There are milestones in every life. For many, graduations, marriage, children, opening a business and retiring are among these milestones.
If you have an individual retirement account, do you recall filling out a beneficiary designation form? That’s the document that allows you to direct the IRA custodian to transfer your IRA to the people you name in the form.
When the ‘Queen of Soul’ Aretha Franklin died last year, it was believed that she hadn’t prepared any kind of estate plan, including a last will and testament. However, a few months ago, three handwritten wills were found in her home near Detroit. Two were in a locked closet and one was stuffed beneath the cushions of a couch!
As parents age, families sometimes struggle with how to best keep their parents’ financial affairs in order. One common approach is for aging parents to put one or more of their children on their investment accounts, bank accounts and real property.
When you create a living trust, you also sign a pour-over will. One of the main benefits of a trust is avoiding a court proceeding on death called probate, which is when wills are used.
As we approach our 70s, we feel like we have everything covered. We don’t have long-term care insurance, but with the income we have off the farm and with our savings, we feel pretty comfortable. Is everything we have enough?
Medicaid recipients over the age of 55 are expected to repay the government for many medical expenses—and states will seize houses and other assets after those recipients die, in order to satisfy the debt.
Thanks to the Internet, everyone has the ability to draft wills, trusts and a variety of other legal documents. Many documents can be produced for less than $100, requiring only a few mouse clicks and filled-in blanks.
Families are often reluctant to talk about wealth and inheritance with their children. However, experts say that can create confusion and insecurity.
Best known for his hits ‘Two Tickets to Paradise’ and ‘Take Me Home Tonight,’ blue-collar rocker Eddie Money passed away on September 13, 2019, at the age of 70.
1067 N. Mason Road, Suite 3
St Louis, MO 63141
Copyright 2020 The Laiderman Law Firm, P.C. All Rights Reserved
