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.
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.
Once you’ve bought an annuity or a life insurance policy and named your beneficiaries, you may never think about those beneficiary designations again. However, that could be a big mistake.