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property for which you plan to claim a deduction is greater than $5,000—or if the deduction for any one You can’t donate that old plaid sofa in the basement—the one that no one would ever use—just to get it If the amount you are donating to one organization is more than $250, you’ll need a written receipt itemizing

pre-plan their funeral so that they can relieve their loved ones of the burden of doing so when they

Just one beneficiary who can’t be ascertained as a designated beneficiary can disqualify the entire trust If there are multiple beneficiaries, the oldest one’s life expectancy will be used to determine required

Mother and son turned on each other, one family member went to prison and tarnished a name once associated

Selecting a potential guardian is an emotional decision—and a very important one. Remember, if you don’t name a guardian, the state will choose one for you. Then your spouse and you can discuss each one from a practical perspective, as well as an emotional one It’s one thing to ask someone to care for your kids and another to ask them to support them.

happens, and people wonder if they need to throw away their wills and powers of attorney and draw up new ones A will that is valid in your current state (one that was created and signed in accordance with that state Why take the chance that a power of attorney in one state might not pass muster in another?

specific, separate savings accounts for some of your goals to ensure that you won’t raid savings for one liability, and long-term care insurance policies and include expirations dates and the basics for each one If you don’t have a will, ask the attorney to draft one ASAP. Dying without a will can create complex and expensive consequences for your loved ones. 8.

One way to become debt-free is to increase your principal payments. If you don’t already have a Roth IRA account, consider adding one for tax-free income in retirement.

One idea is a life insurance policy purchased and owned by an Irrevocable Life Insurance Trust (ILIT)

Daily News recently published an article, entitled “Estate Planning – It’s a Need,” that explained how one

For instance, the interest of one family member may be different than other family members.

Tax-Smart Ways to Lower Your RMDs in Retirement,” says that unlike dubious foreign tax shelters, this one