The most common misconception estate planning attorneys hear, is that someone doesn’t need an estate plan because their client isn’t elderly or on death’s door.
Lawyers are being bombarded with requests to write wills, update estate plans and prepare health surrogate or “pull the plug” documents, as people are confronted by the realization that they could be diagnosed with COVID-19 and dead within days.
For obvious reasons, including control, privacy, asset protection, etc., many clients are interested in putting assets into a trust. For many retirees, their IRA is among their biggest assets. It’s only natural to want to put the IRA into a trust.
States can differ dramatically when it comes to long term care regarding availability, quality, government benefits, retirement communities and cost.
You may have a friend, or two, who has blown a large inheritance. Some of you may have also seen a news story about a lottery winner who went bankrupt (or worse) just a few years after receiving a life-altering sum of money. If you don’t want this to be you, keep reading as we share five tips to make the most of an inheritance or windfall.
The list of celebrities who have died without a will in place is a significant one. Names on the list include Prince, who died with a net worth of about $300 million without having a will. So did John Singleton, Aretha Franklin, Jimi Hendrix and the great Bob Marley, to name but a few.
The cost of a nursing home can quickly erode everything you worked for your whole life, and leave your family with nothing, industry insiders warn.
ABLE accounts can be powerful financial tools for those living with a disability. Here’s how they work.
Failing to ensure that your asset titling and beneficiary designations are coordinated with your estate plan, can lead to unintended costs, taxes and outcomes.
The elimination of the Stretch IRA is a game changer, especially for parents who were considering bequeathing savings in IRAs to their children.
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