In many relationships, it’s common for one spouse to play money manager and the other to take a more passive role. This, however, can lead to major complications, when the financially dominant partner dies first.
Three handwritten documents, dated between 2010 and 2014, were found in Aretha Franklin’s Michigan home in recent months, including one in a spiral notebook found under her couch cushions.
We are programmed to contribute the “max” to our retirement accounts and we disregard, or do not understand, the pitfalls of an improperly filled-out beneficiary forms.
I have appointed my oldest son as agent using a durable power of attorney form I got on the Internet. I want to be sure he understands his responsibilities, if he has to manage my money and pay my bills when I become ill.
Sometimes the persons involved either die simultaneously, i.e., too close in time to determine clearly who survived the other or die very close in time to each other.
We all want the best for our family. We work hard to provide for them. Make sure your hard work continues to provide for them once you are gone, by investing in thoughtful estate planning.
However, some want you to believe that you need only purchase a form to have an effective estate plan. Using this form, you are told, can save money and — best of all — the form is valid in all 50 states.
There is nothing wrong with letting your inheritance sit, until you have explored all of your options and have a full understanding of how a windfall can affect your personal taxes.
Trusts fall into one of two main categories. The first category is composed of those that are established while the grantor (one who establishes the trust) is alive and are termed inter vivos (while living) trusts.
