As divorce and second marriages become increasingly common, more people find themselves raising children who are not biologically their own. Estate planning for blended families should address this unique situation.
Many families discover that trying to mitigate the cost of long-term care can conflict with another common retirement concern—reducing taxes for retirees and their heirs.
No family is exactly like another, so here are some considerations to help you decide which distribution strategy best suits your situation, values and goals.
A type of education savings account called a 529 plan is just one of several tools families can use to prepare for the growing costs of higher education. While these plans can be beneficial for almost anyone since they let funds saved for education compound on a tax-free basis provided they're used for eligible education expenses, individuals who live in states with special tax breaks for contributions tend to fare the best.
