Most American adults are increasingly tied to online platforms, both for work and personal reasons. From social media profiles to cryptocurrency wallets, these digital assets can potentially represent both emotional and financial value. For young adults, creating a...
Estate planning can allow you to provide for loved ones while ensuring that your legacy lives on. However, heirs who struggle with managing finances may present a challenging dilemma. You wish to provide for them, but also have valid concerns about how they might...
Drafting an estate plan can be emotional. It's one of the reasons some people procrastinate doing it, as it's not easy planning for death or incapacitation. Nonetheless, you can manage the emotional side of estate planning and, in turn, protect your legacy and loved...
One of the key tasks to complete when making your estate plan is to name an executor. They will be in charge of putting your estate plan into action when you come to pass. Yet, what if change your mind about who you have chosen? Can you take that power back from them,...
As you create your estate plan, you start by deciding which children will inherit your assets. You may divide assets equally or unequally, as you wish. You’ll also need to account for tangible assets and family heirlooms, and it may be wise to talk to your...
There is more to estate planning than just deciding who gets what. It’s also about minimizing the tax burden on your estate and loved ones. After all, the goal is to leave more for your loved ones -- not the IRS. The more tax-efficient your estate plan is, the less of...
There are two main ways that you can set up a trust as part of your estate plan. First of all, you can leave specific instructions that the trustee has to follow regarding when they make distributions to the beneficiary. Secondly, you can just put the trustee in...
An “executor” is the term used for someone who will take control of the distribution of a person’s estate once they die. Choosing someone for this role is one of the most essential tasks when making your estate plan. Most people choose just one executor, (perhaps with...
If you’re fortunate enough to be able to leave your closest loved ones a sizable inheritance, you expect they’ll use it to provide things they may not otherwise been able to afford for their families – and for themselves. The sad reality is that on average, people...
A life insurance policy ensures that the next generation will have substantial financial assets at their disposal. Many parents see this as a way to provide financial security for their adult children and grandchildren. For instance, you may have purchased a life...