Why Don’t Most Americans have an Estate Plan?
December 15, 2022
Just 34% of adult Americans have an estate plan and 37% of respondents said they didn’t have a plan at the ready.
Johnson Law Firm
Just 34% of adult Americans have an estate plan and 37% of respondents said they didn’t have a plan at the ready.
Here’s a simple financial question: who is the beneficiary of your IRA? How about your 401(k) or annuity?
Research shows that most of these executors aren’t experts and struggle with the estate settlement process.
Grantor-retained annuity trusts, or ‘GRATs,’ are a wealth-transfer technique that shift investment growth out of an estate to heirs tax-free.
The Internal Revenue Service Today announced new inflation-adjusted limits for 2023 that will allow well-off individuals to transfer much more to their heirs tax free during life—or at death.
The problem is that while you expect to die of old age, this is not always guaranteed–which may cause uncertainties in the way your assets are distributed.
An estate plan works like the operating system on your phone or computer. It runs in the background. However, it needs occasional updates to keep the plan current.
A trust can be a vital component in an estate plan.
If the surviving spouse is a second or subsequent spouse and did not have any children with the decedent, the surviving spouse takes even less.
Unlike a last will and testament, a revocable living trust is effective during your lifetime.
