After someone dies, family members will need to locate all of the decedent's important papers.
If you fail to change your will, state law will step in.
The beneficiaries of an inherited IRA are bound to IRS rules.
While most estate planning focuses on physical property, like your home, and liquid assets, such as investment accounts, retirement plans can actually make up a large portion of one’s estate. Due to the specific tax rules governing these assets at death, you must plan carefully to ensure these funds are integrated properly into your estate distribution plans and tax savings strategies.
In 2019, you can save up to $3,500 in a health savings account, if you have self-only health insurance coverage. The limit goes up to $7,000 for family plans.
As people live longer, the retirement population grows and health care costs climb, long-term care is a critical component of family financial planning.
Con artists do not have to go into the dark web to buy enough information about people to open up new accounts in their names or run a multitude of scams.
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.
While a retirement wish list might include roaming the world or pursuing a luxurious hobby, the daily realities of paying off a mortgage or funding a child’s education can make it tough to save.
We, unfortunately, and often at considerable time and expense, wind up cleaning up the messes (unresolved items) that people never got around to resolving.