When a person passes away and leaves behind an estate, they often name someone in the family as the executor of their estate: the person who settles debts, distributes assets to people mentioned in the will, arranges to have estate taxes paid, and so on. If you’re chosen for this role, it coul...
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By National Institute on Aging Many older adults are caregivers for their grandchildren or other young relatives. In the United States, more than 2.7 million children are currently being raised by older family members. These kinds of families are often called grandfamilies, in the case of grandparen...
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Death is inevitable, yet many people do not adequately prepare for their loved ones after their exit. When a person dies, their estate, referring to their property, assets, and liabilities, undergoes ‘probate.’ This legal process validates the deceased’s existing will (if there is ...
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No one likes thinking about death, but sooner or later, we all need to make plans for the inevitable. Some people assume that their possessions will automatically transfer to their spouse or other family members if they die. Unfortunately, this is not always the case. Estate planning offers some con...
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If you add up the value of everything you own and subtract the value of everything you owe, that’s called your net worth. When you die, it’s called your estate. While you’re still alive, you have the opportunity to designate how to divide your estate among your family and friends w...
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When planning your estate, ask loved ones if they have taken proactive steps to begin their strategy. Regardless of age, health condition or the number of assets, adults should have a plan in place to protect their family members after a death. It can be a challenging subject to approach, but devel...
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Before you can become familiar with estate planning, it’s imperative to understand the concept of an estate. Consider everything you own, including your car, home, bank accounts, and even personal possessions. Your estate consists of everything that is legally yours. When you’re gone, it is in your...
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Life insurance is an important policy to have when pre-planning your estate. Chances are, you will have remaining debts and taxes to be paid after death. A qualified policy can help alleviate the financial strain of an emotional family that will already be suffering your loss. If you’re still on the...
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When estate pre-planning, most Americans are familiar with the importance of having a last will and testament. Did you know that without naming a revocable living trust, your family may experience the dreaded-probate process? According to the American Association of Retired Persons, probate is the l...
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You might think your job ends once you prepare a solid plan for your estate. General reviews are as crucial as updating your plan when major life events occur. Don’t forget to periodically review your legal documentation to reflect these happenings. A General Review Even if you don’t experience a li...
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