Memorabilia collections, by their nature, are specialized and unique. When considering your estate planning, it’s important to think about what you require of your beneficiaries — if you’re not planning on selling your collection — and how you can make that process as easy as possible for your family. What will your spouse or children have to deal with as they dispose of the items?
What Is a Beneficiary and How Do I Name One?
I’m looking for guidance on where to start with planning in case something happens to me or my husband.
Estate planning might sound like something that’s just for wealthy people with huge beach houses and billions in the bank. However, the truth is that estate planning is something we all need to think about.
A SLAT is an irrevocable trust set up while both spouses are still alive, in which one spouse is the designated beneficiary of the other spouse.
Asset protection planning is the process of building barriers around your assets, whether those assets are personal or business, to keep them safe from litigation, creditor claims, seizure and burdensome taxes.
If you die without a will, you die ‘intestate’ and your assets will be distributed according to your state’s law. That could result in a distribution you didn’t intend.
A trust can be a vital component in an estate plan.
Just 34% of adult Americans have an estate plan and 37% of respondents said they didn’t have a plan at the ready.
Before approaching the subject of the will, you need to consider that the loved one may be guarded and resistant to talk about it.
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