No parent wants to imagine their children being raised by someone else should the unthinkable occur. In fact, it is often the reason that parents with children avoid estate planning. But without creating a will and other estate planning tasks, you will lose the option of naming the guardian of minor children and providing for their specific needs in a manner you see fit. In creating an estate plan, there are several terms that parents will come across, such as guardianship, conservatorship, and … [Read more...] about Estate Planning for Parents: Defining Custodians, Guardians and More
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Roth IRA’s and Estate Planning
One aspect of estate planning that many who try – the ‘DIY’ route – do not quite get right, is the coordination of all aspects of the plan – including retirement accounts that complement your estate plan. One plan that has increased in popularity over the past few years is a Roth IRA account. A Roth IRA account allows you to avoid future taxation of your retirement funds by making non-deductible contributions now. While a Roth IRA does not offer the immediate tax savings of a traditional IRA … [Read more...] about Roth IRA’s and Estate Planning
Three Steps to Protect Your Loved One
Setting up a comprehensive estate plan is the key to easing the burden of your passing on your spouse or loved one. But above and beyond estate planning, there are three steps to take, in order to make sure you provide for their immediate needs upon your passing. 1. Keep enough money in an account to take care of immediate needs. If you don't have a Living Trust, gaining access to property that you have left someone will take time; if the property is subject to probate, it can be tied … [Read more...] about Three Steps to Protect Your Loved One
Charitable Trusts – The Basics
A charitable trust can be a powerful estate planning tool in the right circumstances. Not only can it provide a benefit to a good cause, but it can help reduce the tax burden of an estate, as well as provide current income tax deductions to the creator of the trust. To understand exactly how a charitable trust works, let’s review how a trust functions. A trust is basically a collection of assets that is managed by someone, called the "trustee," for the benefit of a person or organization, … [Read more...] about Charitable Trusts – The Basics
Blended Families and the Advantages of a QTIP Trust
Did you know that in most states, stepchildren are not entitled to an estate under the state laws of intestacy, which determine who is entitled to receive property if you die without a will? If you have children from a previous marriage and are remarried and leave all your property to your current spouse, what happens when your spouse passes away? If your spouse has no will, your children can be overlooked completely, and unfortunately, in today’s society, that may be all too common, … [Read more...] about Blended Families and the Advantages of a QTIP Trust
