There’s almost always a reckoning when the government proffers a tax break. So it is with individual retirement accounts (IRA)s, 401(k)s and similar accounts that investors fund with pre-tax earnings.
If you really want to help your heirs out, these are some of the best assets to leave them.
Estate planning is all about ensuring that your wishes are met after your death. All estate plans should include a will and powers of attorney. However, in many cases, a trust has additional benefits beyond what can be accomplished with the will and powers of attorney.
Second honeymoons are definitely romantic. A third is even more so, unless maybe if each was with a different person. Nothing wrong with that, but it is a game-changer. The will or agreement you wrote 20 years ago, which maybe you have misplaced or forgotten, may not reflect your current thinking — or soulmate.
I am currently married but I purchased a home from my mother before my marriage. I added my younger sister to the deed at the time of purchase, so the house would remain in the family if something happened to me. I have been paying the mortgage and bills myself for three years now. However, now that I’m married to a great woman, who would get the house when I die?
Having a child with special needs can come with all sorts of unique challenges from a financial and estate planning standpoint. Public benefits, for example, can play a huge role in anticipating how much money your child will need down the road in your later years, as well as when you’ve passed away.
What may have seemed like something to take care of ‘one day,’ has turned into a basic necessity that makes it essential and necessary for you to encourage your clients to act now.
Generally, if you own property, have life insurance and/or have other assets which total over $150,000 (including life insurance and real property), you are a candidate for asset protection.
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.
The elimination of the Stretch IRA is a game changer, especially for parents who were considering bequeathing savings in IRAs to their children.