What Power Does an Executor Have?
If a loved one asks you to be the executor of their estate, think carefully before you take on this responsibility.
February 15, 2022
If a loved one asks you to be the executor of their estate, think carefully before you take on this responsibility.
Part of being a responsible homeowner is having a proper estate plan in place. After all, considering the home is generally the largest asset most people own, it’s prudent to ensure this asset is passed to the people you wish to leave it to.
However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.
This is a great time to get organized with estate planning—it will make things a lot easier for yourself and your loved ones.
In general, the best reason to establish a charitable trust, is if you would like to create a long-standing form of charitable giving.
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago and the scheduled 50% reduction in the size of the federal estate tax exemption four years from now, has resulted in a renewed interest in estate planning for IRA and 401k accounts owned by married couples.
Despite the various proposals to lower federal transfer tax (estate, gift and GST taxes) exemptions and increase the tax rates, none of them were enacted in 2021.
Without a valid will, a person’s estate passes to their surviving heirs under intestate succession (i.e., ‘succession without a will’).
Although you may be excited about the prospect of receiving unexpected money, there are certain financial moves experts say you should make to make sure you’re prepared for that inheritance.
This is an important question to ask, because the answer could tell you whether you need to worry about estate taxes, beneficiary issues or probate concerns.