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Got Crypto? Then You Need a Digital Estate Plan …

The proliferation of online accounts and assets in the digital age makes planning for access and transfer of digital assets an essential part of any estate plan. With all due respect to Warren Zevon’s 1976 release I’ll sleep when I’m dead, tweeting once we reach our eternal slumber probably isn’t something on any of our

Why You Need a Digital Estate Plan and How To Create One

Digital estate planning is a relatively new phenomenon, having only begun to receive attention from legal and financial planning scholars in the past decade or so. And just as technology evolves with breakneck speed, the laws governing control and access to digital estates are also evolving — albeit at a somewhat slower, legislative pace. Providing instruction to your fiduciary on how your digital assets should be handled is a vital piece of planning to ensure an orderly transition of assets and to safeguard against identity theft. While any comprehensive digital estate plan should include coordination with an attorney, Parsec Financial can help you understand what you need to consider when creating your digital estate plan.

Generational Wealth Building Illustration

One way to strategically transfer wealth to your heirs and build generational wealth is through a strategic gifting plan. Here we illustrate how early contributions can compound into significant values over the recipient’s lifetime. Specifically, gifting $25,000 annually for the first 10 years may have an ending value of more than $14 million in 90 years. Moreover, starting at age 60 the recipient can spend 5% from this portfolio annually over the next 30 years for total distributions of more than $17 million. (Both figures are adjusted for 3% inflation.)

Note: Figures do not take into consideration underlying annuity or mutual fund fees, taxes or trading costs. Performance data depicts historical performance and is not meant to predict future results.

To Everything There Is a Season — Is Downsizing on Your Horizon?

“To everything (turn, turn, turn) There is a season (turn, turn, turn) And a time to every purpose, under heaven A time to build up, a time to break down A time to dance, a time to mourn A time to cast away stones, a time to gather stones together” “Turn! Turn! Turn!” written by

Structuring a Trust Fund for Your Children or Grandchildren

As a former trust officer for a N.C. bank, I was fond of saying, “trusts are bounded solely by your imagination and tax law.” There is a tremendous amount of truth to that statement as trusts can be designed to do almost anything.

7 Reasons to Consider a Prenup

There is nothing that can kill the romance of upcoming nuptials more quickly than your partner asking you to sign a prenuptial agreement (aka prenup). But do you know what can really kill the romance? Divorce!

How to Talk to Your Children About Your Estate

Talking with your children about disability and/or death can be a difficult task for most people. Parents spend the better part of their financial lives working, saving and planning only to end up avoiding the proper communication and planning with children surrounding death. Parents often do not discuss their estate plans with adult children out of fear that this will only cause tension and improper incentives. But, in my experience as an attorney and financial advisor, the most successful planning results come from good communication.

I Received an Inheritance, Now What? - Parsec Financial

I Received an Inheritance, Now What?

At some point in your life, there is a chance that you will inherit money or assets left from a grandparent, parent, or other family member. When someone that you love passes away, it is an emotional experience and going through the process of inheriting the assets they chose to leave you can add to the rollercoaster of emotions.

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