During this crazy 2020 tax year and the roller coaster ride of the stock market, we are also currently in an environment where the interest rates are as low as they ever have been.
First, let’s debunk the myth that an estate plan needs to be both elaborate and expensive.
Amid headlines of COVID-19 infiltrating nursing homes and large senior care facilities, it’s understandable that many Americans would prefer to avoid assisted living environments as they grow older. However, the trend to age in place predates the pandemic. Remaining at home was the first choice for 76% of Americans age 50 and older, according to a 2018 AARP survey.
Probate is a process to transfer the assets after someone dies. For example, when a homeowner passes, probate allows for the home to be sold or transferred, if necessary, even though the owner is no longer alive to sign a deed.
The inheritance you leave could be eaten away by taxes or given to the wrong person. Here are five tips to avoid that.
A revocable trust is great for many reasons, but it does NOT protect assets from nursing home expenses.
One component of your estate plan may be a testamentary trust, which is a legal document, usually created within a will, that becomes effective at your death.
Estate planning is the process of transferring the management of your assets, if and when you are unable to manage them yourself due to disability or death. Whether you have $100 or $100 million you should have an estate plan.
Most people wish to have more control over who and how their assets are managed than what the state laws provide, and so they draft documents that can override the Laws of Intestacy, when those laws do not match their objectives.
It’s difficult to go a few hours without interacting with a digital account. Whether that is email, online banking or social media, many daily tasks involve digital informational storage.
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