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Help with Family, Finances
and the future
Help with Family, Finances
and the Future
It helps to look ahead when making your estate plans and plan for unexpected occurrences that may negatively affect your estate. A lot can happen when you are gone, and it may be too late to save the day. Picture a situation where your kin defaults on a debt, leaving...
Recent IRS regulations direct that if you inherited an IRA or 401(k) from someone who died in 2020 or after, and the decedent died after age 72, you (the beneficiary) must start taking Required Minimum Distributions (“RMDs”) right away! When the inherited IRA rules...
You are among the majority if your ideal senior life includes the desire to stay in your home. About 90% of Americans want to remain in their homes as they grow older. It sounds like a goal that most people can achieve, but perhaps you have not considered all the...
As you write your will and consider the assets that you own, you think about your life insurance policy. It’s going to give a substantial amount of assets to your heirs after you pass away. Naturally, you assume that you need to include this in the will. But the truth...
Estate planning is an important process that involves organizing a person’s finances once they are gone and several other aspects. As with other legal agreements, parties to estate planning documents must have acted voluntarily and have been of sound mind....
Creating a will is the responsible thing to do. It ensures that your wishes are known and that your assets will be disbursed based on these wishes when you pass. However, what if no one knows about your will or where to find it? If this happens, then all your planning...
People often think about estate planning when something goes wrong. A loved one is diagnosed with cancer, for instance, and so they start making plans for the end of their life. If you are a child who wants to talk to your parents about estate planning, however, it...
Federal tax is applied to almost all of your assets and income. Even your property and other assets you own when you die may be subject to tax again even though you paid taxes on it. Estate taxes levied by the federal government can mean up to a 40% tax rate on the...
If you have a toddler, you need an estate plan. You may not be very old and you may assume that you have decades of life ahead of you, and you certainly may be right. But you need to make sure that your toddler will be taken care of if something unexpected happens....
Having to sit down with your parents or someone else you love to find out if they have an estate plan is difficult. It forces you to face the fact that they won’t always be around. Taking the time to do this helps to ensure that they have things ready so you won’t...