According to data from the U.S. Bureau of Labor Statistics, roughly 30% of American households can expect to receive some sort of wealth transfer (inheritance) in their lifetime. Understandably, those who receive this inheritance will want to know how this new wealth will affect their lives, and central to this is being able to answer the question, “Is my inheritance taxable?” since taxes could reduce the total amount you receive.
Anyone who’s in a committed partnership knows how important it is to love and care for their partner, regardless of sexual orientation or gender identity. One way we do this for our loved ones is by establishing an estate plan to ensure they’re cared for even after we pass, but this can be more complicated for those in the LGBTQ community.
A pour-over will can be described as a legal document that ensures that all of a person's remaining property and assets are automatically transferred into a previously drafted revocable living trust upon their death.
Going through a divorce is an emotionally taxing experience. Often, individuals are so focused on the process of untangling all the details of their lives that they don’t consider updating their estate planning documents. However, it is important to understand how your divorce proceedings can affect your estate plan and why it is necessary to make changes accordingly.
When creating a trust for a child with drug abuse problems, it is important to consider the potential consequences of their addiction. While parents may have the best of intentions in providing an inheritance to their children when they pass away, it is possible that the money or assets could be at risk if the child has a substance abuse problem.
The death of a loved one is difficult enough to process without having to worry about any debts that the deceased may have incurred. Unfortunately, it is not uncommon for family members to be left with the responsibility of dealing with their late relative’s debt. So, what are the legalities surrounding debt after someone passes away?
According to a Gallup Poll, fewer than half of adult Americans have a will. The company’s polling in 2020 found that roughly 46 percent of Americans have a will in place to specify what to do with their assets and how to take care of their loved ones when they’re gone.
Surprisingly, many people are often reluctant to bring up the topic of estate planning with loved ones. If you intend to discuss the subject with your parents, here are some tips to guide you.
Who will inherit from your estate becomes even more complicated if you and your new spouse both already have children. If you do not establish your wishes in your estate plan, your assets may end up going to a child who you don’t have a strong relationship with rather than your own children.
What if the only document you have is a copy of your loved one’s will? Can you actually use a copy of the will drafted by your mom, dad, grandparent, or another family member in order to carry out their wishes and distribute assets?
