Parents have many tough decisions to make when raising their kids, and one of the most difficult can be how they plan to pass along their assets. Most families do not want children under the age of 18 inheriting money or property, so choosing a qualified trustee is one of the most crucial decisions they will make.
While each family is different, there are a few guidelines that parents should consider before setting up their trust, including:
Putting together an estate plan is a unique process for everyone. Although legal professionals will caution against the use of do-it-yourself (DIY) estate planning tools, nothing sends the message home better than real life examples of the errors that can occur when using these fill-in-the-blank documents.
As you begin estate planning, you may want leave money for your children even though they may not have inherited your good financial sense. If there is a chance a child could squander his or her inheritance, it may be appropriate to take precautions to help protect your hard-earned money and save your child from himself or herself.
How we handle our money is changing. Forbes recently reported a “resurgence in value” of Bitcoin in 2019. Bitcoin is just one form of digital currency. The piece also reports cryptocurrencies as a whole are valued at over $335 billion as of June 2019.
If your estate plan does not include your pets, it might not be a complete estate plan. You may choose who should inherit your pet, and that inheritance can include burial plans. Without an outlined burial plan, the person who inherits your pet may decide something with which you would disagree.
In North Carolina Department of Revenue v. Kimberly Rice Kaestner 1992 Family Trust, a beneficiary received a tax bill from the state for over $1 million.
The problem? She had not received the income the state was attempting to tax. The state was attempting to apply a tax to the woman’s trust distribution, a distribution she did not receive that year. The state claims it still had a legal right to tax the amount she could have received. The resulting dispute made its way to the Supreme Court of the United States (SCOTUS).
In most cases, due to short life spans, your pet will pass away before you. In the instance of a possible tragic event or sudden illness that could eventually lead to your death, it would be wise to prepare for your pet's future without you.
There are a few steps to take beforehand, and a couple options to legalize your fluffy friend's protection should you pass away. What can you do to protect your pet? There are a couple options to consider to make sure your fluffy friend is protected if you are no longer around.
The Internal Revenue Service (IRS) is considering a new rule that will impact retirement plans. The rule specifically addresses IRAs.
What piece of legislation?
Your will protects your personal wishes and your family's legacy. That will you made five or 10 years ago needs some changes. Like a house, your will needs minor updates and changes as time progresses. At home, the paint on your wall may have started to chip or the large family picture on your mantle may need replacing. Similarly, it is important to update your will when you have family or circumstantial changes.
The dogs, cats and other animals we share our homes with become more than just pets. For many, these furry, feathered or even scaled companions become family members. As such, an increasing number of pet owners are taking steps to better ensure their pets receive a similar level of care throughout the pet’s life.
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