Transfer on Death Isn’t Always a Smart Estate Planning Strategy
A primary benefit of using TOD/POD designations is that assets held in the account will pass automatically to the beneficiary without having to go through probate.
A primary benefit of using TOD/POD designations is that assets held in the account will pass automatically to the beneficiary without having to go through probate.
No one wants to face a large bill for a funeral when they are grieving the loss of a loved one. It’s far preferable, when possible, to make arrangements in advance, utilizing one or more of the following sources of funds.
A joint and survivor annuity provides lifetime income payments for an annuity owner and their survivor. You contribute a lump sum of money to the joint and survivor annuity and can usually start receiving income almost immediately.
From time to time, it’s good to review why having a complete, up-to-date estate plan is so important.
With a charitable tax deduction, you can donate to a good cause and cut your tax bill at the same time.
After the 2022 midterms, the estate of late songwriter Tom Petty tweeted a statement that condemned the use of Petty’s 1989 hit “I Won’t Back Down” in one failed gubernatorial campaign.
Trusts and estates are the two main legal structures for transferring assets to your heirs and beneficiaries. Each works in critically different ways.
If you die without a will, you die ‘intestate’ and your assets will be distributed according to your state’s law. That could result in a distribution you didn’t intend.
In early 2022, Bloomberg News reported that Americans can expect to inherit $72.6 trillion over the next quarter century—more than twice as much as a decade ago. With so much potential generational wealth on the line, there is always a risk that it will become the subject of a dispute.
As the American population of seniors continues to expand, the need for intentional estate planning becomes more urgent, especially for the children of aging parents.