Part of being a responsible homeowner is having a proper estate plan in place. After all, considering the home is generally the largest asset most people own, it’s prudent to ensure this asset is passed to the people you wish to leave it to.
Legacy and Estate Planning
According to the Exit Planning Institute of Ohio, recent studies show that over 60% of the current U.S. business market is owned by baby boomers (those born between 1946 and 1964), who are ready to exit or transition their business over the next 10 years.
Although you may be excited about the prospect of receiving unexpected money, there are certain financial moves experts say you should make to make sure you’re prepared for that inheritance.
Lewis established an irrevocable trust, in which he named ‘his son’s spouse’ as a beneficiary. At the time Clark, the son, was married to Vivian.
This is a great time to get organized with estate planning—it will make things a lot easier for yourself and your loved ones.
This case should be required reading for any person who has an interest in an entity or a trust.
Most family members may not have a clue what we have floating out in cyberspace. Accessing or deleting accounts can be tricky for family members, if they don’t have your login credentials.
Life estates can provide effective means to create joint ownership of property, avoid probate and transfer property after death without incurring gift taxes.
You should be aware of what a will can’t or shouldn’t do.
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.