Inheriting an IRA from a parent has a unique set of rules you need to know, which will help you make the most of the money you inherit and avoid a tax-time surprise.
Today, so many aspects of our lives are managed virtually. We keep currency, photos, music, documents, bills, medical records, artwork and even our social lives online or ‘in the cloud.’
For larger estates, a revocable trust is generally the most effective tool for avoiding probate. It involves some setup costs. However, it allows you to manage the disposition of all of your wealth in one document, while retaining control and reserving the right to modify your plan.
Britney Spears’ terrible, heartbreaking conservatorship seems almost surreal. How can someone with so much success and wealth find herself in such a position? Could what happened to Britney happen to you or me?
As you’re making your estate plan, you’ll want to carefully consider everything. This means it may take a while to complete your plan. Here are five things to watch out for along the way.
There are many stories of strange conditions in wills and trusts over time. For example, the German poet Heinrich ‘Henry’ Heine died in 1856 and left his estate to his wife, Matilda, on the condition that she remarry, so that ‘there will be at least one man to regret my death’.
A power of attorney is an important document. It is, nevertheless, frequently disregarded in estate planning. People usually concentrate their efforts on their wills and trusts, naming a power of attorney at the last minute.
As we enter into a new era of tax code proposals from the Biden administration, it’s important to be thinking about what those changes may mean when planning for the upcoming tax season and retirement.
Whatever the reason, whether your life is a bed of roses or a getting-worse-nightmare, there are things you can do now to insure what you leave will go to who you want. And when. And in what portion or portions.
Some people might assume that estate planning is only for the wealthy. However, the reality is that anyone can, and should, engage in estate planning, regardless of wealth. Although creating an estate plan for same-sex couples isn’t totally different than for heterosexual couples, there are some considerations that are unique to same-sex couples.
