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Retirees should secure themselves first, and if you’re all set there, then consider a few other things, such as the impact on the children and tax issues.
Having the right legacy plans and documents in place is one of the most important steps aging individuals can take, both to give themselves peace of mind and to avoid the possibility that confusion will make an already challenging situation even worse.
Trusts are widely used in estate planning, so estates can avoid going through probate and maintain privacy. The terms of the trust ensure the wishes of the property owner are adhered to and their property gets distributed to the proper beneficiaries.
The first SECURE Act extended the beginning date for taking required minimum distributions from the year after the account owner reaches age 70½ until they reach age 72. Just three years later, ‘SECURE Act 2.0’ has extended this age to 73, and offers a further provision for extending it again, to age 75, beginning in 2033.
Veterans Affairs officials want to remind vets that some department benefits extend not only for the rest of their lives, but also after they pass away.
Although in the past it may not have been the norm to provide for animals in our estate planning, times have changed.
While more than half of Americans believe estate planning is essential, a mere 33% actually have a living trust or will. And one out of three respondents who don’t have a will reason that they don’t think they have sufficient assets to warrant estate planning.
When an individual purchases an annuity, they name one or more beneficiaries who will receive the benefits if something happens to them before the contract ends. This could be due to death, disability, or another event that would cause the individual to no longer need their income from the annuity. The ultimate beneficiary of an annuity is the individual receiving the payments. However, there can also be additional beneficiaries.
Memorabilia collections, by their nature, are specialized and unique. When considering your estate planning, it’s important to think about what you require of your beneficiaries — if you’re not planning on selling your collection — and how you can make that process as easy as possible for your family. What will your spouse or children have to deal with as they dispose of the items?
Estate planning is crucial to leaving your beneficiaries with your possessions as you intend.
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