Having the right legacy plans and documents in place is one of the most important steps aging individuals can take, both to give themselves peace of mind and to avoid the possibility that confusion will make an already challenging situation even worse.
When an individual purchases an annuity, they name one or more beneficiaries who will receive the benefits if something happens to them before the contract ends. This could be due to death, disability, or another event that would cause the individual to no longer need their income from the annuity. The ultimate beneficiary of an annuity is the individual receiving the payments. However, there can also be additional beneficiaries.
The first step in understanding whether a power of attorney can transfer money to themselves is to understand the different types of power of attorney.
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.
The future is uncertain. However, you can ensure that your family and loved ones are taken care of with estate planning. Estate planning is a critical component of financial planning for the future.
Before making a decision on a beneficiary, it’s very important to check your state laws. Some states have different rules on who you can name as a beneficiary.
Equally sharing the wealth among the children isn’t always fair, such as when one sibling is the primary caretaker, or another is already wealthy.
A last will and testament is essential for every adult. It establishes one’s wishes for distributing their property, whether real or personal, after death.
I’m looking for guidance on where to start with planning in case something happens to me or my husband.
The death of a parent can be emotionally trying, especially if the passing was unexpected. It can also be a test of your patience, if there are complicated estate issues to sort out.