Estate planning is one of the most difficult aspects of personal finance. As humans, we tend to procrastinate on dealing with our own mortality and often focus on seemingly more important issues facing us today. However, estate plans play a significant role in reducing frustration for loved ones, especially in the digital age. While most people realize that estate plans should be created to help distribute physical property such as real estate or jewelry, there is a growing need to consider intangible property.
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In his article "Estate Planning Mistakes Every Boomer Should Avoid," author Casey Dowd enumerates some of the things that you really don't want to do if you hope to have an estate plan that will work as you intend. Here are Dowd's Big Five mistakes: Failing to plan for large expenses such as long term… Read More »
As we spend more of our lives online — banking, collecting credit card rewards points, playing virtual reality games, creating photo albums, emailing, tweeting — it’s increasingly important to consider how beneficiaries can access those accounts and any assets they hold, once we’re gone.
Elijah Smith said he wanted to be an organ and tissue donor when he applied for a driver’s license in September. But his family didn’t find that out until he was declared brain dead by doctors on July 4 after being struck while riding his bicycle the day before.
Here is a quick rundown on what trusts are and some of the things they can accomplish as components of an estate plan.
The federal estate tax is probably with us for the long term, but Congress is keeping us in the dark as to what the rules are going to be. Proper planning is absolutely critical in this time of uncertainty.