Worrying about estates tax is both a blessing and a curse and worrying about estate taxes is relatively rare amongst active and retired military members. That doesn't mean you should ignore them.
A look at the history of estate taxes, how they have changed over time, and will continue to change in the future.
Does a GRAT make sense for you? If you've accumulated significant wealth during or after your military career, it could. Check out this article to get an idea if they are right for you.
SGLI and VGLI are insurance options offered to you by the government. There are other options available to supplement or replace the government options. Here are the basics of some of them.
If you're in the military, you probably have a will. But just what does an will do and not do? Do you really need one?
The will your JAG did for you 15 years ago was probably o.k. But now that you're retired you might want to take a look at updating your estate plan. But what is in an estate plan?
It's pretty typical for Active-Duty Military members to own accounts jointly with spouses. Makes sense. You're gone a lot and your spouse needs to be able to do things without you. Maintaining that arrangement could cost a surviving spouse in the future.
As your life and assets grow more complex, you might want to consider a Trust-based estate plan which probably includes a Living Trust. Here is a primer on what it is.
When you were on Active Duty, you probably completed your estate planning at the JAG office (or the deployment line). Now that you're retired, you might want to take another look at it. Look out for these 8 myths as you come up with your plan.
Disclaimer
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by C.L. Sheldon & Company, LLC ), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. C.L. Sheldon & Company, LLC does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to C.L. Sheldon & Company, LLC website or incorporated herein, and C.L. Sheldon & Company, LLC takes no responsibility therefore. All such information is provided solely for convenience, educational, and informational purposes only and all users thereof should be guided accordingly. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from C.L. Sheldon & Company, LLC . To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. C.L. Sheldon & Company, LLC is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the C.L. Sheldon & Company, LLC ’s current written disclosure statement discussing our advisory services and fees is available for review upon request. DISCLAIMER OF TAX ADVICE: Any discussion contained herein cannot be considered to be tax advice. Actual tax advice would require a detailed and careful analysis of the facts and applicable law, which we expect would be time consuming and costly. We have not made and have not been asked to make that type of analysis in connection with any advice given in this blog post. As a result, we are required to advise you that any Federal tax advice rendered in this blog is not intended or written to be used and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS. In the event you would like us to perform the type of analysis that is necessary for us to provide an opinion, that does not require the above disclaimer, as always, please feel free to contact us.