According to USA Today, nearly two-thirds of Americans don’t even have a will, perhaps the simplest estate plan. Moreover, estate planning is more than just creating a will, it involves other important documents such as powers of attorney (POAs), advance healthcare directives, and trusts, in some cases.
Here is some good news for those of you who are contemplating an update to your estate plan. The process has become a bit more predictable than it used to be.
In 2013 Congress passed legislation that made the estate tax exemption of $5 million permanent and created a provision to adjust this figure yearly for inflation.
Joan River’s recent death illustrates a sad reality of life. We never know when our last day on earth will be.
While we can’t control that, we can control how well prepared we are to pass on our estate to our heirs and to make the transfer much easier for them.
If you’ve ever considered converting your traditional Individual Retirement Account into a Roth IRA, you should understand the rules before you proceed. Here is what you need to know:
Affluent investors are eligible for Roth conversions.
Inheriting an Individual Retirement Account can be a financial godsend.
If an IRA is stretched out for a long period of time, it can continue growing well beyond its original size. Various pitfalls, however, keep many IRAs from lasting as long as they could.
Here are a few of the ways to make sure that you or somebody else never sabotages your IRAs:
While 2013 will soon be over, there is still time to capture some last-minute tax deductions. Here are nine tips that could help you shrink your tax bill before the New Year starts:
It’s much easier to spend money than to save it.
And that’s particularly true for individuals who have received a financial windfall.
Squandering large amounts of money can be easy when the money appears suddenly. And that’s true whether the windfall is $50,000 or $5 million.
Think estate planning is just for boomers and retirees? Think again. Even young adults can benefit from taking some basic estate planning steps. Find out what estate planning steps are right for the under-30 set.