deeds of compassion and helpfulness. One such deed we might not have considered is planning our final farewell.
LGBT and Single: Planning Your Legacy
Rather than calling themselves single, some folks would say they’re in a long-term relationship with action, adventure, and fun! After all, the single life has much to offer. Those of us who are unattached may enjoy a greater sense of freedom, and the chance to sleep uninterrupted by the drone of snoring or the kick of restless legs.
Taking Pride in the Here & Now– And the Hereafter
June is LGBT Pride month, and this year the need to show our rainbow colors seems surprisingly urgent. Gone is the thrill of seeing the White House illuminated in rainbow colors. Gone too is the administration that helped to expand the rights of same-sex couples and other members of the LGBT community.
Five Steps to Inheriting a Fortune
An inheritance is sometimes called a “legacy,” and receiving one can be a blessing – or a curse. One the one hand, there is the temptation to think like a lottery winner and imagine a life of easy indulgence. On the other, there is the instinct to do the “right thing” by paying off debts, investing wisely, and saving for the future. The fact that many lottery winners ultimately file for bankruptcy should be sufficiently instructive as to which course you should take.
Timing Your Gifts to Trim Your Tax Bill
Timing gifts to charity Tax season is upon us, and most people’s first question is what they can do to pay less. The key to a lower tax bill is reducing your taxable income. Several financial maneuvers will achieve this result. For example, you can top off your 401(k) or IRA contributions, sell off losing investments from a taxable account, or ask that your employer hold off on paying you a bonus until after December 31st.