How Do I Use Deceased Spouse’s Life Insurance?
April 29, 2022
There are many options, but the best use of the money is different for each widow and her unique circumstances.
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There are many options, but the best use of the money is different for each widow and her unique circumstances.
You may have heard the term “community property.” However, do you know exactly what it means or how it could affect you?
Resist the urge to use your will for vengeance
Trust funds are an important estate planning tool. They can protect your assets while you’re alive and help ensure that you leave money to your children or other loved ones after you die.
In 2017, Congress doubled the exemption starting in 2018, and the amount will continue to rise with inflation through 2025. This expansion helped reduce the number of taxable estates to about 1,300 for returns filed in 2020 from about 5,200 in 2017, according to the latest IRS data.
Leaving behind a huge tax bill for your heirs with the stretch IRA scuttled? Here are some ways around it as lawmakers consider an updated SECURE Act.
A discretionary trust is a type of trust that can be established on behalf of one or more beneficiaries that portions out trust funds over time and under certain circumstances, usually due to the client’s concern that the beneficiary (usually their child) may get divorced, go through a bankruptcy, or the beneficiary has been addicted to chemical substances. The discretionary trust prevents access to trust funds all at once.
Who’s going to inherit on the death of one of the re-marrieds? Will this be the surviving spouse? If so, where will those inherited monies go on the second-to-die’s death?
It’s true that if your child is on your deed as the owner, your home will not have to go through probate. However, this is a poor tax and asset protection strategy.
Trusts are often associated with the rich. However, the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
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