The death of a spouse is one of the most difficult things imaginable. Besides the emotional toll, surviving spouses typically confront financial issues, which often trigger tax-related questions and consequences. Some of them are fairly straightforward, while others can be tricky.
The main financial vehicles of supporting disabled individuals—the special needs trust and the Achieving a Better Life Experience (ABLE) account—both come with special tax conditions that advisors need to consider.
Whether you’ve recently moved to Florida or are a ‘snowbird’ with Florida residency, there are important reasons to consider updating your estate plan.
Beneficiaries, in general, are people or entities that the holder of an account designates to receive the assets in the account, typically, in the event of the account holder’s death.
A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions, when you pass on.
If you want loved ones to remember you fondly, tackle your estate planning tasks. Your heirs will thank you for not leaving a legal mess to sort out.
The death of a family member or loved one is a tragic experience for many. While grieving, it is especially stressful because of the funeral planning and estate planning the immediate family will have to take care of.
A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions when you pass on.
In general, a last will and testament is an easy and straightforward way to state who gets what when you die and name a guardian for your minor children.
Should I terminate these trusts and just have my children as beneficiaries of my investment accounts and life insurance?
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