Can a 529 Plan Help with Estate Planning?
March 20, 2023
You can set up a 529 savings plan account for any beneficiary. You can also set up accounts for as many beneficiaries as you want.
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You can set up a 529 savings plan account for any beneficiary. You can also set up accounts for as many beneficiaries as you want.
In early 2022, Bloomberg News reported that Americans can expect to inherit $72.6 trillion over the next quarter century—more than twice as much as a decade ago. With so much potential generational wealth on the line, there is always a risk that it will become the subject of a dispute.
Overlooking an important step or making a blunder can derail all your careful planning, leaving your heirs and beneficiaries with a headache-inducing challenge.
Death, while inevitable, is not often predictable. This can leave many people financially unprepared if their spouse suddenly dies–especially if the deceased was the one that took care of the household balance sheet.
It may sound like it makes sense, and it might be easier than picking a person (or two) to name, however there are some serious downsides to naming your estate as the beneficiary for your IRA.
Understanding the different treatment of gifts by the IRS, Medicaid and VA systems can ensure that property passes as expected.
If you anticipate inheriting a 401(k) from a parent, a spouse or someone else, it’s important to know your options for minimizing tax liability.
Even Consumer Reports suggests working with an experienced estate planning attorney to make sure documents are correctly prepared.
Because Medicaid Long-Term Care is a means tested program, making sure that you qualify with a good Elder Law attorney is important. Not all attorneys that claim to be “estate planners” focus on getting you qualified.
The FTC recently published an alert of this scam tactic meant to steal Medicare funds by billing Medicare for services which are not received.
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