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Keeping the home for your personal use gives you the ability to own a home that will probably have a Realtor™ will provide you with a free, no-obligation comparative market analysis of the value, which will have recent sales of properties similar to the inherited house, as well as similar properties currently for sale and the home’s estimated market value. Limited authority means that the property can be sold, but the sale may require court approval.

We need to distinguish between contributions to a Roth individual retirement account and the earnings However, you can’t take a tax-free and penalty-free distribution of earnings on your funds until the account is at least five years old and until you have reached age 59½. The five-year clock starts when the account is first opened. with each additional deposit, and the clock starts on January 1 of the year in which you opened the account

You can prepay for your own funeral to save on some expenses, but you may want to reconsider prepayment However, you don’t have to buy a casket from a funeral home, and the funeral home must accept a casket You can also supply your own urn and save another $300 or so. Skip embalming. You don’t have to buy a funeral home’s complete package.

Reports of elder abuse have been increasing for the past few years, and experts believe that demographic Finally, greater public awareness looks to have peaked last year at the same time reports went up in APS received 403 reports the same month, which was a record. In addition to these efforts, financial institutions have become more aware of scams against the elderly an investigation does not rise to the level of criminal activity, case workers help by closing bank accounts

when you’re younger, and if you ever do need it, most policy owners will face premium increases, which have This is why many let the policy lapse—and then they have no coverage and no compensation for money spent Lifetime coverage isn’t offered anymore, and, unlike basic health insurance, you can be rejected for a policy if you have a pre-existing illness or condition. Because these policies are complex and often have “waiting” or “elimination” periods—when benefits aren

Once you have that done, create a review system to ensure your will remains relevant and up-to-date. In addition, it can save time and expense when settling an estate. through papers and trying to determine what to do next, you should consult with an attorney who will have

that current state law doesn’t adequately address what happens to digital assets (like social media accounts , email accounts, photographs and other online assets) when a person dies, according to Senator Robert digital provider regarding how they want their assets handled in the event of their death, or they could have

For 2016, the amount is $5.45 million. Because of this, many people have a false sense of security that they don’t need to do estate planning of both spouses’ exclusion amounts. In addition to the federal estate taxes, many states have their own gift and estate taxes. Some states have lifetime exclusion limits that are far lower than the current federal level.

For sure, but there may be other items you need, such as a trust if you have a lot of assets that may Also, a health care directive and power of attorney provide instructions if you become incapacitated. Talk with your estate planning attorney to be sure you have these in place to help carry out the goals

Since long-term care will be needed by the majority and is not covered by Medicare, it is important to have States continues to increase, younger people of today face an issue that their grandparents did not have However, today, only about five percent of people have conditions warranting a stay in a nursing home This type of care involves nurses and health aides visiting the home to provide help with these tasks For this type of care, seniors visit a care center, where basic health care is provided along with a

All of the details of Ali’s will have not been uncovered after his recent death. The IRS and estate of the deceased might have widely varying estimates of the future income stream from This allows the transfer of an unrestricted amount of assets to a spouse without estate tax at any time Others receiving a stake in his image rights don’t get the same break. Any nieces, nephews, aunts, uncles, daughters-in-law and sons-in-law would have to pay.

Young couples going into their first marriage with little or no assets don’t usually have much to lose This is especially the case when both spouses have children from past relationships and separate assets concluded that there were two reasons for the increase in remarriage: (i) divorce rates in the U.S. have be looking to remarry; and (ii) Americans also are living longer, so divorcees, widowers and widows have Prenuptial agreements have a negative connotation, but think of them as an estate planning tool—not a