While it might seem too soon to think about this uncomfortable topic, it’s still something that needs to be carefully planned to make everyone’s life a little easier as they handle the grief of losing a loved one.
Thinking about what happens to your family when you pass away may be upsetting. However, it can be a good way to reduce the stress your loved ones will deal with during the grieving process.
If the surviving spouse is a second or subsequent spouse and did not have any children with the decedent, the surviving spouse takes even less.
Estate planning helps you avoid many unfortunate situations. While it can take some time and money upfront, you can avoid many worse problems later on.
There’s almost always a reckoning when the government proffers a tax break. So it is with individual retirement accounts (IRA)s, 401(k)s, and similar accounts that investors fund with pre-tax earnings.
Just 34% of adult Americans have an estate plan, and 37% of respondents said they didn’t have a plan ready.
A simple will works for some people, but maybe not for you. Are you in a second marriage? Have minor children? Are you concerned about fraud? These are just a few of the many reasons to consider a trust.
Nobody wants to think about how their loved ones will cope when they die. However, it’s important to plan effectively to ensure a smooth transition of your wealth and worldly possessions — even if you’re young or feel like you don’t have much to leave behind.
My mother told me many times over the years that she had a will, and I believed her. When she passed away, we discovered that her will was 40 years old—and completely useless.
A trust is an estate planning tool you may consider using if you want to go beyond drafting a last will and testament.