Richie Valens: The Day the Music Died On Feburary 2, 1959, rock and roll legend Richie Valens was killed in a plane crash in Iowa. Also on board were Buddy Holly and The Big Bopper. The day later became known as The Day the Music Died. But how did Valens end up on this plane?…
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IRAs are among the largest assets inherited by heirs and beneficiaries. These accounts are able to grow to very large amounts because income taxes are deferred until the owner begins to take distributions, which usually happens after the owner reaches age 70 ½. Those who inherit an IRA must be very careful to follow the…
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Not many parents like to talk to their children about their wealth. How much money people have is typically considered a very private matter, and most people don’t think it’s polite to talk about it. However, not talking to children about their potential inheritance could leave them unprepared to handle inheriting even a modest amount…
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Parents with minor children need to name someone to raise them (a guardian) in the event both parents should pass away before the child becomes an adult (age 18). While the likelihood of that actually happening may be slim, the consequences of not naming a guardian are significant. If no guardian is named in the…
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Charitable and other organizations that meet the requirements of Internal Revenue Code section 501(c)(3) are exempt from federal income tax. Donations made by individuals and corporations to charitable and other tax exempt organizations are deductible under Internal Revenue Code section 170. Exempt charitable organizations fall into one of two classifications: a public charity or private…
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Deducting charitable donations does not have to be complicated. We’ve listed some helpful tips for getting you started here. There are two big reasons why everyone should donate to charity. First, it makes you feel good knowing that you helped others in need. Second, you can deduct your charitable contributions which may help lower your…
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Question: What should I do with the Will I made? Should I keep it somewhere specific or tell certain people about it? Answer: Even the best and most carefully drafted Last Will and Testament won’t do you any good if no one can find it. Wills are not filed or recorded anywhere and there is…
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Despite accusations of murder by his stepchildren, Phoenix businessman Peter J. Mizioch was recently awarded $4.5 million in life insurance benefits. The children of the deceased, Phyllis Mizioch have accused their stepfather of murdering their mother for her life insurance money. Ms. Mizioch died at her Phoenix resident in July, 2010. What makes this story…
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Important Estate Planning Documents Everyone Should Have Estate planning can be complicated. Regardless of the size of your estate, you should consider adopting these five important estate planning documents: 1. Last Will and Testament Your Last Will and Testament is a critical document to every estate plan. Why? In most cases (except for trust-based plans,…
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Question: I don’t have a lot of money. Do I have an estate? Answer: Yes. Contrary to popular belief, you don’t have to be a millionaire to have an estate. When many people think of an estate, they picture a mansion on acres of land with lush gardens, stables, staff and everything else the ultra-wealthy…
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Question: What is an estate plan? Do I need an estate plan? Answer: When you know what an estate is, then it’s easy to understand estate planning. (If you’re unsure what an estate is, read my post about estates.) For the most part, estate planning is literally the planning for the transfer of one’s estate…
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Your digital legacy is one that not many people think about. In this blog post, we’ll take you down the right path on how to plan for yours. Question: How Should I Plan For My Digital Legacy? Answer: Most people today do so much on their computers, iPhones, iPads and other devices that it’s important…
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