Instead, they placed the items in a charitable remainder trust, received a tax deduction for part of the value, received income from the trust and then gave a sum to a charity of their choice.
A more present sense of one’s own mortality may drive those who have not made plans before to begin the process of creating an estate plan. For those who have existing plans, are they up to date? How does the changing economic environment affect prior decisions?
An immature or troubled child could try to misuse your money or goad you into handing over assets you might need later. Complicated family dynamics, or just your desire for privacy, may make you hesitant to open up.
If you have children or are expecting one, you may also want to take the three big estate planning steps that we did.
The official figure for elder financial fraud used by a congressional committee is around $3 billion a year, but that’s based solely on reported cases of fraud. Other estimates are 10 times that much.
You’ve considered how you want your estate to be distributed after you die. Hopefully, you’ve even written a will to make sure your wishes will be followed. So, your estate is planned…right?
How do you plan to pass the gift of your good financial fortune on? Defining your goals and creating a giving strategy is key to beginning the process.
My 401(k) has dropped $31,000 in three weeks. Should I borrow some now to prevent bigger losses?
If your will was signed before 2013 and you have a so-called by-pass estate tax saving trust that is no longer necessary, you really should update and simplify your will.
To put it bluntly, what if you were in a serious accident or were suddenly rushed to the hospital with COVID-19 symptoms or another life-threatening illness, and you were unable to make health care decisions for yourself?
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