You can help your relatives immensely by setting up an estate plan now, regardless of who you are. Essentially, whatever you own makes up your estate. These assets could be: Any property your own Whatever money you have in a bank account Stocks, bonds, and mutual funds invested through a taxable brokerage account A Roth…
How to Know When You Should Update Your Estate Plan
Creating an estate plan for your heirs is necessary for your assets to escape probate. It enables you to put your assets into the hands of those you want to receive them. Failing to update your estate plan could cause significant damage and may thwart your desire to give your assets to your chosen beneficiaries….
How to Use Cost-Effective Strategies to Leave Your Assets to Your Beneficiaries
After accumulating many assets over the years, you want a way to pass them on to your beneficiaries and do it as cost-effectively as possible. Many cost-effective strategies are available to pass an estate and assets to your loved ones. Establish a Trust One of the best ways to do it, which is expensive, is…
Learn Your Parents’ Financial Plans ASAP
May 25, 2022
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BrightbudgetingEnd of life careend-of-life planningestate planfinancial planFuture Planningparentspersonal financeprepare for deathUncategorized
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My mom died at age 61, when I was 31. Seeing her headstone in a field of others smacked me with a brutal, if obvious fact: Everyone, including everyone’s parents, will die. I promise I’m not trying to depress you. I want to prepare you, as this loss can happen sooner than you’d expect. And…
The 7 Most Common Estate-Planning Myths
Myths and misunderstandings dominate the public consciousness when it comes to estate planning. Some are the result of incomplete media reports, while others arise from half-truths and exaggerations put forth by “advisors” interested in generating a quick fee or commission. Further, labels such as “death tax” and other politically charged mischaracterizations are given life by…
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