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Many people believe they’re not “rich enough” to have an estate plan, but estate planning isn’t just about how much money you have. So, what is estate planning about?At a high level, it’s about making things easier for your heirs. Generally, it involves activities such as:
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In the field of financial management, charitable giving is pivotal when it comes to the transfer of assets. It shows a commitment to social responsibility and is a strategic wealth management approach.
Understanding the nuances of incorporating charitable giving into your wealth transfer strategy is important. This may include understanding charitable gift annuities, navigating the rules of charitable contributions, and making informed decisions about your donations.
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The Bottom LineFive essential estate planning documents you need in your estate plan:WillPower of AttorneyHealth Care DirectiveBeneficiary Designations (Retirement Accounts & Insurance Policies)TrustsEstate planning can be challenging with complex legal documents, tax implications, and daunting questions. However, it is an important part of a well-rounded financial plan.
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Estate planning can be complex. Many people believe they’re not “rich enough” to have an estate plan, but this couldn’t be further from the truth.
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Losing your parent is a profound event. While you may be experiencing unprecedented emotional impacts, there are important financial actions to take immediately. Protecting your parents’ legacy by managing their finances after their death is one of the most critical ways to honor what they did with their time on Earth. Unfortunately, during these times, handling legal and financial affairs can feel insurmountable.
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You work hard to accumulate wealth, and you want to pass as much of it as possible along to your heirs and beneficiaries. But due to the size of your estate, you're on the hook to pay a hefty sum in estate and gift taxes.
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For most of us, ensuring the financial security and prosperity of our loved ones is extremely important. Gifting stocks to children in a low tax bracket (i.e., college students, graduate students, unemployed, etc.) allows us to share our success. It presents an opportunity for tax-efficient wealth transfer.
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When it comes to end-of-life preparation, taking the initiative is key. After you pass away, your spouse will undoubtedly be overwhelmed with emotions. Even the most mundane tasks, like running errands and staying active, may be challenging for them to keep up with. In this state, managing new financial obligations could feel nearly impossible. However, with some advanced planning, you can give your spouse a solid foundation for assuming control of your finances after you’re gone.
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A lot goes into being an estate executor. It’s a responsibility that shouldn’t be taken lightly, and that’s why it’s so important to find the right person for the job when you’re putting together your estate plan.
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Settling an estate for a parent can be an overwhelming and inspiring process. All the needs involved are beyond the scope of this article and would benefit from talking to a financial advisor, estate attorney, tax advisor, or some other professional. But even then, these professionals may only help prepare you for the tactical or planning side of estate settlement.
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To say annuities can be confusing is an understatement. There is no universal answer to whether an annuity is a good fit for your financial goals. It’s a personal decision and understanding how the contracts work is important. Whether you have an annuity or might buy one, here are seven questions you’ll want answered.
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The decision to execute a Roth conversion and generate taxable income is more complicated than it may seem at first, especially when you consider it in the context of your overall estate plan. You’re essentially making a bet that paying tax today is better than having someone else pay any income and/or estate taxes on it in the future.
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When it comes to estate planning, the focus is often on married couples. For those who never married, are widowed or are divorced, the importance of estate planning is sometimes overlooked.
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You want to make sure your loved ones can keep as much of their inheritance as possible. Nobody wants to see their legacy get chipped away by a large tax bill, but that’s exactly what could happen to your estate without careful planning.
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Estate planning can be difficult. No one likes staring down their own mortality, but thinking about how you want to pass on your legacy after you’re gone is a necessary part of financial planning.
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The idea of planning for after you’re gone is daunting, but proper estate planning is vital for anyone who wishes to protect their assets and loved ones. It could be even more critical for same-sex couples and LGBTQ families, even after the 2015 Obergefell v. Hodges Supreme Court decision.
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1. I’ve done well for myself, but I’m far from a Rockefeller. Why do I need an estate plan?Everybody needs an estate plan, regardless of wealth.