Estate planning is a daunting topic. It's morbid to think about all of the "what ifs." What if something were to happen and one of your family members were to get seriously injured on the trip? What if catastrophe struck?
How could a man who fought so hard to re-gain control over his musical legacy not have created a plan for it after he died? How could a man with a philanthropic heart not have cemented his charitable legacy with testamentary gifts? Et tu, Prince?
You spent the last 15 years of your life building your business from ground zero to a million dollars. In the event of your untimely demise, the government slaps an estate tax or death tax on your business and reduces the worth of your business by 50 percent.
People are particularly persnickety about personal property, and rich or poor, our stuff means a lot to us. While wealthier people are more likely to have extensive estate planning documents in place, it's imperative across the board, as fights over tangible personal property often erupt.
Whether it's due to pride, a desire to maintain their independence, or forgetfulness, if you have aging parents there are likely things they aren't telling you. And that can be both troubling and dangerous.
We live in an amazing time in which individuals are defining what it means to be a family. As you take charge of your life in this way, know the costs and benefits of your choices and do appropriate planning around them.
As painful as it is to consider, estate plans are critical. If anything happens to you, it's important to know your loved ones are taken care of and your wishes are honored. Throughout life, those last wishes change with the major events you go through.
Estate planning may not be sexy but it sure is important. To leave your children an inheritance, you have to understand some technical issues as well as the finer points of discussing your estate with your loved ones.
June 5 was a big day for me. The Tuttle Tots 3K in Carrollton, Kentucky was the first time I had been in a running race in 26 years, and I came in second in my age division. The day before, I had a medical checkup that confirmed that I had lost over 90 pounds in the past six months.
State intestacy laws are a "best guess" as to what the average person wants to happen to their property when they die. Don't leave such an important decision about your legacy up to the state's "best guess."
You don't want your relatives and your spouse fighting over some piece of furniture or other trinket. If you are single, then it won't be as obvious as to who gets what, especially if your siblings and parents survive you.
Can you remember who you listed as beneficiary on all your different accounts? Maybe you think you know, but you should review your beneficiary designations on all applicable accounts. Here are some reasons why naming and updating your beneficiaries is so important.
One of the bigger mysteries, to many people, is why it seems that the process of offering a will to a judge for approval, called probate, can sometimes become highly complex -- and by "complex", I mean lengthy and expensive.