Inheriting A Collection May Mean Work
Adult children inherit many things when their parents pass away: money, property, family heirlooms and, sometimes, collectables. In many cases, it can be tricky to figure out what to do with the collectables. A story in the New York Times told of a woman who inherited a collection of photographs from her mother who had […]
Emptying Out The Parents’ House
Emptying out a house chock full of memories can be tough. It can take a toll both on your body and on your emotions. Moreover, the task can easily provoke arguments among siblings. One may see dad’s record collection as a family heirloom, while another sees the records as being worth enough money to buy […]
A Few Things You May Not Know About Wills
If you care about who gets your assets after you die, you know you need a will. However, there are many things about wills that a lot of people don’t know. Here are four of them, says a story on DailyFinance.com: 1) You have to follow formalities, even in the digital age Laws concerning […]
When To Give Money To Your Heirs
You want to leave gifts for your heirs but you aren’t sure when to do it. Should you gift them now or leave it to them after you pass away? Under the law this year, you are exempt from gift taxes up to a lifetime max of $5.34 million. In addition, in any year you […]
Naming A Trustee The Key To Starting A Trust
If you are considering leaving property or other assets to heirs by means of a trust, one of the most important decisions to be made is who will run the trust once you are gone. That person — your fiduciary — will be responsible for managing the assets in the trust and making distributions […]
Some Estate Planning Myths
There are several myths about estate planning that can cause confusion and, if you believe them, can end up causing problems for your family, says an article on Forbes. com. Among them: 1) Estate planning is only for the rich. While there is a $5.34 million exemption this year on the estate tax, you don’t […]
Your Parents’ Possessions May Be Hard To Get Rid Of
When your last parent dies, you will have to go about the job of selling his or her house. But that may be easy, compared to getting rid of the possessions that fill the house. A story in The New York Times says it can take way more time to sell or get rid of […]
Common Estate Planning Mistakes
Thinking about having an estate plan drawn up? Then pay close attention. Here are some horror stories about people who have made common mistakes in doing their estate plans. When you have yours done, make sure to avoid these errors, which are recounted in a story in the Green Bay Press Gazette. These are common […]
Plan To Leave A Legacy
“Leaving a legacy” can mean many different things. A legacy can be your reputation. People often refer to the legacy a president will leave. A president’s legacy would be something he has done for which he will be remembered. We will all leave legacies like this and hopefully we have made choices in our […]
Biggest Estate Planning Mistake
Many people make the biggest estate planning mistake there is — without even knowing it. They forget to update the names of their beneficiaries for employer-sponsored retirement plans, IRAs, insurance policies, mutual funds, bank accounts and annuities. If you haven’t updated your beneficiaries, when you pass away, your assets could go to the wrong people […]
