By discussing finances with your children early and often, you can set them—and future generations—up for success, when it’s time to receive the wealth you’ve accrued.
Medicare has a series of income limits that trigger increasingly higher payments for retirees. And it’s not just the rich who are affected.
Probate and trust administration are not the same. There are important differences and similarities between administering a decedent’s probate estate and administering a decedent’s trust estate.
Kenny Rogers didn’t write a lot of his greatest hits. His heirs get a little cash, when any of his recordings are played or purchased online, but that’s just a trickle of income.
Somewhere between a corporation and a partnership lies the limited liability company (LLC). This hybrid legal entity is beneficial not just for small-business owners but is also a powerful tool for estate planning.
I am now 60 and understand I can’t apply for Social Security for another two years. What of my ex or I remarry? I was a stay-at-home mom most of our marriage of 27 years. My benefits will be much smaller than his.
Estate planning documents often are treated like the photocopied permission slip for a child’s field trip. You fill in your name, include the children’s names and dates of birth and sign. The document is filed away to be used if needed, but you really never expect it to be used.
The late ‘Siegfried & Roy’ star, Roy Horn, named lifelong friend and performance partner, Siegfried Fischbacher as the executor of his multi-million-dollar estate, according to his will filed in Las Vegas courts.
You might not be able to spend all the money in your 401(k) plan before you die. If that happens, your retirement savings will pass to the person you name as the beneficiary of the account. The information on your 401(k) beneficiary form typically supersedes what is written in your will. Therefore, it is important to keep this form up to date for all your retirement and investment accounts.
Too many people mistakenly believe that to have a need for estate planning, you must be old and wealthy. Nothing could be farther from the truth. Once you are a mature adult, independent, and income-producing, it is time to assume the responsibilities of preparing for your future. High on the list is preparing an estate plan with a clear understanding that your plan will be revised to adapt to changing circumstances.
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