Posts by Steven Goodman
Life Insurance: Giving It Away
Many people desire to make large charitable gifts during their lifetime but hesitate due to concerns about compromising their family’s financial security. Life insurance can help alleviate these concerns by enabling the donor to give to his/her favorite charity while providing for the donor’s heirs and beneficiaries. One common technique employs a life insurance policy,…
Read MoreFederal Tax and Long Term Care Insurance
Long Term Care Insurance (LTCi) policies that are federally qualified are subject to various tax treatments depending upon who is paying for the policy, who is receiving the benefit, and the age of the policy benefactor. The tax advantages described in this article are current with 2018 tax regulations, though readers should seek the advice…
Read MoreFamily Trusts
Family Revocable Trusts Family Trust describes a trust (sometimes called a Deed of Trust or Trust Deed) in which the beneficiaries are all related by blood, marriage, or adoption. The Family Trust can be revocable or irrevocable, though the revocable version is more common. This article will focus on revocable living trust as the key…
Read MoreMinority Shareholders
Succession planning often includes a transition plan for a business. Businesses commonly use one of three forms of incorporation, ‘C’ Corp, ‘S’ Corp, or LLC, though there are other legal forms of incorporation. Regardless of the form of incorporation, there are those who hold the power to make decisions for the business and those who…
Read MoreMaximizing The Sale Price of Your Business
When the time comes to sell a business, the owner typically wants to sell for the highest price. There are times, including the sale of the business to a family member, when the highest price is not the objective. But when the buyer is an unrelated third party, the highest price is the main priority.…
Read MoreTransfers of a Closely Held Business to Family
Transferring a family-owned business to a future generation of owners can involve some complex estate planning issues depending upon the value of the business. The state and federal taxman may have an interest in any estate, gift, or capital gains taxes that may result from the transfer. The second section of this article provides an…
Read MoreLong-Term Care Alternatives
Statistics indicate that seven out of 10 Americans over the age of 65 will need some form of long-term care (LTC) services during their lifetime. In addition, four out of 10 Americans over 65 will enter a nursing home and two out of 10 will remain there for at least five years. Long term care…
Read MoreLongevity Annuities
What are Longevity Annuities? Longevity annuities are a type of deferred fixed annuity. They are specifically designed to provide income guarantees to people who might outlive their savings. These annuities target people approaching retirement. They simplify the process of retirement financial planning by eliminating concerns with a possibly very long lifespan. Longevity annuities target people…
Read MoreLong Term Care Q & A
What events will trigger a LTC policy and are the benefit “triggers” clearly spelled out? For a long-term care policy to be triggered, you must be unable to perform at least two activities from a list of Activities of Daily Living, or ADLs. These activities include things such as bathing, eating, dressing, getting in and…
Read MoreA Primer on Long Term Care Insurance
The Need for LTCi According to an August 31, 2017 article by Christine Benz for Morningstar (http://news.morningstar.com/articlenet/article.aspx?id=823957), the following statistics identify the need for Long Term Care insurance (LTCi). 46.7% of men turning 65 will have a need for long term care in their lifetimes. 57.5% of women turning 65 will have a need for…
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