The federal estate and gift tax are unified and allow you to give away property above the annual exclusionary gift amount or for your heirs to inherit up to a total of $11.4 million currently, without paying gift or estate taxes and this increases with inflation.
If you’re a father, there’s a good chance you help manage your household’s finances and you may even play the dominant role. This may work well now, but what if something were to happen to you? Would your family be financially okay?
One in five Americans has married at least twice. However, a sobering 60% of second marriages end in divorce, the Census Bureau found.
From wills to life insurance, no one wants to discuss a financial plan with their aging parents.
The word ‘estate’ conjures images of great wealth, which may be one of the reasons why so many people don’t develop estate plans—after all, they’re not rich, so why make the effort? In reality, however, if you have a family, you can probably benefit from estate planning, whatever your asset level.
You obviously can’t take them with you. However, upon death, you often can’t even leave your frequent-flier miles behind.
When it comes to the prospect of dementia, advance directives are critical because the disease is progressive.