The most important part of your estate plan isn’t about taxes, investments, gifts, or other financial issues.
If the strategy is executed properly, an individual can disclaim interest in an inherited IRA and avoid any of the gift and income tax consequences associated with receiving the property.
Minor children and young adult beneficiaries in particular need more specialized provisions to protect both the assets and the beneficiaries.
Learn the critical reasons why a will alone is insufficient for a comprehensive estate plan, and why incorporating trusts, beneficiary designations and incapacity planning is essential to ensure a seamless and protected transfer of your assets to your loved ones.
Establishing an incapacity plan is crucial in estate planning. Learn how to protect your finances and make your wishes known in our comprehensive guide.
An estate plan lays out how you want your assets handled at your death or when you’re physically or mentally incapacitated. No wonder most people procrastinate creating one.
You might have a job or just have retired, and you learn suddenly that your Great Aunt Lucy died and named you executor of her will. How hard could it be you ask to resolve an estate by yourself without professional advice or a competent professional beside you?
Upon your death, assets held in the living trust can transfer using the trust administration process. Assets held outside of the trust, on the other hand, would need to be addressed in some other way.
Divorce significantly affects your estate plan. Therefore, it’s crucial to take timely action to revise it. If you’re going through a divorce or have recently finalized one, it may be time to review and update your estate plan.
Being an executor of a will is a significant responsibility, requiring dedication, integrity and, often, legal and financial proficiency. Whether you’re preparing to serve as an executor, need to appoint one, or seek to create an effective estate plan, professional guidance can ensure that your estate is managed according to your wishes and the law.
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