Adult children may anticipate, but are not legally entitled, to an inheritance.
I’m looking for guidance on where to start with planning in case something happens to me or my husband.
Succession planning involves accounting for the worst-case scenario. Without accounting for these risks, your plan could fail, require expensive litigation or jeopardize the family farm.
Some people choose, upon their passing, to give their inheritance to a specific charity or organization. The great news is you don’t need a famous surname to give like a philanthropist.
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.
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.
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.
Transferring a home to adult children is not quite as easy as giving them the keys and letting them move in. No matter how you do it, the taxman wants his cut, whether through estate and gift taxes or those for property and income, both federal and state.
Ultra-wealthy Americans can soon protect more assets from federal estate taxes, the IRS announced this week.
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