If your will was signed before 2013 and you have a so-called by-pass estate tax saving trust that is no longer necessary, you really should update and simplify your will.
The recent coronavirus global pandemic has disrupted daily life at levels unprecedented in our lifetime. Yet life disruption is something family caregivers understand all too well. According to a study by AARP and the National Alliance for Caregiving (NAC), more than 34 million Americans are caring for someone over age 50: a spouse or partner, an older parent or in-law, a sibling, a beloved older family member or even a friend.
External events that cause reflection are good reminders to update estate planning documents.
Charitable giving comes in many forms. Some people donate annually to their favorite charities, while others may volunteer their time or professional services.
Most consumers are familiar with the beneficiary designation form they complete when opening an IRA or 401(k). The form designates who receives the asset, if the account owner dies. However, these forms can create confusion, unintended bequests and family turmoil, if not adequately monitored.
Planning for the end of your life can be intimidating. When you are a farmer, your business is not only your livelihood and your passion, but, often, it is also intermingled with your family life. For that reason, estate planning — arranging for the management of your assets once you die — is especially important for aging farmers.
Will COVID-19 make long-term care even more expensive?
Has a loved one named you their financial power of attorney? Are you ready to take on all the responsibilities that entails? Hopefully, you won’t be called into action anytime soon, but with the coronavirus pandemic continuing, it’s something to think about.
One of the biggest threats to your financial security isn’t the markets, interest rates or even your job security. It is a lack of preparation, particularly for unexpected events, that usually leaves investors reeling when markets swoon. If you haven’t protected yourself from the potential downsides in life, after all, then it’s difficult to maneuver when the unforeseen strikes.
If you have children or are expecting one, you may also want to take the three big estate planning steps that we did.
