If you want loved ones to remember you fondly, tackle your estate planning tasks. Your heirs will thank you for not leaving a legal mess to sort out.
Estate planning is a cornerstone of any healthy financial plan, but it can be difficult to discuss.
Understanding what happens to your debt when you die is an important part of estate planning—and you don’t have to be rich to have an estate. Everything you own and owe makes up your estate. For many people, that includes a house with a mortgage.
Probate survives as a procedure originally implemented by the King of England to protect his citizens from themselves and their greed.
As you prepare for your wedding, have open conversations with your soon-to-be spouse about your financial goals.
Right now, gifts to trusts can take advantage of high tax exemptions and remove future appreciation of assets from taxable estates. One example available to spouses is making a gift to a trust that allows for a qualified terminable interest property (QTIP) election.
The biggest misconception people have about estate planning is that “they are not that old and can do it later,” say almost half (49%) of advisors in a recent Key Private Bank Advisor Poll on estate planning. Yet, the majority (73%) of advisors say the ideal age to start putting an estate plan in place is before 40—earlier than many people think.
You may be running your business for years without any thoughts of selling and then suddenly receive an offer to buy your firm. It could be from a private equity group, a competitor or a key customer or supplier.
People tend to think of ‘529’ education-savings plans as an excellent way to save and invest tax-free for college or schooling costs, and they are.
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