When you’re doing your estate planning, it’s easy to assume that the estate plan is going to govern everything that happens when you pass away. For instance, you can use your will to decide which assets are going to go to which beneficiaries. Your estate plan gives...
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Estate Planning
Why people use transfer-on-death paperwork for financial accounts
Holding financial resources in accounts is beneficial for someone who is accumulating wealth. They have deposit protection provided by the federal government so long as they bank with an insured financial institution. They are at lower risk of a robbery that...
Understanding the potential effect of an inherited IRA
If have been conscientious about saving for retirement through your employers’ 401(k) plans, you likely moved that money into rollover individual retirement accounts (IRAs) when you left those employers. Alternatively (or in addition to this), you may have established...
529 education plans and estate planning: What to know
If you want to fund your child’s (or grandchild’s) education and reduce the size of your taxable estate for the future, a 529 college savings plan could offer you a lot of advantages. Contributions to a 529 plan are typically considered a gift, meaning they are no...
Consider both estate and financial planning to preserve wealth
When you have worked hard and built considerable wealth, you want to do all you can to protect your money for the next generation. Like many, you may believe a sound financial plan is all you need to safeguard your assets. It is true that financial planning plays a...
Major assets are vulnerable as people age and after they die
The property that someone acquires throughout their life will be the product of their hard work or their close relationships. They will typically expect to retain control over those resources until they die. Even then, an individual can control what happens to their...
Preparing your children for their inheritance
You’ve worked hard for several years and the main motivation has been providing for your family. You know that you’ll no longer be around one day and you want your loved ones to have security. Your children are set to receive a substantial inheritance which should...
What does a financial power of attorney do?
As an independent person, you’re used to taking care of your own finances. This is generally the case for most people. Unfortunately, however, life can be unpredictable. For instance, people can fall seriously ill and become incapacitated, even at a young age. For...
How do I choose a guardian for my minor child?
Becoming a parent is a significant and exciting life milestone. As a parent, you have a legal and moral obligation to care and provide for your child until they can be on their own. But life is full of uncertainties and, sometimes, you may be unable to fulfill these...
A common mistake made when disinheriting someone
The primary objective of many individuals putting together an estate plan is arranging for the distribution of their property to their closest family members in the event of their death. However, there are some people whose top priority involves keeping their assets...