This sunsetting creates a big imperative for business owners to take a closer look at tax planning, and not treat a grim fiscal inevitability like another unfortunate surprise.
The modern blended family has far more needs when it comes to estate planning than a traditional family. Here are some challenges, tips and solutions.
If you thought that doing your taxes got complicated when you acquired more assets, wait until you try to split them up among multiple children when planning their inheritance.
You cannot name a legal minor as a beneficiary. This applies to almost all legal documents, most notably wills and life insurance policies.
The amount of money required to probate a will can vary by state.
If a child you’ve added to your deed goes through a divorce, has tax issues, is sued by someone, or must declare bankruptcy, your house could be on the chopping block!
The term ‘estate planning’ conjures specific ideas about leaving assets to heirs, fighting over Mom’s jewelry and lengthy entanglements with the probate court.
When was the last time you updated, or even thought about, the beneficiary designations listed on your retirement accounts, life insurance, or annuity contracts? If you don’t remember, it’s time for a review!
One major misconception is we simply can tell loved ones what we want to happen for the purposes of health or property distribution and family members can ensure that those wishes are followed.
Today, much of our lives is digital, and many things we hold dear are not physical. However, what happens to our digital assets when we die? That’s where digital estate planning comes in.
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