My idea: put our accounts in my wife’s name and put the land in our children's names. The way I figure it, when something happens to me, they won't need to do any of that courtroom mumbo jumbo that costs a few thousand dollars. What's your take on the workaround idea?
As it turns out, though, living wills and durable power of attorney for healthcare are two things that single people might especially want to give some thought to.
Let’s take one couple, Tom and Louise, who have been married to each other for over 50 years and live in the same home they bought when they first got married.
You probably give to others each year, such as for birthdays and Christmas gifts. Gifting can be done for other reasons, including during life or as bequests at death. The reasons for doing so could be to accomplish nontax or tax goals.
Estate administration in the digital age requires having a strategy to share passwords to your computer, email and online accounts. Without that, things quickly get complicated.
What is an ABLE account and who is eligible?
Upon passing, your will outlines who gets what, when and how (outright or in trust). Your named executor will submit the will to the proper court which determines its legitimacy and oversees the distribution of assets, a process called probate. However, not all of your assets are controlled by your will.
Many people do not create an estate plan or do not consider all of the ramifications of their actions. This may be because they never get around to doing it, or they don’t believe their estate is big enough to require a plan.
One in five older Americans falls prey to financial exploitation each year. Banks and financial advisers are now stepping up front-line defenses.
Statistics tell us that it is very likely one or both of our parents will end up in a nursing home or rehabilitation center for an extended period. If you’re like most people, you do not know a whole lot about your parent’s finances.
