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Estate planning attorneys might encounter clients who have restricted mental abilities.

will and trusts; Insurance policies; The most recent credit card and mortgage statements; Investment account , and (if applicable) divorce certificates of the spouse and children of the deceased; Checking and savings account statements; Any other loan documents; Car registrations; and Social Security information. With these documents and information at the ready, notify these institutions of the death to close out accounts institutions; Service providers; and Any charities that automatically withdraw a donation from a checking account

Once they have their estate planning in place, many baby boomers are creating a “Life After Me” document as a completed authorization to release any medical information, divorce papers, and escrow mortgage accounts ; Individual and group retirement accounts, including 401(k) accounts, pension documents, annuity contracts , life insurance policies, marriage license, property deeds, stock certificates, savings bonds, and brokerage information; Vehicle titles; Estate planning documents; and Usernames and websites for your online accounts

The earlier you can take them into account in your planning, the more beneficial and less stressful their If you automate savings, incremental changes will be easier to realize. you to save more over time. You can also automate monthly deposits to savings plans, like a 529 college savings plan or other investment accounts.

Since your retirement savings accounts—like your IRAs or 401(k)s — are tax-advantageous, let the magic So, if you have money in taxable brokerage accounts, it should be used first. These accounts require you to pay taxes on your dividends each year, as well as on capital gains when If you have money in a Roth account, it should be used last. Not only do these accounts not have any RMD (required minimum distribution) requirements, but they’re

As WMUR9.com explains in “Money Matters: NH health surrogacy laws,” this person is known as a surrogate He or she has the same authority as an agent named in a durable power of attorney for health care. This ability terminates if: The patient regains health; A guardian is appointed; or The patient is near This is an important document to have, so discuss its ramifications with an estate planning attorney Reference: WMUR9.com (March 3, 2016) “Money Matters: NH health surrogacy laws” #AssetProtection #Guardianship

You can create transfer-on-death or payable-on-death designations for checking, savings, and money market accounts; certificates of deposit; and U.S. bonds. Along those same lines, appoint a guardian for minor children. Paying a little more now for a good, legally drafted will can save your heirs money, headaches, and heartache If your surviving family aren’t the designated successors, they may have to spend a significant amount

have been passed down through the generations. But some assets don’t get this step-up in basis—like retirement accounts. Other than qualified accounts, there’s not much difference between hard and virtual assets when it comes you should consider the tax implications when planning the transfer of assets in your 401(k) and IRA accounts Capital gains, death and income taxes all come into play when planning for the transfer of wealth from

When Paul McCartney penned those lines he was in his 20s. 64 must have seemed ancient to him. Should the need arise, your designee can step in and pay your bills, manage your accounts, and even buy The Financial Side Of Things You might have noticed that the person given medical power of attorney gets and “might have beens.”

Almost every American, regardless of income or assets, is eligible for Medicare to cover his or her health Some facilities only have a certain number of beds for Medicaid patients. The asset calculations will consider a healthy spouse. Typically, a healthy spouse can keep half of the joint assets up to a certain ceiling plus enough income This amount may vary by state and situation.

, so it seems rather appealing to execute your own estate plan; in fact, it seems that you may even save Even for those who believe that they live a simpler life and have minimal assets, when you make a mistake For many people, having a do-it-yourself plan may be better than dying without a plan (intestate). But the truth is that is better to have something in place for whenever the inevitable does occur. that you estate planning has been completed in the correct manner, which will cause them the least amount

Even if you do not have a lot of extra money lying around, you have other assets that can quickly add to the money until they have more time to mature. In the case of a “custodial” account, the person in charge can have a lot more say in how the money is This could translate into frivolous expenses, including paying himself or herself an unrealistic amount With a trust, however, the person in charge (the “trustee”) is held more accountable and is required