There is a common misconception amongst lower- and middle-class families that estate planning is only for the wealthy. They assume if they do not have many assets—if any—to give to loved ones, there is no point in having a will in place. However, this is not the case. Everyone should…
Many people have tens of thousands–even hundreds of thousands–of dollars in their IRAs. If you have an asset that large, shouldn’t you devote more effort to planning for its ultimate disposition? A designated beneficiary is named on a life insurance policy or some type of investment account as the individual(s)…
It's never too early to start estate planning. If you already have a family, getting your personal affairs in order is a must. The sooner you start planning, the more prepared you will be for life's unexpected twists and turns. Estate planning is a crucial process for everyone, no matter…
Some people think once the children are all grown up, with spouses and children of their own, that they don’t need life insurance. However, it can play a valuable role in protecting the family and transferring wealth. With estate tax exclusions at levels that make them a non-issue for most…
If you pass away without naming beneficiaries in your will, it can create legal entanglements for your heirs. If you decide to purchase a life insurance policy or to put some money into a new deferred annuity contract or Individual Retirement Account (IRA), you need to complete the beneficiary form.…
“Five of the most common mistakes are easy to avoid with the right information and support, as well as a little creativity.” Because estate planning has plenty of legal jargon, it can make some people think twice about planning their estates, especially people who believe that they have too little…
Once you understand what a will can do, the reason that everyone needs one becomes a lot clearer, especially if you have any minor children or any assets. A will is a legal document used to provide clear and binding instructions on how you want your assets to be distributed…
Estate planning is even more important for individuals and couples without children. Without an estate plan, your assets may go to long-lost relatives you’ve never met. You also need to plan for incapacity, especially if there are no living relatives. While your legacy may be different if you don’t have…
An IRA is one of the most popular ways to save for retirement. The possibility, however small, does exist that you will pass before using the entire IRA. How do you decide who to leave your IRA to? In addition to leaving assets, including IRAs and 401(k)s, to heirs, you…
Life insurance is a financial tool that can be as powerful during retirement, as it is during your working life. In many cases, it can be a real lifesaver for a surviving spouse. Most of us think about life insurance as income replacement for a breadwinner’s salary. That is certainly…