How Is Insurance Used in Estate Planning?
There may be potential benefits to life insurance beyond its traditional uses, especially when it comes to taxes, estate planning and long-term care.
September 27, 2021
There may be potential benefits to life insurance beyond its traditional uses, especially when it comes to taxes, estate planning and long-term care.
As you know, a power of attorney (POA) allows another person, the Attorney-in-Fact (AIF), to conduct business on behalf of the principal. The POA authorizes the AIF to sign for and on behalf of the principal.
Vacation property can become a family legacy. Keeping your cabin, fishing lodge, hunting property or other special assets separate for future generations is often a special goal for a family.
Before you decide to put your home in an irrevocable trust, it is important to have a basic understanding of what you are doing and why.
The word “estate” has always been connected to “ultra-rich” families, those with a lot to leave behind after their death. However, definitions have changed, and anyone who has anything to leave behind needs to plan their estate. “Estate planning” essentially becomes your family’s guidebook, once you are no longer in the picture. Sounds important? Definitely, and here’s why.
When an estate is named beneficiary of an IRA, what is the method of distributing it to one individual in the most tax-effective way?
A holographic will is a will handwritten by the testator (the maker of a will). Holographic wills are recognized in about half of the states in the United States.
At some point in your life, you may find yourself an administrator, a beneficiary or a creditor of a probate estate. You may even want this information for planning your own estate.
Over the years I get all kinds of questions from people. And boy, have I heard some doozies. But one common one I get is called the ‘lazy (or poor) man’s (or woman’s’) estate planning.’ This type of estate planning has some very negative tax consequences.
Buying a home is one of the most common triggers for creating an estate plan.