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.
I am a social worker at a state facility for people with developmental disabilities. Most of the men I work with function at about 12 to 14 years of age. I am working with a gentleman who makes minimum wage and works six hours a day. He can’t have more than $1,800 in the bank or he will not be eligible for health benefits, so he has to spend his money. Otherwise, the state will take it.
An Uncle (or grandparent, sibling, or parent) died, leaving his IRA to one named niece (or grandchild, sibling, or child). However, everyone, including the named beneficiary, agrees–the decedent should have named all members of the class as equal beneficiaries. After all, he left all his other assets equally to all the class members. He surely meant for all of them to share the IRA equally too, right? Can’t we just ignore this mistake and pay out the IRA to everybody?
What happens when a decedent’s will or trust does not provide for a decedent’s child?
My aunt recently asked me to be the executor of her will when she dies. I’m flattered that she asked, but I’m not sure what exactly the job entails.
Why wait? A variety of trusts—from SLATs to BDITs, GRATs and more—can help you be proactive in protecting your wealth.
Only you know the strengths and weaknesses of your family members, putting you in the best position to decide if your spouse or your child can appreciate a trustee’s responsibilities.
When creating an estate plan, it may be necessary to name a trustee to handle your assets.
Millions of seniors count on Social Security as a major source of retirement income. If you’re planning to do the same, you’ll need to do your part to avoid reducing your benefits—and that could mean steering clear of the following mistakes.
As a result of illness, old age or incapacity, what may happen when you can no longer handle your own decision-making, handle your own money or make your own health care choices? Who can step in to help and how are they empowered?
If you have a question, a comment, or simply want to have a conversation and explore how we can help, we’d love to hear from you.
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