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courthouse,” the Legislature’s action follows newspaper reports of professional guardians who deplete the savings Legislators said that with so many retirees coming to Florida, they need to feel safe that their estates

One would think that big stars like Prince would have a team of high-powered advisors, compared to the Celebrities make the same mistakes. Here are a few: Mistake #1: No Will. Nearly two-thirds of Americans don’t have a will. Even if you’re not ultra-rich and your wealth is well below the federal estate tax threshold of $5.45

For instance, a couple, or in many instances, a surviving spouse, may have more than he or she needs This is money that was saved, but the person has enough for retirement with other income and pensions The charity gets more of a donation tax-free than they otherwise would have if they received all of their and are older than 70 may also be able to start giving now out of an IRA fund to yield greater tax savings If you want to donate to charity and have no heirs, using the IRA is a no-brainer.

Your family needs to have an accurate accounting of your assets and debts. Events in your life may have changed, so examine your will with your estate planning attorney to ensure These designations on your financial accounts, like your 401(k), IRA, retirement plan, and insurance Communication about these sensitive topics is not always easy, but doing so will help your family after you have

The top reason people do this is because the account has declined in value. It’s known as a “backdoor” Roth conversion because it results in having the contributed funds end up That said, you should be aware of the following: The individual must have earned income, such as wages

They’ve never heard of spousal elective shares or homestead rights, and have not thought of the effect spouse, including heirlooms; An automatic right to be a beneficiary of the deceased spouse’s ERISA accounts But if you plan on getting remarried, or already have, here are some of the things to keep in mind: Consult Folks getting remarried should think about getting a prenuptial agreement, especially if they have a Where you live matters: in some states, the surviving spouse gets a minimum dollar amount or minimum

One reason is that older Americans are more apt to have the means to purchase a financial product than with many seniors being more polite and trusting, often makes them marks for schemes by unscrupulous sales

There are different type of POAs, and they have different rules determining the abilities of the person Do I have the authority to make medical or financial decisions for the grantor? Or both? You can have either a financial or medical power of attorney. and a medical power of attorney can have power over medical decisions. A medical power of attorney can have many different guidelines or limitations depending on the desires

Banks wouldn’t have to hire as many employees. annual fees of at least one percent on a $100k investment, the difference could be more than $50,000 in savings over 20 years, given the same annual returns.

Blended families have become more common in the last few decades, leading many parents to wonder about Estate Planning for Adopted, Biological Children In most estate planning situations, adopted children have inherits property in the absence of a will, and these laws treat adopted and biological children the same Considerations for Unadopted Stepchildren Stepchildren do not have inheritance rights to their parents If you have stepchildren and want to include them in your estate plans, it is important to amend your

If you have just inherited from an estate, the answers below will help guide you in the right direction Capital Gains Tax You have to pay capital gains taxes anytime a gain is achieved. For example, if you buy a house to renovate and resell, you would have to pay capital gains taxes on Some states also have an inheritance tax, but Texas does not. Hopefully, you now have a better idea about how your estate will be taxed when it is handed down to

Children don’t have the right to inherit, and a father has every right to leave his kid or kids out of believe he must leave the rest of his estate to his other younger children in order to put them in the same , such as by naming him as a beneficiary of a life insurance policy, IRA, or other payable on death account