Handing Kids Keys to Your Home Is Never Good Estate Planning
Adding an adult child to your house deed, or giving them the home outright, might seem like a smart thing to do. It usually isn’t.
Adding an adult child to your house deed, or giving them the home outright, might seem like a smart thing to do. It usually isn’t.
The Walt Disney Company has come a long way since it was founded by brothers Walt and Roy O. Disney nearly a century ago. What began as a cartoon studio is now a media powerhouse, complete with amusement parks and properties.
Nobody likes to think about their own mortality, and that’s why so many people go without basic estate planning documents. Often, an event like the coronavirus can be the kick in the pants you need to get your affairs in order.
Estate planning involves making a plan for the transfer of your property upon your death or incapacity. Your estate is all of the property you own, which can include cash, jewelry, cars, houses, clothes, land, retirement, investments and savings accounts. The goals of estate planning are to make sure most of your estate is transferred to your beneficiaries, you pay minimal taxes on the estate and children are assigned guardianship.
Experts say that creating a plan for what happens to your estate — regardless of how meager or massive your assets — is key for unmarried couples who want their commitment to each other protected in the event of death.
Statistics show blended families are on the rise. About 40% of all new marriages in the U.S. include at least one person who was previously married, according to a Pew Research Center analysis. Among adults who are presently married, roughly a quarter (23%) have been married before, compared with 13% in 1960.
In a recent episode of the Dax Shepard podcast “Armchair Expert,” Kutcher said he wasn’t creating trust funds for his two children with his wife, Mila Kunis.
I am concerned about the SECURE and RESA acts currently being considered in Congress. If either of them passes, my children will lose the inherited stretch IRA ability and face a much higher tax bill upon my demise.
The search tool can connect your older loved one with assistance that can help to pay for housing, medication, food, medical services, utilities, transportation and other necessities.
If you are lucky enough to inherit a 401(k) or an IRA, when you don’t know what you are doing, you could put your inheritance at risk. The tax rules need to be followed to the T. These IRS inherited IRA rules will vary, depending on who has passed away, and who is inheriting the retirement accounts.