What’s the Best Way to Mess Up Estate Plan?
January 6, 2022
Here are the top five mistakes people make that upend their planning.
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Here are the top five mistakes people make that upend their planning.
Uncle Sam is not the only one looking for a piece of your retirement income. Is your state on this list?
Many people are under the impression that since they have a trust, they don’t need to do anything else. That’s not true. The trust you created years ago may not be appropriate for you now.
Trusts can provide certain benefits for estate planning, including asset protection. But can you sue a trust?
For some, retirement means ‘where will we play today’s round of golf?’ For others, it could mean, ‘do I pay for my meds or my rent?’ In either case, a few concerns touch every retiree. The topic of long-term care is one of them, at least subconsciously. The question that causes more than a few sleepless nights is, ‘What happens when I can’t take care of myself anymore?’
Some inherited assets are tax-friendly, but under new rules, others come with a hefty tax bill. We help you get the most out of a legacy.
The majority of older adults (79%) responding to Genworth’s Caregiving in COVID-19 Beyond Dollars Study 2021 said they preferred to receive care in their homes, but only 42% actually received assistance at home.
What if parents have wills and their contingent beneficiaries are their two adult children. If one of the adult children dies before the parents, who gets that contingent beneficiary’s share?
Taxpayers should, of course, carefully consider whether to engage in a lifetime gifting strategy, which has other considerations beyond just estate taxes (such as the tradeoff with the ‘step‑up’ in basis, and non-tax family related considerations).
Probate is a legal process wherein a court oversees the settlement of an estate after the owner passes.
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