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.
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.
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.
Utilization of a testamentary trust for the surviving spouse is an excellent idea, whether the survivor is the husband or wife.
Has it been awhile since you reviewed your estate planning strategy? If so, it may require some updating, based on recent changes to laws impacting your tax and retirement planning.
Is it time you made a decision on the future of the wonderful getaway that everybody loves but only you maintain?
