Don’t Wait Until You’re Sick to Create an Estate Plan
While financial planning has been at the top of many Americans’ minds, a vast majority of people have stalled in creating an estate plan.
Appointing an Executor? Here’s What an Executor Cannot Do
If you are preparing a will, it is important to choose an executor you can trust, who is reliable, and who will take their role seriously.
Estate Planning: 3 Things to Know About Being an Executor
Choosing an executor is a big decision when it comes to estate planning. Here are three common questions about executors.
What to Know About Being a Health Care Proxy
When you assume the role of surrogate decision-maker, it is crucial to understand the patient’s wishes and values.
Why You Should Designate Beneficiaries
A crucial, yet often overlooked, component of estate planning is reviewing assets, such as 401(k)s, pensions, and savings accounts, and ensuring you have listed a beneficiary for each of these.
Are Wills Public Record?: Estate Planning Q&A
Wills contain important information about who receives money, possessions, and property upon a person’s death. Who can view this information, and is it a public record?
Estate Planning: An At-a-Glance Overview
Estate planning entails preparing your affairs for the future. While older adults might give more thought to estate planning, it is an essential tool at any age.
IRS Raising Annual Gift Tax and Estate Tax Exclusions in 2023
Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax annual and estate tax exclusions for 2023. If you are considering wealth transfer tax planning, these are welcome increases. Gift Tax Annual Exclusion Effective January 1, 2023, the gift tax annual exclusion will increase from $16,000 (2022 number) to $17,000 …
What You Should Know About Required Minimum Distributions
Required Minimum Distributions (RMDs) are the minimum amounts a retirement plan account owner must take out each year. RMDs begin when a person reaches either age 72, 70½ if they reached this age before January 1, 2020, or the year in which a person retires (if after age 72). There are some exceptions. In the case of an IRA or …
What Does It Mean to Be Estranged?
Estrangement refers to a breakdown in a relationship, such as a relationship with a spouse or family member, where there is no longer any communication, or communication has become hostile, and the individuals lead separate lives. Although estrangement can significantly impact individuals’ lives, it is not a legal term and, in many cases, might not have a legal effect. Suppose …