Discussing estate planning with your parents is a conversation that can be difficult to have. You might not want to think about the day they are no longer here, or even consider that they might experience a decline in health that severely limits their ability to think clearly or communicate with you.
Over the next 25 years, analysts anticipate $68 trillion to be passed down to younger generations and charities. While the importance of legacy planning is not limited to the forthcoming Great Wealth Transfer, it does spotlight the significant amount of wealth that has been created, primarily by Baby Boomers, and the need to transition these assets thoughtfully.
Dying without a will can be costly and eliminate your ability to plan or provide for loved ones.
Locking up certain important documents and valuables in a bank vault could turn into a headache for you or your heirs.
While a will is often part of an estate plan, an estate plan covers much more ground.
Inheriting an IRA from a parent has a unique set of rules you need to know, which will help you make the most of the money you inherit and avoid a tax-time surprise.
Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.
Today, so many aspects of our lives are managed virtually. We keep currency, photos, music, documents, bills, medical records, artwork and even our social lives online or ‘in the cloud.’
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The Tax Cuts and Jobs Act raised the federal estate tax exemption considerably. Before the tax reform law, it was $5.49 million per person for 2017. It’s up to $11.7 million for 2021 ($23.4 million for a married couple).