If your loved one’s organizational style consists of dropping off paperwork somewhere in the spare room instead of creating a financial document file that would delight Marie Kondo, you might feel overwhelmed.
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.