How to Save Big and Secure Your Family’s Future
Navigating the world of estate taxes can feel like trying to find your way through a pricey maze. Luckily, with strategic money management, you can minimize the taxes on your estate, ensuring more of your hard-earned assets go directly to your loved ones. Here’s a quick guide on how to keep taxes at bay and safeguard your family’s inheritance. GIFTS CAN BE GOLDEN. Spreading a little wealth now can save a lot of taxes later. Known as “annual exclusion gifts,” you can give up to $18,000 to as many people as you like without incurring yearly gift taxes. If you’re feeling generous, doubling this with your spouse means you can give away $36,000 per person annually. This isn’t just a great way to reduce your taxable estate but a perfect way to see your loved ones enjoy their inheritance while you’re still around. STAY SECURE WITH A TRUST. Trusts are fantastic tools to manage asset distribution after you’re gone. You can exclude certain assets from your taxable estate by
setting up a trust, like an Irrevocable Life Insurance Trust (ILIT). This means they’re protected from estate taxes, creditors, and divorce proceedings — talk about a triple win! STEP-UP YOUR BASIS. Here’s a little-known trick: Hold onto assets that appreciate until your death and your heirs can benefit from a “step-up in basis.” This means they will only pay taxes on the gains made from the date of your death rather than the total gains from when you first acquired the asset. It’s like pressing the reset button on potential capital gains taxes, which can be a huge relief. Minimizing estate taxes doesn’t have to be a dreary affair. With these tips and proactive steps, you can ensure more of your estate goes where you want it to — without a hefty tax bill. So, chat with a savvy
estate planner and start building your plan. Your heirs will thank you, and your legacy will stretch even further!
Creating a Happy Family HOW TO FOSTER POSITIVE RELATIONSHIPS WITH STEPCHILDREN
According to the Journal of Demography, 37% of married couples have at least one stepchild. Despite the prevalence of the stepparent/
and be attentive to their hobbies and interests. However, it’s important not to come on too strong. You don’t want your stepchild to feel pressured to get along with you, so let them decide the pace and follow their lead. PLAN AHEAD You and your partner must be on the same page when parenting stepchildren. Taking a hard stance in the opposite direction can confuse and undermine your partner’s authority. You should cooperate when deciding how to discipline and care for the children and what boundaries to set. If you go in without a clear plan, you are planning for disaster. The last thing you want is for your parenting to drive a rift between you, your partner, and your stepchildren. LISTEN AND REINFORCE Be an active listener, and try repeating some of what you see and hear. Make it clear you are listening and understand where your stepchild is coming from. If they can rely on you to listen, they will be more open to talking to you and building a rapport. Moreover, take strides not to badmouth their biological parent — you want to be a positive influence. You won’t better your relationship with your stepchildren by worsening their relationships with others.
stepchildren relationship, it is often not as harmonic as it could be. Stepparents can play a vital role in the development of young children and be positive
role models to teens as well. As your relationship with your stepchildren grows, so will your relationship with your partner. Here are some tips to help you form a more positive
relationship with your stepchildren.
GROW COMFORTABLE When first introduced into a stepchild’s life, you often have to circumvent some initial animosity and awkwardness. This is normal. It may take a little while for your stepchild to warm up to you and build a rapport between you. Find things you have in common. Try to get to know them
With these tips, you can improve your standing with your stepkids and foster a more powerful and positive relationship as you move forward.
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