Some Estate Planning Steps for 2020
This time of the year is a great time to revisit your estate plan so you can ensure your legacy is protected for years to come.
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This time of the year is a great time to revisit your estate plan so you can ensure your legacy is protected for years to come.
Estate planning is a systematic process, which involves getting your personal and financial goals for the time you pass away or become mentally incapacitated. It is also known as a last will, and almost everyone does this planning for their family.
There’s a lot of prep work to complete when you’re expecting a new baby. Expectant parents have a nursery to paint, strollers to buy, doctor’s appointments to attend, and nannies to hire.
Congratulations, you have finally signed your estate planning documents. Now, where do you keep them?
Let’s face it: mortality is hard to think about, and death is impossible to plan for. What is doable, however, is getting affairs and assets in order to prevent loved ones from inheriting a headache and legal fees in the event of an incident.
Parents are often more than happy to offer financial advice to their children. They like to feel needed and want to make sure their children are on solid financial ground. However, it’s important to turn the tables and ask about their financial plans, too.
Acting as an executor can be a tremendous amount of responsibility and a time-consuming duty.
When you meet with an elder law estate planning lawyer, honesty is the best policy, even though it may be difficult to disclose the personal information requested.
Parents are often more than happy to offer financial advice to their children. They like to feel needed and want to make sure you’re on solid financial ground. However, it’s important to turn the tables and ask about their financial plans, too.
Transfer on death (TOD) accounts (also known as Totten trusts, in-trust-for accounts and payable-on-death accounts) allow spouses to pass small estates in a simple, convenient way.