Created to own and control a life insurance policy or policies while the insured is alive, Irrevocable Life Insurance Trusts (ILITs) are tools that are sometimes recommended by estate and planners.
If your beneficiary designations are out of date and you die without updating those designations, your assets could go the wrong people–a former spouse, for example–no matter what your will says.
Naming secondary beneficiaries can help estate planners avoid the delay and costs of going through probate, as well as ensure that your wishes are carried out.
A joint and survivor annuity provides lifetime income payments for an annuity owner and their survivor. You contribute a lump sum of money to the joint and survivor annuity and can usually start receiving income almost immediately.
I’m looking for guidance on where to start with planning in case something happens to me or my husband.
While it might seem too soon to think about this uncomfortable topic, it’s still something that needs to be carefully planned to make everyone’s life a little easier as they handle the grief of losing a loved one.
People often overlook critical steps when they are doing their estate planning.
That last will and testament you have tucked away? It may not be the last word on what happens to your stuff after you are gone. Instead, that legal document’s directives for doling out your wealth may be overruled by other paperwork and relevant laws.
Few will argue that the most important time to have a will is when you are parents of young children.
Here’s a simple financial question: who is the beneficiary of your IRA? How about your 401(k) or annuity?