The tragic recent death of Tony Hsieh, the 46-year-old former CEO of Zappos, reminds us of the importance of estate planning.
Even those with thorough estate plans might have neglected to discuss details with potential heirs.
In a nutshell, an estate plan encompasses the accumulation, conservation and distribution of an estate. Done well, it will enhance and maintain the financial security of the next generation.
My colleague’s father recently got infected with the coronavirus and had to be rushed to the hospital. The move was abrupt and hectic, and left no time for any deep conversation with his wife and family as he was being taken out to the ambulance.
Death is inevitable and so is paying taxes. However, one can definitely avoid leaving behind an unexpected financial burden for those who are left behind, by enrolling in the Colonial Penn 9.95 plan, assuring final insurance.
After a loved one passes, one of the biggest hurdles families face is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among descendants.
An essential part of estate planning is selecting someone to represent you after your death in the management of your estate. This personal representative is also known as an executor, or executrix, if you choose a woman as your personal representative.
To ensure a lasting legacy, you need to get your documents in order and have a clear plan for how your wealth will transfer, avoiding taxes and inheritor pitfalls along the way.
It is surprisingly easy and common to make mistakes when designating beneficiaries on retirement and investment accounts.
Why naming a guardian for your child is important.
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