Wealth Protection Management Articles

Wealth Protection Management Articles

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Articles & Blog

Protecting Threatened Wealth

Every 10 seconds a Boomer turns 60 years old. Gray divorce is what many boomers face. Among U.S. adults over age 50, the divorce rate has doubled since 1994. Contrary to expectations, long term marriages are not immune to divorce and the largest increase (55%) is in first time marriages of over 20 years. With transition and the uncertainty of a divorce outcome, being able to meet one’s needs and protect wealth are the two priorities expressed most often by older individuals who divorce.

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Remarried after kids – avoid accidentally disinheriting them

If you’ve tied the knot again and hope to pass on assets to your kids from a previous marriage, don’t overlook the importance of planning for when you pass away.

Many people lack even a basic will and the stakes can be higher if you do no estate planning when you remarry. As a result, your children could unintentionally be disinherited.

“A conversation about estate planning is absolutely critical in remarriages,” said certified financial planner Lili Vasileff, founder and president of Divorce and Money Matters in Greenwich, Connecticut.“It’s emotional and hard to talk about, but the last thing you want to do is leave adult kids with a disaster.”

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Widows see their income drop by 50% – don’t be one of them

In March 2013, Ginny McKinney and her husband, Dan, were shopping for a camper to pursue their dream of traveling to great golf courses around the country. Then Dan died of a heart attack. He was 62 years old and she was 59.

“It was devastating. Grief is like an onion. You have the initial shock of the loss itself, but then it keeps going deeper and deeper,” Ginny says.

And in Ginny’s case, the emotional challenges were compounded by financial setbacks.

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Articles & Blog

Is Divorce Becoming a Tax Strategy Game?

As professionals, we must consider how to address the ripple effect of the repeal of the alimony tax deduction and other uncertainties in the new tax law. Divorce has become a tax strategy game with no clear direction.

Many couples who are racing to divorce in 2018 may be surprised to learn that even though the tax character of alimony remains unchanged in 2018 and will be grandfathered, other changes in personal and business income taxes will absolutely impact their financial outcomes. Clearly, the spectrum of changes in the “Tax Cuts and Jobs Act” (H.R. 1) for individuals ranges from tax brackets, deductions, and tax credits to tax shelters.

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