When you’re in the midst of a divorce, you’re probably not thinking about estate planning or your will. However, if you’re divorcing, you should think about the impact a divorce can have on an estate plan.
Joint accounts may seem like an effective way to prepare if parents need help with finances as they get older, but unexpected problems could crop up.
There are certain provisions that people often forget to put in a will or estate plan that can have a big impact on a family.
Although there is certainly no shortage of people with selfish or malevolent intent, a great number of estate plans that end in disaster are due to unintended consequences.
Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.
People approaching retirement ponder numerous questions. However, I’ve found that many of the most important questions revolve around the word ‘when.’
There is no Florida estate tax, although you may still be subject to the federal estate tax. It’s one of 38 states in the country that doesn’t levy a tax on estates, regardless of size.
With the possibility of needing long-term care in the future, many people are interested in proactive planning.
During your life you will likely accumulate money, property and other items of value. These are your assets. Taken together, these assets — also known as your estate — paint a picture of the wealth you’ve built over time. Rather than lose all you’ve built when you die, planning your estate ahead of time can help you preserve your wealth by transferring your assets to your children or other beneficiaries.
Most estate planning starts with a will. The legal document covers what to do with your assets and provides important direction on the care for minor children.