Who’s going to inherit on the death of one of the re-marrieds? Will this be the surviving spouse? If so, where will those inherited monies go on the second-to-die’s death?
In the wake of the coronavirus pandemic, many older adults are more socially isolated than ever — and thus more vulnerable to being financially victimized.
According to the U.S. Department of Agriculture, a middle class family raising a child to adulthood will spend over $233,000 on that child between the ages of 0 to 18. That doesn’t even factor in the cost of college education, which can be thousands of dollars more per year once a child reaches adulthood.
Many estate executors focus on estate taxes and forget about income taxes. That can be an expensive mistake.
In estate planning, the use of trusts to manage the distribution of assets is becoming increasingly more common. However, for many people, the idea of setting up a trust during his or her lifetime is overwhelming and perhaps even unnecessary.
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
You have many options to make sure your wishes are followed after you die.
Without a will, decisions made about your property and assets will be handed over to local courts, which can make an already challenging time even harder for your loved ones.
If you do not plan appropriately and thoughtfully, problems may arise with respect to this property and your family when you are gone.
These agents take over your affairs in specific areas, if you become physically or mentally incapacitated.
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