Posts Tagged ‘estate planning’
How to Divide an Inheritance Equally: Minimize the need to decide taxes and transaction costs for all beneficiaries
Nothing ignites family arguments like inheritance. If you plan to leave money to more than a few beneficiaries, for the sake of peace and your own emotional legacy, know how to divide the proceeds fairly. First, you can divide your estate among however many heirs you want: three, seven, 11 or 13 and so on.…
Read MoreAcquaint Grown Children with Your Financial Affairs
Many parents may feel it is unnecessary to inform their adult children about their personal, financial affairs. However, as your children grow older, it can work to your advantage—and that of your entire family— to share with them key financial, medical, and estate planning information. An awareness of important information, and knowing where to locate…
Read MoreTips for Leaving an Inheritance to Family: Make sure you think about potential disruptions and plan ahead of time
Families inherit money and sometimes make the right moves investing and spending. Inheritances can also ignite disruption, divorce and a host of bad behavior – far from the hopes and plans of the benefactor. What happens when you leave what’s probably one of your biggest investments: your individual retirement plan? Your Retirement Assets Perhaps most…
Read MoreShielding Your Insurance from Estate Taxes: The rules are very stringent, but your financial advisor can help navigate
Life insurance, which can help to provide for your heirs in the event of your death, can be an important estate planning tool. It can provide funds to loved ones when they need it most and help meet your family’s financial obligations. One issue overlooked by many people, however, is that life insurance can add…
Read MoreThe Murkiest Part of Estate Planning is Talking:Specific questions to help frame your thinking as you talk to your heirs
The murkiest part of estate planning is to discuss when and how to distribute your assets to your heirs. This process requires a series of considerations and trade-offs to avoid emotion-laden family problems. For many, focusing on the numbers are objective and straightforward. But when it comes to this final set of issues, things get…
Read More12 Estate Planning Must-Dos
Many of you already have estate documents, probably executed many years ago. You need an estate attorney to look over your documents every 10 years or so. Here are a dozen points to review. Do you have a will and powers of attorney for health care and property? These are part of every complete estate…
Read MoreTips to Avoid Common Estate Planning Mistakes: With a few simple actions, you can ensure your estate planning is effective
Whether your estate plan is simple or complex, there are many details, which are often overlooked, that can undermine your plan’s effectiveness. Are you aware of these common estate planning mistakes? Titling property jointly with your children as a substitute for a will. Unlike a will, a transfer of an interest in your property is…
Read MoreUnderstanding the Estate Planning Process: A well-structured estate plan can be invaluable to you and your family
It is common for people to put off planning their estates. After all, no one wants to anticipate his or her own death. In addition, many people may believe that only the wealthy require estate planning or that all that is involved is tax planning, which can be done “later.” They may well be wrong…
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