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About two thirds of 18- to 29-year-olds don’t have even one credit card, research from Bankrate.com showed

One of the best parts of your marriage was inheriting a son you have always wanted but could never have What Happens To Your Children When You Don’t Have A Will If you have developed a close relationship with Houses, land, vehicles, bank accounts, and other assets can all be included in a living trust . your fortune through your will, make explicit bequests, or leave them as beneficiaries on financial accounts It is best to have them specifically identified.

Many people assume having a last will and testament is the centerpiece of any satisfactory estate plan While they certainly have their benefits, having a will is far from the only piece of planning to consider Irrevocable trusts, on the other hand, have restrictions on what can be altered during your lifetime, charitable trust that allows you and your loved ones to retain the income that is generated by the amount We have many clients who only need one trust, but we sometimes have clients whose goals are accomplished

Marriage is about compromise, which usually means coming to an agreement about where to live, whether to have Together Coming to a place of mutual understanding about your finances can help get couples on the same Take a thorough look into your debts, your savings, property that is owned, investment accounts, insurance policies, and any retirement accounts you have. Define Your Dreams Perhaps you have always dreamed of spending your golden years in a villa in Tuscany

The Wall Street Journal reports in the April 27 article, “What Prince and Abraham Lincoln Have in Common Howard Hughes: “People claiming to be Hughes’ children or beneficiaries of his will are legion and have settled out of court with HendrixLicensing.com—operated by Leon Hendrix—for damages associated with the sale Many men of wealth and distinction die without a will. Don’t you be one of them. Reference: Wall Street Journal (April 27, 2006) “What Prince and Abraham Lincoln Have in Common” #AssetProtection

You need to take taxes into account. With taxable accounts, tax-deferred accounts, and tax-free accounts, you’ll have some flexibility in Medicare Doesn’t Cover All of Your Health Costs. If you don’t need the money to live on, reinvest the money in a taxable account. If you are still working later in life (even part-time), you can save in tax-advantaged retirement accounts

Having an imperfect plan is usually better than having no plan at all.  Your children’s health. Some children may have supported you in your old age and others may be estranged from you. Unless you have had a discussion with your children, it may be wise to treat them equally in your estate Not having definitive answers to these questions can make it difficult to finalize your plan.

However, many retirees are not only leaving their nest eggs intact but are also saving a large part of Kiplinger’s new article, “Shifting Gears from Saving to Spending in Retirement,” explains that it’s with generating income from stocks and bonds, retirees who draw their income largely from investment accounts tend to save more than those relying on guaranteed-income sources. You can look at a detailed calculator to factor in your health, family history and lifestyle to give

Also, estate planning means not only having a basic will but also making certain you have a health care projected monthly Social Security checks, pension payouts and required annual distributions from retirement accounts This could mean a significant tax bill once required annual minimum distributions from these accounts Also, look at long-term care insurance to hedge against the cost of future health issues that might require Boomers also need some stock investments, although this depends on age and health.

A guardian can make daily, educational, and health care decisions for your child. Minors can not own property, so any estate plan you create should account for how and when your children Do you have strong feelings about college? You should account for supporting your children if you die before accumulating enough assets to do so If you are beginning the estate planning process or updating your plans to account for new children or

IRA conversions or Health Savings Accounts (HSA)—but it’s important to do so within the law and banking regulations to avoid hefty fines that can eliminate any savings. you withdraw all of the funds in the account tax-free. However, if you can afford to pay for your health care expenses out of pocket, the HSA builds up tax-free You can use it to fund your health care through retirement or leave it to beneficiaries and they can

Maintain a joint checking account for regular expenses, but think about having separate stock and investment accounts. Each spouse should sign a financial durable power of attorney to allow access to retirement accounts or other accounts that are held only in one spouse’s name. In addition, you should sign a HIPAA (Health Insurance Portability and Accountability Act) release in