Category: Beneficiary
“A last will and testament is the foundation of an estate plan, which lets you plan for your estate after you’re gone. However, there are certain things that you might not want to put in your will.” A last will and testament is a straightforward estate planning tool used to determine the beneficiaries of your […]
“When something is tailored to one’s needs, everything can go smoother.” Just as a custom-tailored suit fits better than one off the rack, a custom-tailored estate plan works better for families. Making sure assets pass to the right person is more likely to occur when documents are created just for you, advises the article “Tailoring […]
“Even those with thorough estate plans might have neglected to discuss details with potential heirs.” Congratulations if you have finished your estate plan. You and your estate planning attorney created a plan that is suited for your family, you have checked on beneficiary designations, signed all of the necessary documents and named an executor to […]
“If you pass away without a will, a state court generally decides who gets your assets and, if you have children, who will care for them.” Former Zappos CEO Tony Hsieh, who built the giant online retailer Zappos based on “delivering happiness,” died at age 46 from complications of smoke inhalation from a house fire. […]
“We need to make sure your legal toolbox has the right tools for the job and that you understand how each of them work, just like an owner’s manual.” A will is a very important part of your estate plan, but it’s not the only tool in your estate planning toolbox, explains the article “Protecting […]
“Low interest rates and looming potential tax changes make this a good time for high-net-worth clients to use a special tool to transfer wealth: the grantor-retained annuity trust (GRAT), a strategy to reduce future estate taxes, by transferring assets to beneficiaries without using the lifetime gift tax exclusion.” A Grantor-Retained Annuity Trust, or GRAT, is […]
“In a nutshell, an estate plan encompasses the accumulation, conservation and distribution of an estate. Done well, it will enhance and maintain the financial security of the next generation.” Having a well-prepared estate plan means that you have a plan in place to distribute your home, assets and possessions. However, the estate plan does more, […]
“If you get bogged down with a high balance that you can’t easily afford to pay off, it can take years to get out of debt. However, what happens to your credit card debt if you die before you’ve repaid it?” Credit card debt worries create sleepless nights for many. Will a surviving spouse or […]
“One of the biggest wealth transfers our nation has ever seen is about to take place. Over the next 25 years, as much as $68 trillion of wealth will be passed to succeeding generations.” Heirs who are prepared to inherit wealth, with families who talk about wealth and have an estate plan, will do better […]
“There’s much to plan for in life—college, your wedding, your first child, life insurance—and with more than enough to keep you busy, it’s easy to forget about your will.” Even during a pandemic, few people want to spend time thinking about death. However, having an estate plan means having some of the most important documents […]
