The future is uncertain. However, you can ensure that your family and loved ones are taken care of with estate planning. Estate planning is a critical component of financial planning for the future.
Various types of property, such as bank accounts and real estate, can be owned jointly with another person(s).
When the rapper Coolio died in September, he joined a group of notables that includes Prince, Howard Hughes and Pablo Picasso—all of whom died without specifying who should inherit their money and estate.
Many people think that estate planning and writing a will are the same. However, one is actually just part of the other.
Before making a decision on a beneficiary, it’s very important to check your state laws. Some states have different rules on who you can name as a beneficiary.
At any given time, the average American maintains between 30 and 50 online accounts. These may be with banks, financial institutions, utility companies, email providers, social media outlets, commercial shopping or travel sites and accounts unique to technology, such as an account to purchase apps for a smartphone.
Equally sharing the wealth among the children isn’t always fair, such as when one sibling is the primary caretaker, or another is already wealthy.
The federal lifetime gift and estate tax exclusion will increase for 2023, with possible increases for 2024 and 2025. However, these high thresholds are only temporary, unless there is a change in tax law.
2022 has been a tough year for many seniors, but the outlook for 2023 shows some potential ‘silver linings.’
The main responsibility of an executor of a will is to carry out the final wishes of the person who bestowed that position of trust.
