Why Is Beneficiary Designation Important?
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.’
What Is the Best Way to Leave Money to Children?
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.
What Is a Pour-Over Will?
A pour-over will can be an important part of a person’s estate planning checklist.
Second Marriages and Estate Planning
More Americans are now getting married over the age of 65 than ever before. Even though this may be a second or third marriage for many, caregivers should nevertheless be aware of certain aspects that shouldn’t be ignored amidst all the wedding plans and celebrations.
What Happens to a Pet when Owner Dies?
While it’s never fun or pleasant to think about what will happen to them if the worst should happen to us, it’s very important to consider how we can ensure that they are well cared-for when and if we are no longer able to care for them ourselves.
When Can Estate Assets Be Distributed?
Many estate executors focus on estate taxes and forget about income taxes. That can be an expensive mistake.
Can Estate Planning Reduce Taxes?
Once more hesitant to plan ahead, clients in today’s environment are much more proactive and willing to take action in the near term, rather than waiting and risking having to pay higher taxes down the line.
Can I Add Children’s Names to my House Deed?
It’s true that if your child is on your deed as a joint tenant on your home, your home will not have to go through probate if your child survives you. At your death, your surviving child would immediately become the sole owner of your home without probate and with minimal transfer costs.
Inheritance Alternatives to a Stretch IRA?
Leaving behind a huge tax bill for your heirs with the stretch IRA scuttled? Here are some ways around it as lawmakers consider an updated SECURE Act.
What Happens to Parents’ Debt when They Die?
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
