Everybody knows they should have a will, and not having one can leave heirs with a big mess. But just having a will isn’t enough. Big mistakes are common—from leaving decisions to the last minute and failing to update documents to mismatching beneficiary designations.
After a lifetime of work, many older Americans have built up a substantial sum in assets. At the same time, they’re unlikely to accumulate
much additional wealth. For that reason, protecting the assets they already have becomes especially important.
If you’re using life expectancy calculations to plan your retirement budget, you could run out of money.
When strategically used, life insurance offers many advantages, including the beneficiaries’ ability to build generational wealth.
Your life insurance needs will depend on a number of factors, including the size of your family, the nature of your financial obligations, your career stage, and your goals. As you take on more responsibilities and your family grows, your need for life insurance increases.
There are five estate planning documents you may need, regardless of your age, health, or wealth: Durable power of attorney, Advance medical directives, Will, Letter of instruction, Living trust. The last document, a living trust, isn’t always necessary, but it’s included here because it’s a vital component of many estate plans.
Charitable Giving Charitable giving can play an important role in many estate plans. Philanthropy cannot only give you great personal satisfaction, it can also give you a current income tax deduction, let you avoid capital gains tax, and reduce the amount of taxes...
You know that you need life insurance. However, with the wide variety of insurance policies available, you may find choosing the right one difficult. It's really not as confusing as it seems, however, once you understand the basic types of life insurance policies....
Your need for life insurance changes as your life changes. When you're young, you typically have less need for life insurance, but that changes as you take on more responsibility and your family grows. Then, as your responsibilities once again begin to diminish, your...
By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you...