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The sixth point of the “Eight Points of Financial Confidence” is wealth transfer, which is normally made to family, usually children. For most people, it’s an end-of-life transfer via will or through a beneficiary designation. However, another important type of wealth transfer is the voluntary lifetime gift to churches, charities, and causes that improve the...

From my previous posts, you know most people have little to do with regard to their wealth-transfer planning. They need to see a lawyer to get a will and some other health-care documents. Still, it’s unfortunate that many people don’t do end-of-life planning, probably to avoid considering an uncomfortable topic (their future and hopefully far-off...

Residual wealth is money above the amount that you will need to live the rest of your life comfortably. It’s an individual number that should be determined with the assistance of an experienced financial professional. If you are in this bracket, consider the following: You now have two buckets of money. The first is the...

A lot of people have less money than they need to quit working and live comfortably for life. They make do by continuing to work late into life, or by downsizing their living situation, or even by relying on others, often family members. Their wealth-transfer planning is fairly simple, yet often neglected. A smaller percentage...

As described in my previous post, many people have very little or no wealth to pass on to heirs or to give to church or charity. Still, many do make heartfelt gifts to important causes, writing checks from earned income and leaving what they can to their family when they pass. Level two and level...