As wealth grows, so does the desire to increase charitable contributions – and leave a legacy of generosity. Involving your family in such a noble effort can bring even greater joy. It’s a heartwarming feeling when you pass down your value of helping others, to live on long after you’re gone.
When it comes to giving back to the community or supporting a cause, it's essential to do your due diligence before donating to any organization. With so many nonprofits and charities out there, it can feel overwhelming to decide where to allocate your hard-earned resources. Before you make a donation, consider these ten questions to ensure your contribution will have a meaningful impact.
A suite of early works from a celebrated artist. A complete set of first editions without a single cracked spine. A Brasilia buffet full of Pyrex. A spare room dedicated to artfully curated Star Wars memorabilia. All passionately collected – and potentially at risk, without a thoughtful plan to either keep them in the family or share them with the world.
You’ve worked long and hard to build your estate. Don’t let blunders keep your wishes from being carried out and leave your family – and wealth – in the lurch. Here are a few lessons to keep in mind.
Smart estate planning doesn’t just take into account what you’ll pass down to your heirs, but how you’ll do it. There are numerous ways to make the transfer, and some offer more protection than others. If one of your heirs gets divorced down the line, you don’t want to risk your wealth ending up in unintended hands.
Whether you're seeking to manage your own assets, control how your assets are distributed after your death, or plan for incapacity, trusts can help you accomplish your estate planning goals. Their power is in their versatility — many types of trusts exist, each designed for a specific purpose. Although trust law is complex and establishing a trust requires the services of an experienced attorney, mastering the basics isn't hard.
An estate plan is a map that explains how you want your personal and financial affairs to be handled in the event of your incapacity or death. Due to its importance and because circumstances change over time, you should periodically review your estate plan and update it as needed.
If you've recently received an inheritance, you may be facing many important decisions. Receiving an inheritance might promote spending without planning, but don't make any hasty decisions. Here are some suggestions that could help you manage your inheritance.
You're beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care providers, credit card issuers, business creditors, and creditors of others.
