Although there is considerable legal information and misinformation, it is generally understood that a last will and testament is the device used to distribute property after death. However, the why, how and when are less familiar.
Some people are concerned that the new conservative 6-3 majority on the Supreme Court will roll back protections for non-traditional families. Regardless of the decisions at the Supreme Court, or the impact on the state family courts, there are many ways that non-traditional families can maintain control.
Estate planning can help you pass on assets to your heirs, while potentially minimizing taxes. When gifting assets, it’s important to consider when and how the generation-skipping tax transfer (GSTT) may apply.
Charitable remainder trusts give you more options and more control on how your heirs inherit, now that the “stretch” IRA is a thing of the past.
In situations where both spouses want the surviving spouse to inherit all the assets, which is often the case, a joint trust can be far less complicated to set up and maintain than separate trusts, with less headaches for the surviving spouse.
When an individual cannot make important decisions for himself or herself, a judge appoints someone called the conservator or guardian to make decisions. The conservator has the legal backing of the court in all decisions, including finances, medical and personal care.
After the divorce, Mike logged onto the employer’s benefits system and tried, but failed, to delete Wendy as the beneficiary of his life insurance.
Everyone, regardless of financial status or age, can benefit from having an estate plan—assuming you have assets to leave and people to leave them to.
The steady drone of coronavirus news these past nine months has spurred countless older Americans to face a long-procrastinated task: writing—or rewriting—their wills.
Has a family member or close friend asked you to serve as their executor, trustee or power of attorney? If you accepted the responsibility, do you know what this entails? Have you been given a copy of the documents you were named under? Do you know when you would begin serving in these roles? These are all important questions to ask or consider.
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