Owning assets jointly with one or more children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it can produce unintended—and costly—consequences.
Every year, nearly 8 out of 10 U.S. tax filers receive a federal tax refund. According to a recent survey by TD Ameritrade, most of us plan to use that refund to meet financial goals, including bolstering savings, paying off debt, or contributing to retirement accounts.
Estate planning isn’t just about what happens to your assets after you die. It’s also about protecting yourself and your loved ones. This includes having a plan for making critical medical decisions in the event you’re unable to make them yourself.
Although probate can be time-consuming and expensive, perhaps its biggest downside is that it’s public — anyone who’s interested can find out what assets you owned and how they’re being distributed after your death. Disgruntled family members who become aware of this might decide to challenge it legally.
Writing a will enables you to put your affairs in order and leave clear instructions for the loved ones that you leave behind. A little bit of planning can go a very long way in providing peace of mind for you and a much less stressful experience for your family once you are gone.
Financial planners are responsible for their clients’ full financial picture, and they frequently advise and remind clients to create an estate plan as the last piece of the puzzle. Naturally, the client often asks, “Can you recommend an estate planning attorney?”
If you have minor children, your estate plan will need to include appointing a guardian to take care of them should something happen to you. Unfortunately, a family member who is not chosen might feel hurt.
Unfortunately, many individuals never create a will or trust, leaving their relatives with the responsibility not only of handling their estate but of doing their best to guess what their parent or loved one would have want
In the now-classic comedy “Groundhog Day”, Bill Murray’s Phil finds himself trapped on the same day, February 2nd, waking each morning to experience the same events over and over again. While there are times in which we too feel like we are stuck in Groundhog Day as our daily lives can become repetitive, the reality is that the only constant in our lives is change.
Estate planning is important for all parents but is essential if you are a single parent, because the children do not have a second parent to rely on. Estate planning will ensure that your children are cared for and provided for in the event of your death or incapacity.