Estate planning is putting your affairs in order so that your loved ones are taken care of if you die or are incapacitated. A will is an essential piece of the plan. So are lists of your assets and obligations, with details of all open accounts. Make sure you record your beneficiaries o...
To help ensure that the needs of your minor children are taken care of in the event of your death, a legal guardian to care for them is usually named in the will. A guardian can be your spouse, a family member, or a trusted friend. If you leave assets outright to your minor childre...
Instead, parents can establish a revocable living trust that segregates any existing assets from those of a future new spouse and protects their own children from the negative impact of a second marriage. A deceased parent, in essence, can govern from the grave. Read MoreGen X needs financial...
These provisions make gifting an effective way toavoid tax on assets transferred to people, besides your spouse, who might be subject to the estate tax if the assets were transferred as part of an estate. Gift Exclusion Limit If your gifts exceed the gift-exclusion limit, they aren't subjec...
How Estate and Gift Taxes Can Impact Your Financial Plan Article by Thomas Fridrich, JD, CLU, ChFC®️, Senior Wealth Planner Your Legacy | 1 min Your New Year’s Financial Planning Resolutions Video by Carson Your Legacy | 1 min Why You Need a Plan: Strategies for Medicare and...
often when they review their whole financial plan. This can be done annually, semi-annually, or quarterly; for estate planning specifically, the general recommendation is at least every three to five years or when there is a life event. You may want to get your attorney or tax advisor's ...
When you were married, your estate plan probably listed your spouse not just as a beneficiary of your assets but also as a key figure in other aspects of your estate plan. At the end of your marriage, you will most likely want to change those designations. Get an overview of what to ...
Spouse who is a US citizen Covering a person’s medical expenses, if given to the medical facility Education tuition, if paid to the educational institution IRS-approved charity Political organization Preparing Your Family Given the potential impact on the family members who inherit your assets, you...
impact your life, the lives of your loved ones and your hard-earned assets. As you proceed at your own pace through each of the 22 estate planning results, we ask you to rate each in terms of their importance to you – whether essential, irrelevant, or 50/50 (i.e., neither ...
Estate planning is an emotional task with major financial consequences – it can feel overwhelming at times. On the bright side, you have many helpful tools at your disposal.