Whatever your age, income, or family status, you have probably heard of and considered estate planning. An estate plan ensures that the money you work so hard to earn protects and benefits your loved ones. However, another planning option you may not have considered is charitable estate planning. Charitable estate planning is a rewarding way to benefit a worthwhile charity or organization, while reaping tax benefits for you and your family both now and later. 

Upon your death, you probably hope to distribute the wealth you have accrued over your lifetime in a way that is meaningful to you and your loved ones. Anticipating the tax responsibilities that will be placed on your estate and its beneficiaries—and using effective estate tax planning techniques—can help minimize estate taxes and ensure that you leave behind the legacy you intend.

When adult children, parents, or other loved ones become unable to make important decisions or care for themselves, the decision to pursue legal guardianship for adults can be very difficult. Adult guardianship can be restrictive to the rights of the protected person and places significant responsibilities on the appointed guardian. Understanding guardianship laws in West Virginia (WV) can help you decide if and when to apply for guardianship in WV.

Accountants, including certified public accountants (CPAs), are intimately involved in the financial lives and well-being of their clients. Despite conscientious adherence to best practices, blame can fall on the accountant when a client suffers a financial misfortune. The ability to protect personal assets when allegations of professional wrongdoing are made is one of the benefits of DAP trusts for CPAs and all accountants.

According to a recent study from Miami University, adult guardianship in Ohio is on the rise, and many family members and friends are tasked with the important job of becoming a guardian for a loved one who needs assistance with self-care or managing financial matters. The study found that 70 percent of the guardians are family members or friends of the person under guardianship (the “ward”).

Making life decisions for someone else is a big job, and it is important to know the basics when faced with this responsibility.