Reaching the point where you need to consider residential options for your mother can be overwhelming. Not only is it emotionally fraught, there are also financial and legal considerations.
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago—as well as the scheduled 50% reduction in the size of the federal estate tax exemption four years from now—has resulted in a renewed interest in estate planning for IRA and 401(k) accounts owned by married couples.
In estate planning, the use of trusts to manage the distribution of assets is becoming increasingly more common. However, for many people, the idea of setting up a trust during his or her lifetime is overwhelming and perhaps even unnecessary.
Adult children typically don’t have to pay their parents’ bills. However, there are exceptions. Even when a child doesn’t have to pay directly, debt could reduce what they inherit.
You have many options to make sure your wishes are followed after you die.
Planning for your future should start after you get a job. Therefore, it is advisable to start saving a certain percentage of your salary every month and buying assets whenever you can. That will guarantee that you will have a comfortable life after retirement.
Of course, just because you have a living trust doesn’t mean you are all set. Here are a few of the most common mistakes people make with their living trusts.
Louisiana law provides that once a married couple is divorced, the ex-spouse loses all rights under the will, but there are other ways your ex-sposue could inherit your assets.
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago and the scheduled 50% reduction in the size of the federal estate tax exemption four years from now, has resulted in a renewed interest in estate planning for IRA and 401k accounts owned by married couples.
Although you may be excited about the prospect of receiving unexpected money, there are certain financial moves experts say you should make to make sure you’re prepared for that inheritance.
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