Before making a decision on a beneficiary, it’s very important to check your state laws. Some states have different rules on who you can name as a beneficiary.
Estate planning is one of the most important steps you can take for yourself and your loved ones.
When someone dies with money left in an Individual Retirement Account (IRA), the funds can get passed on to the person’s loved ones through an inherited IRA.
A qualified terminable interest property (QTIP) trust allows an individual, called the grantor, to leave assets for a surviving spouse and determine how the trust’s assets are split up after the surviving spouse dies.
Regardless of the preferred record-keeping mode, most people have some sort of digital footprint, making it important to know who would have access to your digital assets if you became incapacitated and how those assets would be distributed in the event you pass away.
Wills often go through probate, which is the legal process for settling an estate. The rules are different for every state, so check with an attorney or your local county office to learn more.
The IRS is weighing a change that could leave your heirs poorer than you might hope.
You don’t have to be older and rich to do some estate planning.
Providing for future generations shouldn’t be (overly) taxing. To manage taxes as you pass down your assets, look into UTMAs, 529s, child IRAs and trusts.
Homes are illiquid assets that produce no income and come with ongoing costs for upkeep. Those issues can cause some snags with your trust.
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