
Why You Need an Estate Plan, Especially Now
It’s never too early to start working on how your things will be handled, once you pass away.
It’s never too early to start working on how your things will be handled, once you pass away.
If you pass away with no will, a state court may decide who gets your assets and — if you have children — who will care for them.
Planning for death is like any other transition of life, except this is one we can make easier for our loved ones. Don’t let the process of settling your estate, a process commonly known as probate, get in their way — and cost them more money.
The novel coronavirus pandemic has upended the lives of millions, created a slew of unexpected struggles and, for many, turned nightmares into reality.
In today’s digital age, in which seemingly anything that matters is stored virtually in the cloud, a physical safe deposit box comes across as a relic of the bricks-and-mortar past. However, don’t be too hasty to dismiss the importance of keeping certain valuables securely tucked away in your bank’s vault.
Take, for example, the sad and sordid tax case of Mary Ellen Cranmer Nice vs. United States of America, which would not have existed if an attentive financial advisor hadn’t noticed the large IRA distributions that were allegedly stolen right from under a matriarch’s nose.
Many people are taking this time at home during the COVID-19 crisis to update their estate plan. Here are six critical estate plan components you should focus on, in light of the current pandemic.
It is also important to realize that it isn’t merely ‘why’ you are updating your will, but ‘when’ you are updating that can make all the difference.
Generally, if you own property, have life insurance and/or have other assets which total over $150,000 (including life insurance and real property), you are a candidate for asset protection.
The number of global coronavirus cases surpassed 900,000 on Wednesday—with more than 200,000 known infections, and a death toll that has quadrupled over the last week just in the United States. The health implications alone are terrifying enough, not to mention the economic turmoil or the emotional toll of lockdown measures currently affecting three out of four Americans.
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