Anecdotal evidence suggests that people have recently decided to get serious about creating or updating their estate plans, according to Christine Benz, Morningstar’s director of personal finance.
If you are turning 60 in 2020, the pandemic could do more than interrupt your party plans. It could also lower the amount you’ll receive when you file for Social Security.
Whenever you open a financial account, you’re almost always asked to name a beneficiary. Simply stated, a beneficiary of the account is someone who is entitled to the benefits of the account, typically, on the death of the account holder. If you’ve purchased life insurance, for example, you name a beneficiary, who receives the benefits of the policy when you pass.
The saying goes that anyone who does not learn from mistakes in the past, is doomed to repeat them. In estate planning, if you do not learn from other’s mistakes, you are likely to repeat them.
The nature of the probate process varies from state to state, and even varies from county to county.
Somewhere between a corporation and a partnership lies the limited liability company (LLC). This hybrid legal entity is beneficial not just for small-business owners but is also a powerful tool for estate planning.
What Is an Eligible Designated Beneficiary?
Some marriages end in noise and pain. Other marriages drift away quietly with the signing of documents and only a hint of acrimony.
If you think of estate planning as something only ultra-wealthy people need to do, you’re not alone. That’s a common misconception.
Estate planning attorneys will agree that it is better to die with a properly drafted trust, than to die without one. If you don’t have one, consider getting one.
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