Think your estate plan is good to go right after you die, setting your heirs up for life? Depends: Many assets in your plan, such as your 401(k) and individual retirement accounts, must designate beneficiaries for any inheritance. Rules for specifying such heirs can be tricky and here are 11 common mistakes.
Trusts and Estates
If you care for an aging parent or relative, here are insurance and legal documents you the caregiver must consider.
Ever see the 1970 classic movie Five Easy Pieces? If you were born between 1946 and 1964, this iconic piece of your pop entertainment past offers several metaphoric financial benefits worth your initial effort.
If you’re a boomer, you enjoy good news in that you’ll probably live longer and perhaps better that your parents and grandparents did. The bad news: You’ll live a longer and perhaps more expensive life, too.
You face decisions your parents or grandparents likely didn’t face before you.
Figuring out how to divide your estate is a very personal matter. How you allocate your assets among your heirs is very important on both a financial and an emotional level. This even affects items of sentimental value.
A solid financial plan can help reduce stress in your life, but how do can you tell when you’re sticking to a plan? Here are some signs of progress, from your physical comfort to your spending and savings habits.
Retirement is not what it once was. Inheritance is no longer a sure thing to fund your golden years. Paying off a mortgage, once a rite of passage for retirees, makes less sense today. And forget the old saw that 65 is the right age to retire. Increasingly, people are shying away from a date certain.
Estate planning is one of those things you know you need to do but keep putting off. You’ll find this task easier by breaking it down into three essentials: organizing your financial information, communicating your plans and, of course, taking action.
We all make mistakes, and through them, we learn. But when it comes to finances, it is best not to take the trial-and-error approach. Avoiding some of the following financial mistakes might save you a great deal of money and heartache.
Money grows money. Thanks to a magical thing called compound interest, it’s even possible that you leave a multi-million inheritance to your future generations.
When your heirs sort out your estate, they’ll get no directions from you – unless you planned well for one of life’s most emotional moments. Let your loved ones grieve (someday) without rancor. Specify what you want before it’s too late.