You have arrived at your second marriage a little bit older and (hopefully) a little bit wiser. Second marriages and blended families present their own issues when it comes to estate planning.
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.
Estate administration involves the probate of the decedent's estate and typically includes three broad actions: (1) asset collection, inventory and appraisal; (2) collecting and paying debts and taxes; and (3) distributing the remaining assets to beneficiaries. This process may occur with or without a will and may occur subject to a probate court or outside a probate court.
If a senior relative faces a sudden, debilitating illness or starts losing control of everyday finances, would you know where his or her retirement, estate and long-term care issues stand?
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.
With some preparation and planning, your children can be well-cared for even if you are not the one to do it. A well-drafted and thoughtful estate plan will reduce stress and conflict at a difficult time. Here are the documents of an estate plan and how they can help you as a single parent.
Couples planning to blend families often have to make financial arrangements that respect previous relationships with ex-spouses and their families. Issues range from childcare and eldercare to potentially complex matters. That's why involving trained experts in stepfamily financial planning is a must.
Lori sought a medical solution to help her lose weight and the solution caused her body to die. I've been fortunate that my weight loss surgery has been a success in its first month and that maybe the medical world has found a solution that works for people like me. The attempt with diet pills was definitely not the answer.
In the present-day U.S., as in 19th-century Europe, a family bank can preserve wealth, provide family members with independent access to capital, and more -- it can substantially lessen the taxes that wealthy families pay on occasions of inter-generational wealth transfer.
There's no doubt about it -- second (and third) marriages are on the rise. Last week, Pew Research announced that 40 percent of all 2014 newlyweds had walked down the aisle before.
Following the death of a loved one, you may become the recipient of an unexpected parcel of real estate. Yet, with every windfall comes great obligations, so be prepared for the surprises you may encounter when inheriting property.
But in the eyes of the law, pets are property, not family members. And property is not treated the same as family. Like your children, have you made necessary provisions to make sure your pets will be well cared for and given the water, food, shelter and love that they need and deserve if and when you cannot be there for them?
No one wants to think about death, much less plan for the aftermath. But since is the one most inevitable event in our lives, don't we owe it to tho...
I've called myself other titles, masking that my income comes from the life insurance industry. There are multiple reasons why my lifetime occupation became a semi-hidden secret. The industry itself went through the same kind of identity crisis.
Whether you are looking to ensure your children's safety and future, or dictate how much of your earnings go back into the tax system, writing a will is an essential action and we can all benefit from taking advice from a genius like Einstein here.
The foundation of successful multi-generational planning begins with a conversation, often in the form of a family round table, whereby the heads of the family share their vision for the family, both now, and into the future.