The estate planning market was originally conceived to handle the distribution of assets (mainly real estate) among the descendants of deceased rich people. There were two objectives to this exercise. Firstly, estate planning helped structure the distribution of wealth among the deceased’s spouse, children and other friends and relatives. The second objective was tax planning.
Many people believe that having an estate plan simply means drafting a will or a trust. However, there is much more to include in your estate planning to make certain all of your assets are transferred seamlessly to your heirs upon your death. A successful estate plan also includes provisions allowing your family members to access or
If estate planning were just cold, hard numbers, it wouldn’t be one of the financial tasks that people avoid the most. Not only does creating an estate plan force you to confront your own mortality, but it also forces you to decide who gets your assets, whether all heirs should be treated equally and who
Being wealthy is not a requirement for creating an estate plan. Neither is being old, retired, having a family or owning a lot of assets. If you are a Millennial, and you haven’t started estate planning, here’s how to get started. Why Millennials Should Begin Estate Planning Now If you have been avoiding estate planning, you are
As the baby boomer generation approaches one of the largest transfers of wealth in U.S. history, many people are focusing on how to facilitate the flow of their assets to their children, grandchildren and great-grandchildren. While passing along more liquid assets like stocks, bonds and cash can be straightforward, “hard” assets like property, art and
Whether you are adopting or giving birth to a child, overseeing a minor’s life is fraught with expansive (and expensive) tasks: Feeding, fretting, toileting, and procuring seem to consume the new parent. So, while it is understandable why new parents are laser-focused on their newborn’s immediate needs, they should have the wherewithal to remember the