When it comes to estate planning and deciding who gets what, most people concern themselves, understandably, with big-ticket items: investment accounts, real estate, business interests, etc. In doing so, it’s easy to overlook personal possessions, the seemingly mundane items that are part of daily life.
Payable on death accounts can help streamline the process of transferring certain assets to loved ones, after you pass away.
A will is a legal document that allows you to decide what happens with your estate after you passed away. Unfortunately, not all people consider creating one because they think that it’s complicated and just an extra expense.
When an estate is named beneficiary of an IRA, what is the method of distributing it to one individual in the most tax-effective way?
Over the years, several high-profile celebrities have died without either properly updating their estate plan or having one at all. The list includes Princess Diana, Prince, Heath Ledger, Michael Jackson and Kurt Cobain, all of whom were worth millions and among the most famous people on the planet at the time of their death.
My 91-year-old mother-in-law died on Dec. 13, 2020. There was no will, so we are currently working our way through the probate process. Her income was less than $20,000 a year from Social Security and we can’t find any tax returns she filed. Was she required to file?
It’s generally a bad idea to name a trust as beneficiary of your IRA.
Charitable remainder trusts give you more options and more control on how your heirs inherit, now that the “stretch” IRA is a thing of the past.
You’re closing in on retirement, but you’re not there yet. Are you on track?
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