With $124 trillion expected to transfer by 2048, it’s crucial to plan ahead—whether for asset distribution, guardianship, or avoiding family conflicts.
Estate Planning
Navigating Financial Conversations with Aging Parents
Having a conversation with your parents about their finances can seem like a daunting task. However, it is an essential step in helping to ensure their financial well-being as they get older. Here are some practical tips to help you navigate these discussions.
How to Avoid Estate Planning’s Biggest Mistake
Getting a will, revocable trust or other document alone won’t accomplish your goals. You need to start with a holistic plan.
You Inherited an IRA. Here’s How to Avoid a Huge Tax Bill.
People who inherited retirement accounts in recent years finally have guidance from the Internal Revenue Service on how to drain their accounts. A few strategies can help you avoid handing over more than necessary to the IRS.
How much can I invest in a 529 plan?
The amount you can contribute to a 529 plan depends on the plan’s lifetime contribution limit, which is set by individual states. Most states have a lifetime cap of $350,000 or more. When the value of your account reaches the limit, no more contributions can be made to the account. States typically increase their limit every few years. A plan’s lifetime contribution limit is per beneficiary.
Can I change the beneficiary of a 529 account?
Yes. You can change the beneficiary of a 529 account without penalty if the new beneficiary is a family member of the old beneficiary.
Why Gen-Z Is Suddenly Creating Wills And Trusts—And You Should Too
Conventional wisdom casts trusts, wills, and estate plans as the exclusive domain of the ultra-rich. Supporting this notion, data reveals that two-thirds of Americans lack an estate plan, a figure that climbs higher to 80% among Gen-Zs. However, Matt Watson, CEO of the all-in-one financial management app Origin Financial, offered a compelling counter-narrative to this trend when I spoke to him recently.
Don’t Make This Inheritance Mistake. It Could Cost Your Loved Ones Big Time.
Suppose you have a $3 million brokerage account and a $3 million tax-deferred retirement account. You plan to leave half of your estate to your daughter, a successful attorney, and the other half to charity.
Introduction to Estate Planning
What is estate planning? Simply stated, estate planning is a method for determining how to distribute your property during your life and at your death. It is the process of developing and implementing a master plan that facilitates the distribution of your property...
2 Key Benefits Of Living Trusts
With so many misconceptions around trusts, it's easy to understand the confusion about the benefits of a revocable living trust. A living trust (also called a revocable trust or revocable living trust) can be beneficial to a much broader group of Americans than most...