Our Estate Planning Blog
Deciding whether to give a home as a gift goes beyond cost basis and capital gains…
A pet trust is a legal arrangement that specifies how your animal companions would be cared for and taken care of financially, if you pass away, or if you become ill or disabled and can no longer take care of them yourself.
While it is an honor to be selected as an executor, executing a will takes more work than you might think.
Probate is not always an efficient process. However, it is the way to properly dispose of an individual’s property after they have died. It gives the necessary stamp of approval that the will is legitimate, and the executor has been confirmed.
Let’s face it: mortality is hard to think about and death is impossible to plan for. What is doable, however, is getting affairs and assets in order to prevent loved ones from inheriting a headache and legal fees in the event of an incident.
When you set up an IRA with a brokerage, you’ll usually be asked to designate a beneficiary. This is where you would enter the trust as your beneficiary, should that be the option you choose.
Easier-to-read form highlights retirement income streams and other tax benefits for citizens 65 and older.
You make things easier for the children, by planning for the possibility of a nursing home stay because you take the burden off the children to make crisis decisions for your long-term care costs.
Anyone with a child with special needs understands the need to prepare for the future. A trust is always a good place to start, and figuring out a savings goal for that trust is a key part to your planning.
You might be amazed at some of the bizarre places that people put their documents. It would take you a month of Sundays to find the papers if the person had not told you where to look.
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