Close to half of respondents earning $80,000 a year or more have a will, an increase of 7% since 2020, according to Caring.com.
When you set up your estate plan it is important to coordinate the legal planning documents that you or you and your attorney create with the document provided by your retirement account custodian and/or your life insurance carrier called a ‘Designation of Beneficiary.’
For disabled persons receiving financially based government benefits, supplemental needs trusts (‘SNTs’) can safeguard benefits and serve as an effective estate planning tool.
Providing for future generations shouldn’t be (overly) taxing. To manage taxes as you pass down your assets, look into UTMAs, 529s, child IRAs and trusts.
A pour-over will can be an important part of a person’s estate planning checklist.
Losing a loved one is never easy, even if you were anticipating the loss. During the hours and days following the death of a spouse or a close family member, you may be in shock and you will likely be disoriented, emotional and feeling like you’re in a constant fog.
If you’re putting together an estate plan, you have no doubt heard about the benefits of a living trust.
The IRS wants to know how much you’re gifting over the course of your lifetime. This is because while gifts may be based on generosity, they are also a strategy for avoiding taxes, including estate taxes, reports The Street in a recent article “Do I Need to File a Gift Tax Return?” Knowing whether you…
Estate planning should always be customized to each individual creating a plan. This is particularly important when planning for beneficiaries with disabilities.
These vacation homes may also comprise a significant portion of the family’s wealth. Therefore, it’s understandable that homeowners want to pass their properties and family traditions to future generations.