Among those who do not have an estate plan, 63% said that they have considered creating one in the past and 46% said they do not know how to start.
A power of attorney is a legal document with which a principal authorizes an agent to act on the principal’s behalf and for the principal’s benefit.
Frequent triggers also include changes in the health of executors and guardians; changes in laws, which may impact tax and legal strategies; and changes in state residence, which can also impact planning.
Here are a few options to consider when you can no longer live alone.
Your dad bequeathed you a generous sum of money on his passing. Those gifted and inherited assets, in many instances, will be considered ‘separate property,’ not marital property. That might mean that they might not be subject to division, if you divorce. However, perhaps you want to backstop that hoped for result to make the protection more likely to stick if your marriage doesn’t work out.
In presentations regarding essential actions individuals should take regarding inheritance, emphasis is usually placed on drafting a will. This leaves unanswered what happens to assets that do not pass by will —so called non-probate assets.
One of the most important estate planning documents for all persons over the age of 18 to consider is a durable power of attorney.
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.
While 88% of business owners believe their family will control their business in five years, statistics from Family Business Institute show that only 33% of businesses survive to transfer to the next generation, and only 10-15% continue to the third generation.
