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Thinking about what happens to your family when you pass away may be upsetting. However, it can be a good way to reduce the stress your loved ones will deal with during the grieving process.
People often overlook critical steps when they are doing their estate planning.
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.
Estate planning takes a lot of time, but another factor that needs to not be overlooked is having a power of attorney.
Few will argue that the most important time to have a will is when you are parents of young children.
Transferring a home to adult children is not quite as easy as giving them the keys and letting them move in. No matter how you do it, the taxman wants his cut, whether through estate and gift taxes or those for property and income, both federal and state.
Ultra-wealthy Americans can soon protect more assets from federal estate taxes, the IRS announced this week.
If the surviving spouse is a second or subsequent spouse and did not have any children with the decedent, the surviving spouse takes even less.
An estate plan works like the operating system on your phone or computer. It runs in the background. However, it needs occasional updates to keep the plan current.
Here is a list, in no particular order, of what needs to be done after someone passes to help you during this difficult time.
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