Unfortunately, due to hidden resentments, siblings still tend to end up in court suing each other and losing great chunks of their inheritance in the process all too frequently.
For most of us, considering the distribution of the property we have accumulated over our lives is a painful reminder of our mortality.
The list of things you need to do after someone dies can seem endless, especially during a time when you are also grieving.
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.
We may think of a spoiled heiress to a large fortune, whose parents were savvy enough to prevent her from having full access to her funds. On the other hand, we could imagine a loved one with special needs, whose needs will be provided for with trust-protected money.
Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.
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?
Is it time you made a decision on the future of the wonderful getaway that everybody loves but only you maintain?
Under the new law, not only must all of the tax on IRAs and plans benefits be paid much earlier than it was before, but the rate will likely be much higher too, since that income will be bundled into the recipients’ peak earning years.
The elimination of the Stretch IRA is a game changer, especially for parents who were considering bequeathing savings in IRAs to their children.
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