January Is National Mentoring Month: Three Creative Ways to Use the Estate Planning Process to Be a Mentor
Celebrate National Mentoring Month this January by becoming a mentor to the people in your life who have less life experience, whether they are your children or other loved ones. Mentors can have a huge positive impact on a young person’s life by sharing the wisdom, knowledge, and experience they have gained to help their […]
A will is first. In essence, a will spells out who will get your stuff, in what proportions they will get it and in some instances at least, upon what conditions.
Many estate executors focus on estate taxes and forget about income taxes. That can be an expensive mistake.
Trusts are often associated with the rich. However, the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
Out of sight, out of mind isn’t just an everyday adage—it’s one of the reasons why people 50 and over fail to write a will, update a previous one, or make other estate planning decisions.
You have many options to make sure your wishes are followed after you die.
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
Administration of a decedent’s estate may involve investment accounts (with stocks and bonds) held in the decedent’s name or trust.
A revocable living trust is a great tool to help your assets pass smoothly to your beneficiaries and it can significantly reduce the headaches of probate.
The law requires probate for a good reason. If a person dies, probate ensures that the property goes to the people who are supposed to inherit it.