When you’re in the midst of a divorce, you’re probably not thinking about estate planning or your will. However, if you’re divorcing, you should think about the impact a divorce can have on an estate plan.
There are certain provisions that people often forget to put in a will or estate plan that can have a big impact on a family.
How this is handled now depends on the plans the deceased made when they were alive. For some people, that might mean probate.
Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.
A primary benefit of using TOD/POD designations is that assets held in the account will pass automatically to the beneficiary without having to go through probate.
As divorce and second marriages become increasingly common, more people find themselves raising children who are not biologically their own. Estate planning for blended families should address this unique situation.
Cryptocurrency has become a new wrinkle in the development of an estate plan.
Retirees should secure themselves first, and if you’re all set there, then consider a few other things, such as the impact on the children and tax issues.
The idea of asset protection for the purposes of protecting against long-term care costs is becoming both more sought-after and more necessary.
One-quarter of Americans said inflation has caused them to think about estate planning, the survey said. Two out of three Americans said they don’t have any kind of estate planning documents.
