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How to Preserve Your Life’s Lessons for Future Generations

In Articles, Estate Planning, Redefining Wealth by Mission Wealth

Your legacy isn’t just about your assets. It is about helping your heirs think about their own relationships to money in more meaningful ways based off the lessons you learned over the years. Many families today are looking for planning and legacy tools to supplement their traditional estate planning documents. Beyond making sure taxes are paid and distributions transfer smoothly, families care about sharing values and carrying forward a lasting legacy.

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Retirement Plans for Small Businesses

In Articles, Estate Planning, Wealth Management by Mission Wealth

As a business owner, you should carefully consider the advantages of establishing an employer-sponsored retirement plan. Generally, you’re allowed a deduction for contributions you make to an employer-sponsored retirement plan. In return, however, you’re required to include certain employees in the plan, and to give a portion of the contributions you make to those participating employees. Nevertheless, a retirement plan can provide you with a tax-advantaged method to save funds for your own retirement, while providing your employees with a powerful and appreciated benefit.

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Special Considerations for Second Homes

In Articles, Estate Planning, Taxes by Mission Wealth

A rustic cabin. a seaside cottage. Has it been a lifelong dream of yours to own a second home? Buying a vacation home can be an alluring prospect. Before you decide to purchase one, though, you should consider a number of issues. These include the costs associated with owning a second/vacation home, the attributes of the home, its rental potential, and the income tax treatment.

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Estate Planning: What Are Your Needs?

In Articles, Estate Planning by Mission Wealth

By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. For example, you may have a small estate and may be concerned only that certain people receive particular things. A simple will is probably all you’ll need. Or, you may have a large estate, and minimizing any potential estate tax impact is your foremost goal.

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Leaving a Legacy

In Articles, Estate Planning by Mission Wealth

You’ve worked hard over the years to accumulate wealth, and you probably find it comforting to know that after your death the assets you leave behind will continue to be a source of support for your family, friends, and the causes that are important to you. But to ensure that your legacy reaches your heirs as you intend, you must make the proper arrangements now. There are four basic ways to leave a legacy: (1) by will, (2) by trust, (3) by beneficiary designation, and (4) by joint ownership arrangements.

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A Big Gifting Opportunity in New Tax Code

In Articles, Estate Planning, Taxes by Steve Caltagirone

Although the the recent Tax Cuts and Jobs Act bill of 2017 certainly offers its fair share of complexity, it also presents a tremendous opportunity that many high-net-worth households don’t fully understand. This opportunity surrounds an individual’s (or couple’s) ability to transfer significant portions of wealth tax-free today vs. at death.

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Estate Planning and 529 Plans

In Articles, Estate Planning, Wealth Management by Mission Wealth

When you contribute to a 529 plan, you’ll not only help your child, grandchild, or other loved one pay for school, but you’ll also remove money from your taxable estate. This will help you minimize your tax liability and preserve more of your estate for your loved ones after you die. So, if you’re thinking about contributing money to a 529 plan, it pays to understand the gift and estate tax rules.