President Joe Biden is proposing a series of tax increases on investors and top-earning Americans in his annual budget request to Congress.
A formal probate process involves specific, usually straightforward steps. Issues that may arise during the process can lengthen the time it lasts until it is closed by the court.
How this is handled now depends on the plans the deceased made when they were alive. For some people, that might mean probate.
As divorce and second marriages become increasingly common, more people find themselves raising children who are not biologically their own. Estate planning for blended families should address this unique situation.
A primary benefit of using TOD/POD designations is that assets held in the account will pass automatically to the beneficiary without having to go through probate.
Nobody likes thinking about what happens if they should become incapacitated or die. However, we all need to have a plan in place for just these possibilities.
Most estate planning starts with a will. The legal document covers what to do with your assets and provides important direction on the care for minor children.
Although in the past it may not have been the norm to provide for animals in our estate planning, times have changed.
In terms of executor vs. beneficiary rights, there are several differences with regard to what type of authority each one has.
A type of education savings account called a 529 plan is just one of several tools families can use to prepare for the growing costs of higher education. While these plans can be beneficial for almost anyone since they let funds saved for education compound on a tax-free basis provided they’re used for eligible education expenses, individuals who live in states with special tax breaks for contributions tend to fare the best.
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