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.
For larger estates, a revocable trust is generally the most effective tool for avoiding probate. It involves some setup costs. However, it allows you to manage the disposition of all of your wealth in one document, while retaining control and reserving the right to modify your plan.
Even though it is critical for your assets, family and legacy, estate planning tends to fall to the bottom of people’s to-do lists. What new parent wants to draft a will, while finalizing a nursery paint color?
As you know, a power of attorney (POA) allows another person, the Attorney-in-Fact (AIF), to conduct business on behalf of the principal. The POA authorizes the AIF to sign for and on behalf of the principal.
There is a general understanding that every adult should have a last will and testament. However, for most people, exactly how that will is used remains a mystery.
In fact, many couples with no children mistakenly believe that they are less likely to need a last will and testament than couples with children.
Many people have signed at least one power of attorney in their life. A power of attorney, which names a trusted family member, friend or advisor as your ‘attorney-in-fact’ to control your assets, is meant to be used if you are incapacitated.
One of the biggest concerns a trust creator might have is that the beneficiary would squander their inheritance or that the beneficiary’s creditor would attach the inheritance to cover the beneficiary’s debt.
If you have a mortgage, you might worry about what that means for your heirs and loved ones. Will they be able to keep your home, and who will be responsible for paying for it?
There’s a battle brewing over the estate of Grammy-winning country star Charley Pride, fueled by a son few knew existed.