We are approaching the biggest wealth transfer ever, as Baby Boomers prepare to hand off their life savings to their heirs. However, will their heirs actually get the full amount of the wealth intended for them…or will a large amount be lost to unnecessary taxes?
However, if you are retired and no longer generating employment income, you should make sure you weigh the financial implications of any potential move.
With apologies to poet Robert Burns, the best-laid estate plans of women and men sometimes go awry.
As a review of terms, a will is a legal document that specifies how a person’s estate should be handled only after that person’s death. A living will has nothing to do with how your “things” like property, money, jewelry, etc. are to be distributed. Unlike a will, it is, in fact, a document that comes into play while you’re still alive.
No one knows when their time will come, which is why it’s important to have a last will in place. This document ensures that your final wishes are carried out after your death. Without a will, the laws of the state of your residence at the time of death will determine what happens with your estate.
I’ve decided I no longer want to leave my estate to my children. They are ungrateful brats. How can I set things up to give my money to charity when I die?
Non-probate assets are those assets which do not go into an estate when the owner dies.
Without a valid will, a person’s estate passes to their surviving heirs under intestate succession (i.e., ‘succession without a will’).
For young professionals finding their way in the world and just beginning the journey of building wealth, death can seem like a far-off abstraction. However, the cold reality is that no one ever knows what’s around the corner — health problems and freak accidents can happen at virtually any time.
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.