It’s a conversation fraught with potential tension, in which people examine around concerns about independence, money, responsibility and mortality.
Trusts are a smart and well-known estate planning tool that names or appoints a trustee to administer and distribute the assets according to the terms. However, how often do estate owners ask, “What if something goes wrong, and the trustee breaches their duties?”
Understanding trusts and their tax nuances can empower you to make informed decisions regarding the type of trust you choose for your estate planning purposes.
Estate planning can be a sensitive topic for families to talk about. Here’s how to get past the awkwardness and discuss estate planning with your family.
Several high-profile celebrities have recently sought a conservatorship for a family member including Jay Leno, his wife Mavis, and Cher for her son, Elijah Blue Allman, claiming they cannot adequately manage their affairs or make proper medical decisions.
An estate plan with wealth preservation, long-term care and medical directives strategies provides clarity and guidance to loved ones on aging parents’ wishes, while retaining control for aging parents over financial and health-related matters.
Your business, likely your most valuable asset, deserves careful consideration within your estate plan to ensure a smooth transition of ownership and management in the event of incapacity or death.
Many Generation Xers are in a unique position, “sandwiched” between raising their children and caring for aging parents. A proactive estate plan can help alleviate financial burdens and smooth aging parents’ path into retirement for both generations.
Tax laws, property laws, contract laws, wills and trust laws, all change over time, and it’s likely that some of the changes will apply to you.
Inheriting a pre-tax IRA may be less beneficial than the parent intends.
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