Did COVID Spark More Estate Planning?
August 16, 2022
The pandemic has changed how many of us view our priorities. That includes whether to craft a will.
The pandemic has changed how many of us view our priorities. That includes whether to craft a will.
Wills often go through probate, which is the legal process for settling an estate. The rules are different for every state, so check with an attorney or your local county office to learn more.
Aretha Franklin’s long-standing $7.8 million debt to the Internal Revenue Service has been paid in full, her estate says in a new court filing.
The Setting Every Community Up for Retirement Enhancement (Secure) Act upended inherited IRAs for most non-spousal beneficiaries. The 10-year rule for withdrawing from inherited IRAs eliminated the ability to stretch inherited IRAs for these beneficiaries.
All couples can now take advantage of tax benefits for married partners, pass assets from one spouse to another with ease and qualify for Social Security spousal and survivor benefits. However, not all couples want to get married.
Perhaps the largest number of people who may benefit from asset protection planning are those who are at most mildly concerned about asset protection issues, or not even aware of the need for such planning.
So why should you consider a more comprehensive plan than just leaving an out-of-state vacation home in your will?
The IRS is weighing a change that could leave your heirs poorer than you might hope.
A spendthrift trust allows you to leave funds to a beneficiary without giving them full control over those funds.
So, what happens with your estate plans if you are not in a traditional nuclear family? There is quite a lot that can fall under the umbrella of a non-traditional family, and the recommendations will vary depending on your specific circumstances.
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