If you have not already been inundated with invitations to webinars, articles and newsletters regarding the estate planning you should consider doing before new legislation passes, you undoubtedly will receive these over the next few months.
In a nutshell, it might be better for your mom to put the home in a living trust that allows her to control the home while she is alive and allows you to inherit the home through the trust upon her death.
The probate process gets a bad reputation, but it’s the reality many families will face. It is a process that can function well for some small estates.
On the surface, the difference between revocable and irrevocable trusts couldn’t be any more straightforward. You can change your revocable trust whenever and however you choose. You can’t change your irrevocable trust at all.
With a draft bill from the House Ways and Means Committee on the table, all signs suggest that higher income taxes could be right around the corner. How they will affect charitable giving remains to be seen.
Inherited assets come with benefits, along with some burdens
Discussing estate planning with your parents is a conversation that can be difficult to have. You might not want to think about the day they are no longer here, or even consider that they might experience a decline in health that severely limits their ability to think clearly or communicate with you.
According to a Caring.com survey, only 4 in 10 American adults have a will or a living trust. And what may be even more surprising is that younger adults are outpacing their middle-aged and older counterparts when it comes to estate planning.
Dying without a will can be costly and eliminate your ability to plan or provide for loved ones.
Would your loved ones have necessary access to your bank accounts after you die to help carry out your last wishes and handle arrangements?