Suppose that your Will states that all of your three children are to inherit your assets equally. Suppose also that the beneficiary designation on your life insurance policy only lists two of your children as beneficiaries because your third one had not been born at the time that you filled out the form years ago.
What happens? » Read more..
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The fact that, as a woman, you are likely to live longer and have lower lifetime earnings than men makes you especially vulnerable in retirement. Consequently, it is especially important that you understand and undertake estate planning to secure a comfortable standard of living.
So, what should women know? » Read more..
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What you write in your Will or Trust may affect others for decades.
The New York Times reported on Dec. 13, 2012 that a Florida woman — who says that Louis Armstrong, the famous jazz artist, was her father — is breaking her long silence about what she considers “my parents’ secret”. Why? She says she’s doing so because the estate of Louis Armstrong never recognized her existence. Armstrong died in 1971.
Not only did Armstrong leave nothing in his Will for her, but Armstrong’s last wife, signed an affidavit saying that Armstrong had no children. Ouch! » Read more..
Your estate plan is really your last conversation with your family and friends, isn’t it? As such, it can reverberate for decades.
So, what can you do to make it an expression of love rather than pain? » Read more..
Family members typically aren’t responsible for debt held solely in the name of a deceased relative, but creditors still have certain rights to payment. Whether the creditors get paid ultimately depends on the value of the assets owned by the deceased. » Read more..
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Starting in 2013, the annual exclusion amount from gift taxes will increase from the current $13,000 per year to $14,000. » Read more..
Estate planning is all about control – your control. If you don’t take timely steps to plan, you may not like the outcome. » Read more..
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Now that you’ve created an estate plan, where should the documents be kept?
The answer depends on the document, and whether you’re talking about the original document or a copy. » Read more..