
What are the Estate Planning Basics?
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.
As you age, it is important to have your affairs in order to ensure peace of mind for you and your family. Several documents need to be in place to help your family know and carry out your wishes.
By discussing finances with your children early and often, you can set them—and future generations—up for success, when it’s time to receive the wealth you’ve accrued.
Talking about death makes most of us uncomfortable, so we don’t plan for it. That’s a big mistake, because if you don’t have an end-of-life plan, your state’s laws decide who gets everything you own.
Estate planning documents often are treated like the photocopied permission slip for a child’s field trip. You fill in your name, include the children’s names and dates of birth and sign. The document is filed away to be used if needed, but you really never expect it to be used.
Social Security benefits are one of the items that fall through the cracks in many estate plans.
You might not be able to spend all the money in your 401(k) plan before you die. If that happens, your retirement savings will pass to the person you name as the beneficiary of the account. The information on your 401(k) beneficiary form typically supersedes what is written in your will. Therefore, it is important to keep this form up to date for all your retirement and investment accounts.
Anderson Cooper’s newborn son Wyatt started life with every material advantage and a lot of big questions. Call it the Vanderbilt Curse.
Without an estate plan in place, clients will be reliant on state laws and probate courts to appoint individuals who will be responsible for financial affairs and health-care decisions, in the case of illness and ultimately the transfer of assets upon death.
COVID-19 is quickly becoming the leading cause of death in the United States. As of today, Indiana has over 37,000 cases of COVID-19 and over 2,100 deaths. That is why articulating your wishes regarding end-of-life health care, is more important than ever.
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