Regardless of the pandemic, experts say it’s important to plan for when you’re not here—that is, give thought to what would happen to your bank accounts, your home and your belongings, as well as, perhaps, your dependents.
I am a resident of Florida. I would like to leave my condo in Florida to my friend’s daughter, who I consider my stepdaughter, after my death. She is a resident of New Jersey and they would use the condo as a vacation home. Will she be considered my daughter for tax purposes, and which state’s tax laws will count?
The period leading up to and shortly after losing a close relative is often one of the most emotionally demanding times that we, as humans, experience.
Death is not a favorite conversation topic. However, we all know it is something we must at some point discuss. The loss of a close friend or family member, or an event, such as the COVID-19 pandemic, seems to bring the topic to the forefront.
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. Acting too late (or too early) may mean your changes are no longer appropriate or even immediately invalidated.
For example, did you name someone as an heir who is no longer in favor with you or—worse yet—has died? Who should get what they would have gotten? Are there now new people in your life—be they family members or not—whom you might wish to share in what you may have?
At this stage of your life, preparing these must-have documents is one of the most profound acts of love that you can bestow. This paperwork can shield your family from needless heartache, hassle and expense.
During the past four months, more than 141,000 Americans have died of COVID-19. Anecdotal evidence suggests that the pandemic has prompted some people to get serious about creating or updating their estate plans, according to Christine Benz, Morningstar’s director of personal finance.
One in four American adults live with a disability, according to the Center for Disease Control. One in 10 adults over the age of 65 has Alzheimer’s or dementia, according to the Alzheimer’s Association.
While some celebrities have mustered up a fortune of their own – whether it be through their acting careers or foray into creating signature perfumes – some of Hollywood’s biggest names are actually the heiresses to even bigger players in the entertainment world and beyond.
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