What Should I Know About Being an Executor? – Annapolis and Towson Estate Planning
Being named in someone’s will as the executor–the person to handle and settle up estate matters–sounds like a great honor.
Being named in someone’s will as the executor–the person to handle and settle up estate matters–sounds like a great honor.
What would happen if you were mentally or physically unable to take care of yourself or your day-to-day affairs? You might not be able to make sound decisions about your health or finances. You could lose the ability to pay bills, write checks, make deposits, sell assets, or otherwise conduct your affairs. Unless you’re prepared, incapacity could devastate your family, exhaust your savings and undermine your financial, tax and estate planning strategies.
Estate planning is a systematic process, which involves getting your personal and financial goods for the time, if you pass away or become mentally ill. It is also known as last will, and almost everyone does this planning for their family.
Like many investors, you're likely aiming to build a comfortable nest egg to ensure a comfortable retirement. Among retirement financial planners, this is called the ‘accumulation phase.’
The marketing brochure, website, and lobby might be lovely, but you should base your decision about a long-term care facility on much more data than those things.
Where you retire can have a big impact on your tax bills for Social Security, pensions, IRAs, 401(k)s and other income.
Many factors affect people’s decisions to retire or to continue to work as they reach retirement ages, the Congressional Budget Office has said, pointing to trends that have increased the share of those working at age 55 and beyond in recent years and that are continuing.
When used judiciously, a home equity line of credit, or HELOC, can be a tool to help retirees control their taxes and can serve as a potential backstop, when unexpected expenses hit.
As people decide what they should do to benefit their spouses and families, considering life insurance in retirement can help protect, build and transfer wealth in one of the simplest ways possible.
Even a close family can have quarrels and confrontations, but these conflicts tend to be more prominent within a blended family.