After a loved one passes, one of the biggest hurdles that families face, is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among descendants.
One of the biggest wealth transfers our nation has ever seen is about to take place. Over the next 25 years, as much as $68 trillion of wealth will be passed to succeeding generations.
After a loved one passes, one of the biggest hurdles families face is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among descendants.
Is it better to transfer the title of the home to us, or to leave it as it is given her age and go through probate?
There’s much to plan for in life — college, your wedding, your first child, life insurance — and with more than enough to keep you busy, it’s easy to forget about your will. After all, no one wants to sit around and dwell on their death, but it is perhaps one of the most important decisions you will make in your life.
Adding an adult child to your house deed, or giving them the home outright, might seem like a smart thing to do. It usually isn’t.
To ensure a lasting legacy, you need to get your documents in order and have a clear plan for how your wealth will transfer, avoiding taxes and inheritor pitfalls along the way.
Death and taxes may be certainties of life, but how much tax your family pays upon your death is still within your control to a certain degree.
There’s much to plan for in life—college, your wedding, your first child, life insurance—and with more than enough to keep you busy, it’s easy to forget about your will.
There’s nothing like a once-in-a-lifetime global pandemic to focus one’s thinking. This year has been one for the books.
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