In addition to the worldly goods you give to your loved ones, leaving a “last letter” behind can help them deal with their grief at losing you.
A trust actually can prevent your descendants from following such an undesirable lifestyle.
I am frustrated that I can’t send my husband to my doctor’s office to pick up a prescription or get information from my files!
Each child reduces the household wealth of Americans between the ages of 30 and 59 by about 3% or 4%, according to data from the Center for Retirement Research at Boston College.
Because baby boomers will leave trillions of dollars to their heirs, they and their beneficiaries should learn about the financial consequences of this magnitude of wealth transfer.
While most estate planning focuses on physical property, like your home, and liquid assets, such as investment accounts, retirement plans can actually make up a large portion of one’s estate. Due to the specific tax rules governing these assets at death, you must plan carefully to ensure these funds are integrated properly into your estate distribution plans and tax savings strategies.
Are you adequately prepared for illness, old age, and death?
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.