Should Young Families have an Estate Plan?
May 12, 2021
Putting your last wishes on paper is critical to ensuring your family is taken care of when you die.
Putting your last wishes on paper is critical to ensuring your family is taken care of when you die.
While cryptocurrency isn’t new, it’s attracted a lot of attention in the past year because of its skyrocketing value, promotion from prominent figures like billionaire Elon Musk, and bitcoin offerings from traditional financial firms like Morgan Stanley.
So, you inherited a retirement account. Before you make any decisions on when and how to access the money, it’s worth familiarizing yourself with the rules that apply to different beneficiaries.
A marriage isn’t only an expression of love. It’s also a legal arrangement, and as such, many states have laws on the books dictating that when a person dies, their spouse becomes their de facto heir or guardian of their estate.
How can you prepare your children to handle the assets they’ll eventually inherit?
There’s no debating the fact that Marilyn Monroe was an icon. She remains one nearly six decades after her mysterious death in 1962 at the age of 36. Monroe and her likeness are still BIG business, generating millions of dollars a year in royalties and license fees.
Mehmet Öz, a U.S. celebrity surgeon of Turkish origin better known as “Dr. Oz,” took legal action against his sister Nazlım Suna Öz, claiming she forged documents over their father’s inheritance.
Many baby boomers may hesitate to discuss money with their children. However, the reality is that a massive amount of wealth will be transferred in the next couple of decades. Cerulli Associates estimates that about $68 trillion will move between generations within 25 years, with most of those assets transferred to Generation X households.
If you plan to pass your business to your offspring, there is more to keep in mind when creating your succession plan than your descendants—there are also their spouses—especially if they become ex-spouses.
My Dad has been deemed unable to make his own decisions, and he does not have a Power of Attorney. The hospital said we need to apply for guardianship. What is that?
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3000 County Road 42 W. Suite 310
Burnsville, MN 55337
