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Leaving A Legacy

3 Common Mistakes in Establishing a Trust

Have you been considering establishing a trust as part of your estate plan? Trusts are often overlooked and under-appreciated in the big picture of estate planning. Most people focus on a will, yet wills are not a silver bullet. They are simply an estate planning tool, which means that they have a clear purpose and some limitations. The function of a will is to tell the executor of your estate how you’d like your assets

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How to Keep Your Family Cabin in the Family

Family cabins are part of many people’s retirement dreams. If you own vacation property, consider special cabin planning when creating your estate plan.  A cabin plan is a wealth transfer strategy designed to keep the property in the family after the owner’s passing. It can eliminate many of the challenges related to shared ownership. Wealth Transfer Strategies When the goal is to preserve the property for the family, the most complete planning scenario will incorporate a

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Write a Legacy Letter for the Ones You Love

What kind of legacy will you leave behind? In 2018, SYM reached a milestone of 50 years in business and as part of the celebration we invited Susan Turnbull, the founder and principal of Personal Legacy Advisors, LLC, to speak to our guests on the topic of legacy. Legacy, in its simplest definition, is the influence you have on the lives of other people, the way you act and create relationships, and the values and

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Book Review: The Other Talk – A Guide to Talking to your Children About the Rest of your Life

“The Other Talk,” published in 2014, plays on the familiar concept of the birds and bees parent-child discussion to evoke a new context: preparing for the difficult decisions often faced as one ages.  While the first “talk” is an important milestone for parents as they guide their children through adolescence and into adulthood, “the other talk” encourage parents to talk again, later in life with their adult children about financial, healthcare and end-of-life decisions as

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Get This Right! 401(k) Beneficiaries

Once you meet the eligibility requirements for your employer’s retirement plan, you have the opportunity to start contributing toward your financial future. This milestone also ushers in a number of important decisions. There are exciting choices such as how much to contribute, the selection of pretax or Roth deferrals, and how your money should be invested. There are also more sobering choices such as who should be designated as beneficiary when you pass away. Saving

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