Know that no matter how poor or rich your parents are, they must have an estate plan in place because their affairs will affect you and become your responsibility if they become incapacitated or die. Their estate plan ensures that their assets will be distributed to their heirs according to their personal wishes, no matter how much or how little they can be. If you do not know whether or not your parents have an estate plan in place that will help you best support them, read on!
Today, It’s critically important to have the appropriate safeguards in place to reduce the risk of fraud and identity theft, especially for your senior parents. Because your parents are unlikely to be as savvy about digital technology and may be losing some of their powers of discernment as they age, it will almost certainly be up to you to help them in protecting themselves—and ultimately, your inheritance.
Given the growing number of seniors, the prevalence of diminished capacity associated with aging, and the concentration of wealth among elderly Baby Boomers, we're likely to see a serious surge in the number of cases involving undue influence in the coming years. This kind of elder abuse can disastrously affect your aging parents' and other senior relatives' estate planning. Be aware, educated, and empowered in knowing what risks are for your elderly loved ones—and for your future inheritance.
While a will is a necessary part of most estate plans, your will is typically a very small part of a comprehensive estate plan. A will alone cannot guarantee that your family will not go to court if you become incapacitated or when you die. If you want to learn why? Here are the things you should not expect your will to accomplish!
August is “National Make-A-Will Month,” and if you have already prepared your will, congratulations—too few Americans have taken this key first step in the estate planning process. Yet, while having a will is important—and all adults over age 18 should have this document in place—for all but a few people, creating a will is just one small part of an effective estate plan that works to keep your loved ones out of court and out of conflict.
In part one of this series, we discussed 529 plans and education savings accounts, which are both popular options for saving for a college education. Do you know the main reasons for their popularity? It's their tax-saving advantage! The money you contribute to a 529 account grows on a tax-deferred basis, and withdrawals are tax-free, provided they're used for qualified education expenses, such as tuition, room and board, and other education-related fees.
If you have started to save for your child or grandchild’s college education, it’s worth considering whether to use a 529 plan, an education savings account, or an Irrevocable Trust. Here’s what we think you should consider as you decide!
You might think only the wealthy need to worry about asset protection planning. But the truth is that if you don't have millions, you may be at even greater risk. For instance, if you're a multi-millionaire, a $50,000 judgment against you might not be that big of a deal. But it could be devastating for a family with a modest income, savings, and home. Before it's too late, learn the strategies you may use to safeguard your assets.
Despite the fact that it happens to every single one of us and is every bit as natural as birth, very few among us are properly prepared for death—whether our own death or the death of a loved one. Yet the pandemic might be changing this. As anyone who has personally dealt with loss knows, when a loved one dies, those who are left behind face major challenges, not only emotional and logistical but financially as well.
If you're looking to collect life insurance proceeds as the policy's beneficiary, the process is fairly simple. However, during the emotional period immediately following a loved one's death, it could feel as if your entire world is falling apart, so it's helpful to understand what steps you need to take to access the insurance funds as quickly and easily as possible.