Wealth and Family Archives | Darrow Wealth Management

Estate Planning Inheritance Tax & Estate Planning Trusts Updated for 2021 Wealth and Family

Inheriting a Trust Fund: Distributions to Beneficiaries

If you're inheriting a trust fund, you likely have questions about how the distribution payouts to beneficiaries work and the tax implications. While general information about how trust funds work is useful, there are limitations. Trusts can be complex, highly customizable tools, so what applies to one situation may not…

Kristin McKennaAugust 31, 2020

Financial Planning Roth IRA Starting to invest Tax planning Updated for 2021 Wealth and Family

How a Roth IRA Could Make Your Kid a Millionaire

Updated for 2021. For most parents, it's a trifecta: help your kids learn about investing, save for retirement, and get fast-tracked to becoming a millionaire. It's possible, and surprisingly attainable. Here's how it works: if a teenage or college-aged kid has earned income (i.e. a part-time job), they are eligible…

Kristin McKennaSeptember 3, 2019

Estate Planning Financial Planning for Couples Forbes Insurance Wealth and Family

You Probably Don’t Need Life Insurance Forever

Life insurance is often an essential part of a family protection plan ‘in case of.’ Though there are many reasons to have life insurance, such as funding buy-sell agreements for business owners or liquidity to pay estate taxes, the primary reason most individuals purchase life insurance is to help ensure…

Kristin McKennaJune 29, 2019

Estate Planning Trusts Wealth and Family

That’s Terrible…But It Would Never Happen To Me: Real Life Estate Planning Nightmares

Estate planning is the process of preparing wills and other legal documents to distribute your assets and make arrangements for your wishes to be carried out in the event of your death or incapacitation. Given the subject matter, it is not surprising that many individuals aren't exactly eager to participate. If you've…

Kristin McKennaMarch 29, 2019

Education Private School Wealth and Family

How to figure out if you can afford to send your kids to private school

Private school isn't always part of the plan for many families. Parents often try to buy a nice house in a great school district under the assumption that their kids will attend the local public school. If something has changed and you're now considering sending your child to a private…

Kristin McKennaJune 26, 2018

Estate Planning Wealth and Family

3 Things You Should Know About Your Parents’ Estate Plan

Estate planning discussions are seldom had between loved ones. And understandably so; asking your spouse or parents to discuss their mortality isn't exactly a conversation many of us have over dinner. However, as the baby boomer generation ages, many adult children will find themselves scrambling. Imagine working back on decades…

Kristin McKennaMay 15, 2018

Building Wealth Financial Planning for Couples Wealth and Family

Should Married Couples Combine Their Finances?

What's the best way for married couples to manage their financial life? This is a true "iceberg" question - seems innocuous enough but there's a lot going on under the surface. There can be a range of motivations behind one's preference to merge their financial life with their partner or…

Kristin McKennaDecember 17, 2017

Building Wealth Forbes Investing Roth IRA Wealth and Family

Why Teens and Twenty-Somethings Should Consider a Roth IRA

This article was written by Darrow advisor Kristin McKenna, CFP® and originally published by Forbes. (more…)

Kristin McKennaDecember 11, 2017

College planning Financial Planning Financial planning for new parents Wealth and Family

The 4 Biggest Money Mistakes New Parents Make

New parents and expecting couples undoubtedly have a lot on their mind. In all likelihood, the costs of raising a child and how to financially prepare for a baby are two of them. These financial mistakes can be made by new parents at any income level. If anything on the…

Kristin McKennaMarch 6, 2017

Financial Planning Financial Planning for Couples Financial planning for new parents Financial tips for expecting parents Insurance Wealth and Family

When Should You Get Life Insurance?

Contrary to what an insurance salesperson may tell you, not everyone needs life insurance. So who needs life insurance and when should you buy it? In general terms: some single people may need life insurance, individuals or couples with young children almost always need life insurance for a period of…

Kristin McKennaSeptember 21, 2016