How can we avoid probate and reduce the estate tax for our beneficiaries, who are our two adult children?
Putting your last wishes on paper is critical to ensuring your family is taken care of when you die.
Although most assets in your estate may pass through the probate process, other assets may not. It often depends on the type of asset or how an asset is titled.
Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be tasked with carrying out a loved one’s final wishes.
Few retirees have all of these documents that are crucial to their golden years — especially during a pandemic.
If you haven’t reviewed your beneficiary designations recently, you may be setting your heirs and estate up for some unpleasant surprises.
A last will and testament is a straightforward estate planning tool, used to determine the beneficiaries of your assets when you die, and, if you have minor children, nominating a guardian who will raise your children. Wills can be very specific but can’t enforce all of your wishes. For example, if you want to leave…
No matter how solid the relationships might be, it is important for parents to be aware how blended families can create unique estate planning issues.
Many people plan their estates diligently, with input from legal, tax and financial professionals. Others plan earnestly but make mistakes that can potentially affect both the transfer and destiny of family wealth.
Creating a will is one of the most basic elements of estate planning. There are different types of wills you can choose from, including a simple will.
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