As retirement approaches, many Americans picture a tranquil life in a dream home that perfectly suits their needs and desires. A study by Merrill Lynch reveals that 64% of American seniors relocate at least once after retiring, with approximately half opting for smaller residences. This trend reflects a desire to simplify life, reduce maintenance responsibilities, and maximize retirement savings. Building a retirement dream home can offer additional benefits, such as the opportunity to incorporate age-friendly features and the potential for increased property value over time. However, the curr ..read more

As you contemplate charitable giving, it’s essential to approach this endeavor thoughtfully, given its potential impact on others. Here are four key points to guide your charitable giving strategy: Choose Your Causes: Numerous worthy causes regularly seek our time and financial support. Select a few organizations that align with your values and interests. Conduct thorough research by visiting their websites, reading their annual reports, and checking their ratings on reputable charity evaluation sites. This will help you understand their needs and how your contributions can make a meaningful ..read more

A recent survey by the Nationwide Retirement Institute has unveiled a concerning surge in anxiety about the future among individuals in the final decades of their careers. Shockingly, 69% of respondents aged 55-65 now believe that retiring at 65 is no longer a realistic goal. Moreover, 22% have had to postpone their retirement plans in the past year, while over 40% anticipate needing to work during retirement just to make ends meet. Impact of Inflation Inflation is a significant factor behind this growing pessimism. According to the survey, 42% of respondents stated that rising living costs ha ..read more

For many younger adults, the dream of homeownership is often overshadowed by the looming challenges of student loan debt. The burden of educational expenses can create a significant hurdle on the journey to owning a home. However, the good news is that with strategic planning and informed decisions, younger investors can overcome these obstacles and turn their homeownership dreams into a reality. The Importance of Early Homeownership Delaying the pursuit of homeownership can have long-lasting effects on financial stability. It’s not just about missing out on the opportunity to build equity; it ..read more

For economists and policymakers, waiting for inflation to subside is like waiting for Godot. But that time may finally have arrived, as the consumer price index rose less than expected in April while the less-volatile “core” consumer price index dropped to the lowest level since April 2021. It was the first time this year that inflation did not surprise on the upside, giving hope that the extensive efforts by the Federal Reserve over the past two years are finally bringing results. One month does not represent a trend, and the tame inflation reading in April will not prompt the central bank to ..read more

Estate planning often revolves around ensuring that your assets are distributed according to your wishes upon your passing. A crucial aspect of this planning involves the definitions used in legal documents such as wills and trusts, particularly the definition of “descendants.” As societal norms and technologies evolve, especially in the realm of reproductive technologies, it’s paramount to reassess and possibly update these definitions to prevent unintended consequences. This blog post will explore why modernizing the definition of descendants in your will or trust is beneficial and necessary ..read more

Trusts, as powerful tools for estate planning, provide flexibility, asset protection, and tax benefits. As life’s circumstances evolve, the need to consider trust modification becomes more apparent. In this article, we delve into two pivotal aspects of trust modification: the timing of trust termination and the role of a trustee. By understanding these aspects, trust creators can confidently make informed decisions about trust modification that align with their goals and the needs of their beneficiaries. Does the Trust Terminate at Specified Dates/Ages? Traditionally, trusts would terminate wh ..read more

Recognizing the crucial role of data in contemporary society, the investment team at Legacy has adopted a graphical approach for rapid and efficient information conveyance. Utilizing charts and graphs, we can represent large data sets, illustrate trends and changes over time, and demonstrate relationships between multiple sets of data. Gregory S. Hansen, Legacy’s Managing Director of Trust Investments, and Connor R. O’Brien, Trust Investment Officer at Legacy, have been instrumental in creating our well-received “Chart Check” series. This series presents pertinent economic content through co ..read more

Estate planning is essential to ensure your assets are distributed according to your wishes. However, like bread can become stale over time, your estate planning documents may also lose relevance and accuracy. At Legacy Private Trust Company, we emphasize the importance of regularly reviewing these documents to prevent unintended consequences and to provide clarity for your loved ones. Why Estate Planning Documents Become Outdated Changes in Personal Circumstances: A power of attorney or other legal document created 20 or more years ago might still be legally valid, but consider how much can ..read more

Recognizing the crucial role of data in contemporary society, the investment team at Legacy has adopted a graphical approach for rapid and efficient information conveyance. Utilizing charts and graphs, we can represent large data sets, illustrate trends and changes over time, and demonstrate relationships between multiple sets of data. Gregory S. Hansen, Legacy’s Managing Director of Trust Investments, and Connor R. O’Brien, Trust Investment Officer at Legacy, have been instrumental in creating our well-received “Chart Check” series. This series presents pertinent economic content through co ..read more