Eighty-five million families in the United States own at least one pet. That’s 68% of the population. How many of those owners have a plan for what would happen to their pet, if they themselves met with a crisis, had a lengthy hospitalization, or died?
A trust can be used to manage estate taxes, shelter assets from creditors and pass on wealth to future generations. A family trust is a specific type of trust that families can use to create a financial legacy for years to come. There are several benefits to creating one, although not every family necessarily needs one. If you’re curious about where this type of trust might fit into your family’s estate plan, here’s what you need to know.
You might not be able to spend all the money in your 401(k) plan before you die. If that happens, your retirement savings will pass to the person you name as the beneficiary of the account. The information on your 401(k) beneficiary form typically supersedes what is written in your will. Therefore, it is important to keep this form up to date for all your retirement and investment accounts.
When the Spanish painter Pablo Picasso died of a heart attack on April 8, 1973, he left behind not only a huge artistic oeuvre of 50,000 works, but enough family drama to cover several generations.
You may want to set up power of attorney, if you’d like someone else to make decisions on your behalf. Special power of attorney has a narrow scope. It grants someone the right to act for you in certain situations. It can be helpful in financial decision-making.
The most well-known ‘death’ tax is the Federal Estate and Gift Tax. However, the reality is that few people really have to worry about the cost of federal estate taxes.
With all these anxieties and unknowns weighing on your mind, it might feel like there’s suddenly a pressing need to get your affairs in order―just in case.
If you’re leaning toward choosing guaranteed lifetime income by remaining in the plan instead of taking the lump-sum offer, be sure you have confidence in your employer’s long-term viability.
Certain types of trusts, however, may only be used in very specific situations and a constructive trust is one of them.
Remote mental health care use among Veterans Affairs patients has jumped dramatically as normal medical care appointments were disrupted and veterans forced into self-isolation because of the ongoing coronavirus pandemic.
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