Millennials, talk estate planning with your parents Doing so can allow you to focus on care without stressing over critical choices in an emergency Erin Lowry PUBLISHED JAN 17, 2021, 5:00 AM SGT FACEBOOKTWITTER NEW YORK (BLOOMBERG) - Despite years of being seen as self-involved, overindulged children who cannot get it together, millennials have been growing up. In fact, [...]
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Amy C. Arnott, CFA Nov 2, 2020 Facing the reality of our eventual deaths and the potential impact on our family has been a sobering experience--and one we’re still working through. All the relevant documents have been signed, sealed, and delivered (neatly organized by our attorney in a handy binder), but the process doesn’t end there. For us, getting [...]
Having an Estate Plan Is Really Not About You - It Is About Them This article brought to you courtesy of Paula Walker, Confluence Law Center, Gresham Outlook Insider Estate Planning Expert. The New Year it is a good time to reflect on those closest to you. They are the ones who will be called upon to take care [...]
What is Probate? Probate is the formal legal process that gives recognition to a will and appoints the executor or personal representative who will administer the estate and distribute assets to the intended beneficiaries. The laws of each state vary, so it is a good idea to consult an attorney to determine whether a probate proceeding is necessary, whether the [...]
3 ways to increase your wealth—and maximize your legacy Published: Dec. 22, 2020 at 10:01 a.m. ET By Osman Minkara How to put effective tax, real estate and philanthropy strategies into place The coronavirus derailed many plans this year but it hasn’t made a dent in two major priorities: maximizing wealth and ensuring a legacy for heirs, loved ones [...]
Christopher Friedmann Contributor December 25, 2020 This year, there has been a decline in usual seasonal conventions. It’s understandable. With everything that has happened over the last nine months, we’ve all cut back to the essentials. For some, that meant doing away with the usual holiday niceties. But since so many organizations have let go of those nice little [...]
The Wealth Advisor Contributor December 22, 2020 Marilyn Monroe’s estate makes millions every year. At the time of her death in 1962, the icon’s net worth was $10 million, when accounting for inflation. In 2020 alone, she made almost as much as that. But fans of the late star might be surprised to learn that it isn’t her many [...]
Tax Consequences of a Life Insurance Inheritance Life Insurance Proceeds and Probate BY JULIE GARBER REVIEWED BY SOMER G. ANDERSON Updated November 30, 2020 Life insurance inheritances go directly to the beneficiaries who are named on the policies. They typically don't become part of the decedent's probate estate, so you should be spared the headache of probate. Inheriting life [...]
Understanding Death, Estate, and Inheritance Taxes Types of Federal Taxes and State Taxes Imposed After Death BY JULIE GARBER REVIEWED BY JANET BERRY-JOHNSON Updated September 16, 2020 Two types of taxes can be assessed against your property after you die—estate taxes and inheritance taxes. The federal government imposes only an estate tax, but some states collect one or the [...]
Tax Planning for Beginners: 6 Tax Strategies & Concepts to Know Know your bracket, how key tax ideas work, what records to keep and basic steps to shrink your tax bill. Tina OremNovember 22, 2020 Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and [...]