What the Administration’s 2024 Revenue Proposals Mean for You and Your Estate Plan Introduction On March 9, 2023, the Biden administration released a proposed budget for fiscal year 2024, calling for an increase in federal spending along with a series of counterbalancing revenue raisers. The budget was outlined in a document called the “General Explanations […]
Non-probate assets are those assets which do not go into an estate when the owner dies.
If you’ve ever spent time working through your estate plan, you know how important it is to select and update your beneficiaries.
Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.
That last will and testament you have tucked away? It may not be the last word on what happens to your stuff after you are gone. Instead, that legal document’s directives for doling out your wealth may be overruled by other paperwork and relevant laws.
For larger estates, a revocable trust is generally the most effective tool for avoiding probate. It involves some setup costs. However, it allows you to manage the disposition of all of your wealth in one document, while retaining control and reserving the right to modify your plan.
A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions when you pass on.
There may be potential benefits to life insurance beyond its traditional uses, especially when it comes to taxes, estate planning and long-term care.
The documents may still be valid but if they are stale or outdated, you may spend significant money trying to use them down the road.
In general, a last will and testament is an easy and straightforward way to state who gets what when you die and name a guardian for your minor children.