Can Grandchildren Receive Inheritances?
Children and grandchildren motivate us to think about a will and life insurance. However, it is problematic to name minor children as beneficiaries.
Children and grandchildren motivate us to think about a will and life insurance. However, it is problematic to name minor children as beneficiaries.
Like DMX and Prince, many Black Americans have failed to participate in the estate planning process.
According to the U.S. Department of Agriculture, a middle class family raising a child to adulthood will spend over $233,000 on that child between the ages of 0 to 18. That doesn’t even factor in the cost of college education, which can be thousands of dollars more per year once a child reaches adulthood.
As the coronavirus pandemic increased anxiety and upended many lives, it led U.S. millennials to get more serious about end-of-life planning.
Many estate executors focus on estate taxes and forget about income taxes. That can be an expensive mistake.
A will is first. In essence, a will spells out who will get your stuff, in what proportions they will get it and in some instances at least, upon what conditions.
Once more hesitant to plan ahead, clients in today’s environment are much more proactive and willing to take action in the near term, rather than waiting and risking having to pay higher taxes down the line.
The administrators of the late musician’s estate recently settled a complicated dispute with the Internal Revenue Service over the value of Prince’s assets. The precise value was undisclosed, however, although it could exceed $100 million.
Although you may be excited about the prospect of receiving unexpected money, there are certain financial moves experts say you should make to make sure you’re prepared for that inheritance.
If you really want to help your heirs out, these are some of the best assets to leave them.
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