Required Minimum Distributions (RMDs) are the minimum amounts a retirement plan account owner must take out each year. It’s the responsibility of the retiree to take out the correct RMD from their account annually.
Most estate planning attorneys can help you craft an estate plan that minimizes or avoids probate altogether. To some extent, however, probate is often necessary. So, it’s important to understand how to navigate the process.
Qualified terminable interest property (QTIP) trusts enable individuals to maintain control over the assets they leave their spouse while preserving wealth and leaving a meaningful legacy for children and charities.
With the arrival of the new year, revisions to the annual gift tax and estate tax exclusions will be going into effect, as recently announced by the Internal Revenue Service.
Even if your children get along well, the distribution of your assets can require conflict resolution skills. Without previously experiencing any significant conflicts, even close siblings can struggle to maintain happy family relationships when settling your estate.
Thanksgiving is a time when many families come together. About 45 percent of adults surveyed said they planned to travel for the holiday. With multiple generations gathering around the table, the annual meal presents an opportunity to broach sensitive but important topics with your aging loved ones. By communicating with them and knowing their wishes, you can help them plan for their future.
Not talking to your adult children about their inheritance comes at a cost. Do what you can to manage expectations for adult children as they forge their financial plans. Knowing their general inheritance situation can change their decision-making process and lead to better outcomes.
A death doula, or end-of-life doula, is a person who serves as a companion for a dying person and typically assists their loved ones in providing comprehensive and supportive care.
Creating a living will ensures your future health care decisions and plans are respected. A living will, or advance directive, is a legal document outlining medical treatment preferences and end-of-life care if you can’t communicate or make decisions for yourself. Everyone should have an advance directive, as end-of-life situations can happen at any age due to accident or illness.
By creating Physician Orders for Life-Sustaining Treatment (POLST), individuals with long-lasting or terminal conditions can ensure they receive their desired treatment should their health decline.