Blog

Community property is a legal concept that applies in certain U.S. states. In simple terms, it means any assets or debts acquired during a marriage are considered equally owned by both spouses—no matter who earned it or whose name is on the title. This rule applies in nine states (known as “community property states”): Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. A few others (like Alaska) allow couples to opt in.

Tenancy in Common is a way for two or more people to own property together. Each person owns a share of the property, but those shares don’t have to be equal. One person could own 50%, another 30%, and another 20%. The key here? Each person’s share is individually owned—meaning they can sell, gift, or will their portion to someone else without needing the others’ approval.

Definition: Joint Tenancy is a form of ownership where two or more people hold equal shares in an asset—usually real estate. The defining feature? Right of survivorship. That means if one owner passes away, their share automatically transfers to the remaining owner(s), bypassing probate.

modify, amend, or cancel it—except under very rare circumstances and usually only with court approval or the beneficiaries’ consent. This is the key difference from a Revocable Trust, which you can tweak or dissolve whenever you like. With an irrevocable trust, the assets are no longer legally yours—they belong to the trust, managed by a trustee for the benefit of your chosen beneficiaries.

A revocable trust, sometimes called a living trust, is a legal arrangement where you place your assets (like your home, investments, or bank accounts) into a trust during your lifetime. You still get to control and use those assets while you’re alive. And because it’s revocable, you can change it, update it, or even cancel it entirely if your circumstances or intentions change. In plain English? It’s like setting up a box where you put your stuff, but you still hold the keys

An Advance Directive is a legal document that outlines your preferences for medical care if you become unable to communicate or make decisions for yourself. It can include instructions about life-sustaining treatment, pain management, resuscitation, and organ donation. In most cases, it also names someone—called a healthcare proxy or medical power of attorney—to make decisions on your behalf.

A living will is a legal document that outlines your preferences for medical treatment in the event you become incapacitated and can’t communicate your wishes yourself.

A Health Care Proxy is a legal document that allows you to appoint someone you trust to make medical decisions on your behalf if you're unable to speak for yourself due to illness or injury. This person—called your health care agent—steps in when you’re unconscious, mentally incapacitated, or otherwise unable to communicate your wishes.

A Durable Power of Attorney (DPOA) is a legal document that gives someone else (your "agent" or "attorney-in-fact") the authority to act on your behalf if you become mentally or physically unable to handle your own affairs. The word “durable” means it stays in effect even if you become incapacitated.

A Power of Attorney is a legal document that gives someone you trust the authority to act on your behalf in financial, legal, or medical matters—either temporarily or permanently. This trusted person is called your “agent” or “attorney-in-fact”

Probate is the legal process by which a deceased person’s will is validated, and their assets are distributed to heirs and beneficiaries. If there’s no will, the court appoints an administrator and distributes the assets according to state law.

Inheritance refers to the money, property, or assets that a person leaves to their heirs when they pass away. It’s often distributed according to the instructions in a will or through state laws if no will exists.

A beneficiary is a person (or entity) who is legally entitled to receive money, property, or other benefits from a financial product, legal agreement, or estate after someone dies or when certain conditions are met.

An executor is the person named in your will to manage your estate after you pass away. Their job? Handle your final financial affairs—think debts, taxes, and dividing up your assets to the people (or causes) you care about.

Your estate is everything you own at the time of your death—your money, property, investments, life insurance (sometimes), personal belongings, and even your debts.

Andy Stanley drives home: you arrive where the road you’re on takes you—regardless of where you hoped to end up. If your financial choices today aren’t aligned with where you say you want to be, it’s time for a U-turn. Or at least a pit stop to ask for directions ... You can intend to head to Wealthville, but if you’re driving toward Brokesville every month, guess what? You're going to arrive right on time—with empty pockets and a flat spare.

If you're financially savvy, disciplined, and playing the long game, here's a 4-step credit strategy that’s less about spending and more about positioning yourself for financial leverage.

The poor and middle class often struggle not just because of external forces but because they lack the knowledge to effectively manage and grow their wealth. The solution? Learning to Speak the Language of Money ...

The richest people in the world follow structured, repeatable systems that ensure their money works for them 24/7.

Over the next decade, several major shifts are set to change the financial landscape.