Category: Heir
“Done right by a lawyer, your heirs can avoid the expense and time of probating your will and may save on estate taxes, while easing the administration of your affairs while alive and after you have gone.” Trusts are used to solve problems in estate planning, giving great flexibility in how assets are divided after […]
“If you get bogged down with a high balance that you can’t easily afford to pay off, it can take years to get out of debt. However, what happens to your credit card debt if you die before you’ve repaid it?” Credit card debt worries create sleepless nights for many. Will a surviving spouse or […]
“Many investors took advantage of the pandemic-induced market decline this spring to do big Roth conversions and pay less tax on reduced asset values.” People with large tax-deferred accounts they intend to leave to their children can eliminate a tax burden on their heirs by converting the tax-deferred money over time. By doing the conversion […]
“After a loved one passes, one of the biggest hurdles families face is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among descendants.” More than two-thirds of all advisors surveyed by Key Private Bank said the hardest part of estate planning is navigating family dynamics, according to a 2019 […]
“Remember that a will goes through probate, so a husband and wife typically try to avoid it by using joint ownership or beneficiary designations. However, they’re often mistaken by believing the will still controls their estate.” Most people think a will is the most important tool in the estate planning toolbox, but in many instances, […]
“What happens if you inherit your loved one’s home? What if they still have payments to make on their mortgage?” When a loved one dies, there are always questions about wills, inheritances and how to manage all of their legal and financial affairs. It’s worse if there’s no will and no estate planning has been […]
“These all-too-common misconceptions can steer your estate plans in the wrong direction right from the start. Here’s how to overcome them and tips to build the right plan for your family.” Estate planning should be a business-like process, where people evaluate the assets they have accumulated over time and make clear decisions about how to […]
“Only you know the strengths and weaknesses of your family members, putting you in the best position to decide if your spouse or your child can appreciate a trustee’s responsibilities.” To protect all that you have worked for and take care of the most important people in your life, you may have been advised to […]
“If you have lost your spouse during this time, there are so many issues you must address–funeral arrangements, meeting with lawyers and accountants and dealing with finances. All of this comes on top of dealing with the emotional loss.” Many people have died during the COVID crisis, and others are coping with the death of […]
“A revocable trust is great for many reasons, but it does NOT protect assets from nursing home expenses.” The question raised in the article “Fact or Fiction: I Can Protect My Assets from a Nursing Home with a Revocable Trust” from New Hampshire Business Review is frequency asked, and the reason for it is understandable. […]
