Johnson Law Firm
Many baby boomers may hesitate to discuss money with their children. However, the reality is that a massive amount of wealth will be transferred in the next couple of decades. Cerulli Associates estimates that about $68 trillion will move between generations within 25 years, with most of those assets transferred to Generation X households.
While a Last Will can help ensure that one’s wishes regarding the distribution of their estate upon death are followed, it is the living trust that allows the estate to avoid probate.
If you plan to pass your business to your offspring, there is more to keep in mind when creating your succession plan than your descendants—there are also their spouses—especially if they become ex-spouses.
How do we move into probate, so we do not lose the house and bank accounts, while not killing ourselves in the process?
Once you’ve bought an annuity or a life insurance policy and named your beneficiaries, you may never think about those beneficiary designations again. However, that could be a big mistake.
Nearly half of working-age Americans assume that they will receive an inheritance that will support them later in life, according to a survey by the financial services company HSBC.
Vanguard has sent me a beneficiary designation verification letter. For the primary beneficiary, it says it will be the person I am married to at the time of my death. For the secondary beneficiary, it says, my descendants “per stirpes.” I have one child. Should the beneficiary designation include his name?
The For the 99.5% Act reduces the estate tax exemption to $3.5 million per individual and $7 million per couple. The bill adds higher tax brackets for larger estates.
If you are planning to take another walk down the aisle, it is critical to take the time to review and revise your estate plan, especially if meaningful assets and debts are being brought into the marriage.
A will is a legal document, governed by the laws of each state, written to guarantee that your possessions will be left upon your death to the people or organizations you specify.
