The typical explanation given for retaining original wills at the lawyer’s office is that clients might lose them, or executors may be unable to find them at the appropriate time.
Nobody likes to think about dying. However, it happens whether we prepare for it or not. If you don’t do some advance planning, it can cause even more longer lasting pain and grief, not to mention money and strained relations for your loved ones.
Regardless of whether the law makes sense to us, we are all required to abide by it.
When a loved one is experiencing cognitive decline, emotional and medical considerations often overshadow the financial planning that needs to happen. This is a potentially costly mistake.
The elimination of the Stretch IRA is a game changer, especially for parents who were considering bequeathing savings in IRAs to their children.
The expression recognizes the blindness that many of us have in relationships to the spending habits of partners and the effect it has on our own finances.
After closing on a mortgage, many individuals immediately begin receiving daily solicitations in the mail, urging them to purchase mortgage protection life insurance (MPI). Simply put, MPI is a type of life insurance sold by banks affiliated with lenders, and by independent insurance companies, who obtain information about a person’s mortgage through public records.
In other words, family members who are not named to inherit anything in the will may still see the list of all of the assets. If you don’t want that result, you can avoid it by establishing a trust.
If you’re fortunate, you’ll live independently and in good health throughout your retirement years. However, if you ever needed some type of long-term care, such as a stay in a nursing home, would you be financially prepared?
The number of unmarried couples who live together reached 18 million in 2016, a 29% jump from 14 million in 2007. Among adults age 50 and older, the increase was 75%: About four million were cohabiting in 2016, up from 2.3 million in 2007.
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