Unless you’re a member of the Addams family, thinking about death probably isn’t your favorite afternoon activity. However, not thinking about it can cause even more pain when death ultimately does come knocking.
One of the most significant changes Americans will soon see is the sunsetting of tax laws under the Tax Cuts and Jobs Act (TCJA) of 2017.
When someone passes away, it’s up to their executor to handle the probate process. However, what happens if the executor of a will dies?
After decades of building a solid nest egg, retirement is the time to finally crack into it. Yet, many retirees who were great at saving find themselves less sure about how to spend all that accumulated money.
Congratulations, Dad. You’ve raised your children, who now have children of their own. Despite all the obstacles of recent years, the family is thriving. You feel good about how you’ve led your life and are hopeful about the years ahead. The next thing on your agenda: creating a legacy of caring for your family. This Father’s Day, consider how the actions you take now can strengthen your legacy. Your legacy includes sharing the values and history of your family. The next time a grandchild points their phone at you and asks you what your childhood was like or asks to learn more about your own parent’s journey, don’t be shy. Tell them the stories you were told, even if you don’t have every single detail. Teach your adult children by example the importance of planning for the future. Having an estate plan prepared professionally is not overly burdensome and alleviates stress and expense for the family. If you have an estate plan in place, including a will, Power of Attorney, Health Care Power of Attorney and Living Will, talk with them about it. Make sure they know you’ve already taken steps to protect them, even when you’ve passed. Knowing Dad…
Studies suggest that millennials will inherit an astounding $68 trillion in the coming years, making them the wealthiest generation in history. While this may be great news for some, it also comes with significant tax implications.
For individuals with disabilities, an inheritance or settlement can jeopardize a their government benefits, such as Medicaid and Supplemental Security Income (SSI). A special needs trust (SNT) can help the individual remain eligible for these benefits while ensuring they have additional financial support. What Is a Special Needs Trust? A special needs trust (SNT) is a type of trust that can be created to benefit a person with a disability. Special needs trusts offer a number of benefits to the individual: Helps ensure they stay eligible for public benefits Supplements their income, so that they can pay for needs not covered by public benefits (such as education or recreation) Preserves any assets they may have from an inheritance, a lawsuit settlement, or gifts Special needs trusts may also be referred to as supplemental needs trusts. What Is the Role of the Trustee? The trustee plays a critical role in the life of the special needs trust beneficiary. Serving as the trustee of an SNT involves several important considerations and responsibilities. In managing the SNT, the trustee must act in the best interests of the trust beneficiary. They must make decisions that help the beneficiary maintain their public benefits as well…
It is commonly understood that upon death, our property will pass to someone else. However, the details of exactly how property passes often seem a bit more mysterious.
It is very important for unmarried couples to execute estate planning documents to make their wishes clear concerning the rights and responsibilities of their significant other.
Unfortunately, during the grieving process surviving spouses also need to navigate the complex financial issues that arise after the death of their partner.
