Property and cash that has not been withdrawn during retirement will be transferred at death to heirs, charities, and foundations. A sound estate plan ensures the most efficient transfer of assets, with the right amounts, going to the right people, at the right time. All while minimizing time, expenses, and taxes.
#13 of 13 Things People Can Do with Money | by WealthPhase
Bob Carlson, a retirement planning expert, shares his recommendations on how to incorporate medical care decisions into your estate plan.
Bruce Miller answers a few frequently-asked questions about mandatory withdrawals from IRAs at the death of the IRA owner.
Being a personal representative is an important responsibility. You must make determinations and take action on assets before terminating the estate.
Though no longer created primarily for estate tax reduction, these two trusts can be essential to reaching other estate planning goals.
If you have been named executor in a will, you have quite a bit of work ahead of you. Here is how probate works, plus tips to get the job done right.
Even if your plan is to leave your assets directly to your children, keep in mind that not everyone is good with money and there are certain precautions you can take to make sure they don't blow it. Follow these tips head off any fight among your kids — and to limit the amount of taxes they may have to pay.
Even the biggest stars with the best legal help available have made some major mistakes. Here's what the rest of us can learn about our own wills and estate plans from their famous troubles.
This may not be the perfect, all-inclusive guide to getting your affairs in order, but it's a great start. The Billfold provides an overview of how to make things easier for your surviving family members.
A look at whether you truly own the contents of your e-library and digital music collection. Unless you take action, your digital libraries -- your e-books and music downloads -- could be lost to the ether.
As my family’s "first responder" and resident financial person, I served as power of attorney for my parents, as well as executor and trustee for both.
Beware of the "kiddie tax"—which applies to unearned income (including distributions from traditional IRAs)—when making grandchildren beneficiaries of your retirement plan.
Crafting an estate plan involves a series of steps, some of which you’ve probably already undertaken and are probably going to need to revisit as your life unfolds. As you do tackle your estate plan, here are the key jobs to check off your list.
Because retirement plan beneficiary designations don't pop up on our screens when we check up on our portfolios or receive statements, we may not revisit them for years. That can be a big mistake. Marriages and divorces, births and deaths, relationships improved or turned sour may be leaving your current designations out of date.
Smart idea: housing all your important documents & financial info in one spot for loved ones to find/use in an unfortunate event!
Why would we ever give them our money? A couple of friends asked this question in horror — figuring we could use the funds, or it would be better to wait until after my wife and I die...My answer is threefold.
Research shows that 68% of young people expect an inheritance. The problem is that only 40% of their parents plan to leave one.
A strong estate plan can help reduce taxes, leaving more to your heirs.
While many people rail against estate taxes, extremely few people ever have to pay them. Why? They are only directed at the most affluent people, with the most valuable estates.