Discover why adding your child as a life insurance beneficiary has inherent risks and explore how trusts and appointing a legal guardian can best ensure that your child’s future is secure.
If the strategy is executed properly, an individual can disclaim interest in an inherited IRA and avoid any of the gift and income tax consequences associated with receiving the property.
It is paramount for parents to have an estate plan that not only takes care of their personal and financial matters but also addresses the well-being of their minor child or children. Delving into estate planning considerations can be overwhelming, especially when young children are involved. This guide will provide you with a comprehensive understanding of estate planning for minors. Estate Planning: Why Is It Essential for Parents with Young Children? Estate planning for parents with young children involves setting up mechanisms to ensure that, in the event both parents pass away, their children will…
No matter how old you are, it’s never too early or too late to begin thinking about your life insurance options.
Children are treated fairly when it comes to inheritance. But “fair” doesn’t always mean “equal,” especially if your family situation or assets are complicated. In some circumstances, giving kids equal inheritances may not be the best option.
You cannot name a legal minor as a beneficiary. This applies to almost all legal documents, most notably wills and life insurance policies.
Dying intestate can have unintended consequences for pretty much every family type. However, it is especially painful if there are unmarried partners or stepchildren, who are left out under the law in almost every scenario.
Like most assets, you can inherit an individual retirement account (IRA) after the owner’s death. For spouses, inheriting an IRA is a relatively straightforward process.
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.
While many people think that estate planning is only for the wealthy, experts say that’s not the case.
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