Incapacity can occur because of illness or an accident. It can be temporary or permanent. That’s why every adult needs a power of attorney in place, once they turn eighteen.
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.
Grantor retained annuity trusts, intentionally defective grantor trusts, spousal lifetime access trusts, oh my! If you overhear two estate planning attorneys at a coffee shop, it would not be unreasonable to think that all clients have estate plans filled with trusts.
When you lose your mate, you lose so much—your best friend, your equilibrium and your future together. Just when you’re at your lowest, it hits you: You could lose a lot of money, too.
A striking proportion of Americans don’t have one. Nontraditional families are left uniquely vulnerable.
When it comes to death and disability, your will alone might not be enough.
There are some obvious triggers that might prompt you to update your will, such as changes in health or marital status. There are, however, also some not-so-obvious ones to be aware of, according to financial planners and attorneys.
One of the most overlooked and misunderstood tax laws–available to married farming couples–is an opportunity called portability.
Some problems can be avoided by proper planning, others by good practices during the estate administration process.
Most people don’t know the first thing about the Secure Act and yet it has great impact on their retirement planning.
