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…
We hope to enjoy out golden years, relaxing after decades of working and raising children. However, as we age, the likelihood of experiencing health issue increase. That includes Alzheimer’s disease and other forms of dementia. Learning that a loved one has Alzheimer’s or other diseases that require a great deal…
With about half of all marriages ending in divorce, second marriages and blended families have become the new normal in many communities. Estate planning for a blended family requires three-dimensional thinking for all concerned. An article from The University Herald, “The Challenges and Complexities of Estate Planning for Blended Families,…
Unless you are raised in a family that talks about money, values and planning, starting a conversation with elderly parents about the same topics can be a little awkward. However, it is necessary. In a perfect world, we’d all have our estate plans created when we started working, updated when…
It used to be unheard of, a divorce after fifty, sixty or even seventy years old. However, gray divorce is now becoming more common. There are pitfalls to be aware of, before taking this big step. According to the National Center for Health Statistics and the U.S. Census Bureau, younger…
Here’s a legacy that you may not want to leave for your family to pay: your credit card debt. It doesn’t go away when you die. Three out of four consumers die in debt, says Yahoo Finance’s recent article, “What Happens to Credit Card Debt When You Die?” That means…
“Until death do us part” sounds very different when you are in your twenties and getting married for the first time. As a couple travels through a life together, the time comes to create or revise an estate plan. Granted, the estate planning process isn’t as much fun as planning…
One of the reasons for a pre-nuptial agreement, is to clarify who owns what in the marriage, and what happens to property if the marriage should dissolve. In a community property state, everything is “ours.” If you live in a community property state, like Texas, and you are married, both…
Being named an executor for someone you care about is an honor. It means they trust you and your judgment explicitly. However, it is an honor that comes with responsibilities. The role of an executor varies with the size and complexity of the estate. The executor is charged with making…
Estate planning is not as much fun as vacation planning, but it is something you do for your loved ones to save them a lot of stress. It can also provide a surprising sense of relief to have this task completed. It’s hard for anyone to consider their own mortality.…