Every so often, it's smart to methodically go through your estate planning documents and see if any tweaks are needed. Here's a checklist to guide you through that mission. Make sure that you review your estate plan at least once every few years to be certain that all the information is accurate ...
Despite its depiction in the movies, a heart attack doesn't always produce pain or pressure so intense it causes a person to clutch their chest and collapse to the floor. Most people who have a heart attack experience a much less dramatic version. Some have no symptoms at all — or symptoms that a...
If you're planning an inheritance, be careful about leaving these assets to a loved one. They may create more trouble than they're worth. Kiplinger's recent article entitled “5 of the Worst Assets to Inherit” says that if you're planning to leave an inheritance to others, you should take care in ...
Recent studies estimate that 39.6% of Americans 65 years of age or older are victims of financial abuse. In 2021, more than 6.2 million people in America live with some form of Alzheimer's disease and need some type of memory care. At the same time, financial abuse and scams, especially those tar...
Congressional Democrats are weighing a new type of required distribution from individual retirement accounts, based on the account value instead of age, according to a discussion list of policy ideas obtained by CNBC. There are few specifics but owners of Mega-IRA accounts worth more than $5 mill...
Social Security benefits serve an essential role in most Americans' retirement plans. Yet many people — even soon-to-be retirees — know little about how the program works or how to get the most from the benefits they've earned. Kiplinger's Personal Finance's recent article entitled “Avoid These 3...
Life is messy sometimes. Divorce, bankruptcies and lawsuits happen. They can potentially wipe out the inheritance you've carefully set aside for your loved ones. However, there are many trust options to help keep life from ruining your legacy. When beneficiaries receive their inheritance in their...
John R. Nelson was Prince's half-brother and oldest brother. He was born in 1944. Prince died without a Will so his estate was governed by Intestacy laws. John R. Nelson, Prince's oldest brother and one of his heirs, died, his sister announced on Twitter, according to The Star Tribune's recent ...
There are many stories of strange conditions in wills and trusts over time. For example, the German poet Heinrich ‘Henry' Heine died in 1856 and left his estate to his wife, Matilda, on the condition that she remarry, so that ‘there will be at least one man to regret my death'. Imposing strange o...
What Is Cryptocurrency? Why Has It Been So Popular? Cryptocurrency is a digital currency that can be used to buy online goods and services, explains Forbes' recent article entitled “Cryptocurrency And Estate Planning: What Digital Investors Should Know.” Part of cryptocurrency's appeal is the tec...
Your house might be your single most valuable financial asset. So you want to make sure you can give it to those you love when you die, without giving up the farm. That can be tricky. First Coast News' recent article entitled “Deed named for former first lady could be key to planning your estate”...
For many, there are potential benefits to continuing a life insurance policy or purchasing certain types in retirement, when it comes to taxes, estate planning, and long-term care. Here are some ways to use a life insurance policy that you may not know about. About half of adult Americans have a ...
A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs, if something should happen to you. This ty...
Whatever the reason, whether your life is a bed of roses or a getting-worse-nightmare, there are things you can do now to insure what you leave will go to who you want. And when. And in what portion or portions. If you've been working for a while, you have an estate. If you've been working for a ...
The Social Security Administration should be notified as soon as possible after a beneficiary dies. Depending on your relationship to the deceased, you may be entitled to benefits for survivors. How does the federal government know to stop sending Social Security payments when a recipient has die...
If you get your health insurance through the public marketplace and are nearing age 65, don't forget about Medicare. The general rule is that you are required to join Medicare when you reach 65, unless you have qualifying coverage elsewhere. Plans through the exchanges (whether federal or state) ...
Even though it is critical for your assets, family and legacy, estate planning tends to fall to the bottom of people's to-do lists. What new parent wants to draft a will, while finalizing a nursery paint color? Given a choice, most people will opt to do almost anything rather than talk about deat...
Estate planning is a crucial part of any holistic financial plan, and financial advisors often work with estate planning attorneys for guidance in this area. Everyone wins when estate planning attorneys, financial advisors, and accounting professionals work together on a comprehensive estate plan...
The Tax Cuts and Jobs Act raised the federal estate tax exemption considerably. Before the tax reform law, it was $5.49 million per person for 2017. It's up to $11.7 million for 2021 ($23.4 million for a married couple). For the moment, fewer Americans are concerned about the federal estate tax. ...
The conservator is court appointed and may be responsible for financial decisions, such as retirement planning, the purchase or sale of property and the movement of any other financial assets. A conservatorship is created to let one person manage another's finances. The conservator is court- appo...
If you've had an IRA and a 401(k) for many years, you may occasionally ask yourself some questions: ‘Am I contributing enough?' ‘Am I still funding these accounts with the right mix of investments for my goals and risk tolerance? It's always good to check into your retirement accounts and conside...
Here's how to boost your home's sale price and attract buyers in the digital age. You don't need to plan on a lengthy renovation to sell your home and downsize. Smaller investments can help your windfall just as effectively. As most of us look at properties first from a laptop or smartphone, pict...
As you know, a power of attorney (POA) allows another person, the Attorney-in-Fact (AIF), to conduct business on behalf of the principal. The POA authorizes the AIF to sign for and on behalf of the principal. A person with Power of Attorney for their parents can't actually “add” the POA to their ...
Think you won't qualify for life insurance in retirement? Guess again. It's easier to qualify than in the past as underwriting has gotten better. There are options available in your later years, says Yahoo Finance's recent article entitled “Retirees, It's Not Too Late to Buy Life Insurance.” Your...
Sometimes people attempt to make an estate plan online without consulting legal and financial professionals to avoid the higher cost. However, everyone's situation is unique, and using a boilerplate estate plan can lead to mistakes. Having a good estate plan is critical to ensure that your family...