- Does Putting Your Home in a Trust Protect It From Medicaid?
An individual can protect their assets from Medicaid, including their home, by placing them into a trust. Essentially, the assets become owned by the trust and not by the individual. This mechanism can decrease the individual’s asset count for Medicaid eligibility, presenting a way to potentially conserve wealth and secure necessary medical care. However, like all… read more…
- How to Keep Money in the Family With an Inheritance Trust
Inheritance trusts take on critical importance in wealth management, particularly for multi-generational families. The term might come across as complex but in essence, inheritance trusts involve safeguarding assets while managing their distribution efficiently. Moreover, they provide potential tax benefits that can contribute significantly towards your family’s financial security. A financial advisor well-versed in this field… read more…
- What Does a Revocable Beneficiary Mean for Estate Planning?
When creating an estate plan, one of the most important decisions is choosing beneficiaries for your assets and accounts. As you make these selections, you’ll need to determine whether each beneficiary should be revocable or irrevocable. This choice can have significant implications for your estate plan and financial legacy. Consult a financial advisor when you… read more…
- Estate Planning for Ultra-High-Net-Worth Individuals (UHNWI)
With a fortune higher than the lifetime earnings of the average person, an ultra-high-net-worth-individual (UHNWI) may seem immune to financial disaster. However, financial pitfalls and misfortunes can claim anyone’s wealth, whether they own a beat-up van or multiple yachts. For UHNWIs, losing money is a proposition that often figures into the millions. This fact highlights… read more…
- Successor Beneficiary Rules
Life insurance is built around beneficiaries who will receive the benefits of your life insurance payout when you pass away. However, from time to time, your named beneficiary cannot collect the payment. In that case, the policy passes on to your successor beneficiary. This is a substitute who can receive your insurance benefits instead, like… read more…
- Report Shows the Importance of Estate Planning for the Wealthy: Are You on Track?
Baby Boomers are expected to hand over more than $70 trillion in assets to their heirs. Many are concerned about making sure that their leftover assets go to the right people and purposes. And they may well be right to worry, according to a new study from Raymond James. Even though 84% of the 1,000… read more…
- Estate Planning Tips for the Ultra-High-Net-Worth
In the realm of personal finance, estate planning stands as a paramount consideration for those who have amassed substantial wealth. For ultra-high-net-worth individuals – people with over $30 million in investable assets – the complexities and implications of legacy planning become even more pronounced. While it’s often tempting to delay such discussions, proactively managing your… read more…
- Inheriting an Inherited IRA: What You Need to Know
Navigating the often complex world of inherited individual retirement accounts (IRAs) can be daunting, especially in the wake of losing a loved one. It can be even more complicated if you’re inheriting an already inherited IRA. Understanding the rules and regulations surrounding inheriting an inherited IRA is crucial to ensure the smooth transition of assets… read more…
- How Can You Avoid Probate in Florida?
Probate can be a timely and costly legal process that verifies the will of a deceased person and manages the transfer of their estate assets. According to the Florida Bar Association, this process can take between six months and two years. Here’s what you need to know to avoid the probate process in Florida. If… read more…
- What Are the Disadvantages of a Trust?
Trusts represent what can be an invaluable tool for managing personal and familial wealth. There are specific uses, drawbacks and benefits of trusts, but it’s important to understand what your specific purpose is before using one. The ability to have a degree of control over your assets, even after death or a potential reduction in… read more…
- How to Avoid Probate on Your Bank Accounts
Probate is a legal process that verifies the validity of a deceased person’s will. This includes addressing debts and distributing remaining assets. If you die without a will or a living trust, probate can substantially influence the transfer of your assets. Here’s what you need to know to avoid the probate process. If you want… read more…
- 5 Benefits of Living Trusts
A living trust is a legal document that is used in estate planning to manage and distribute your assets after death. Here are five common reasons why you could benefit from a living trust. If you need help planning your estate, a financial advisor can walk you through different steps to protect your assets for… read more…
- Tax Consequences of Terminating an Irrevocable Trust
An irrevocable trust is a legal entity that cannot be altered, amended or revoked after its creation. Irrevocable trusts are typically established to protect assets from creditors, benefit the beneficiaries and minimize estate taxes. But there are circumstances that warrant the termination of an irrevocable trust like when its purpose is fulfilled or its assets… read more…
- How to Change the Trustee on a Revocable Trust
Trustees play a vital role in the management and direction of revocable trusts. However, sometimes trustees need to be removed and replaced. While some trusts can be easily amended to change trustees, other circumstances may require a petition to be filed in court before a trustee can be removed from power. Here’s what you should… read more…
- 7 Vital Estate Planning Tips
Estate planning is an essential financial process that determines how your assets will be protected, managed and distributed in the event that you become incapacitated or die. In 2023, only one in three Americans have an estate plan, but 25% told Caring.com that inflation has made them see a greater necessity for estate planning. Here… read more…
- Do You Expect to Receive an Inheritance? Study Shows Most Americans Say They Aren’t Ready to Manage It
Many of us dream about receiving a financial windfall but the majority of us won’t know what to do with the money when the time comes. A financial advisor can help you manage an inheritance or other financial windfall. Find a fiduciary financial advisor today. According to New York Life’s Wealth Watch Survey, only 42%… read more…
- Gross Estate vs. Probate Estate
Estate planning can be a complex process, but understanding the basic terms and concepts can significantly simplify it. One of the most important distinctions to make when planning your estate is the difference between a gross estate and a probate estate. A gross estate looks at all assets owned by an individual when they die,… read more…
- How Do You Determine the Fair Market Value of Inherited Property?
Inheriting property, whether expected or unexpected, can raise some questions about what to do with it and what it’s worth. Specifically, you’ll need to know the property’s fair market value (FMV) to calculate your cost basis for tax purposes. How do you determine the fair market value of inherited property? There are a few ways… read more…
- Are Online Wills Legal?
In our increasingly digital world, online wills have emerged as a convenient and cost-effective means for basic estate planning. However, their legal validity can vary wildly based on state laws and complexities related to individual assets and wishes. To navigate the intricacies of estate planning, it may be beneficial to consult with a professional, such… read more…
- Want to Leave Assets to Heirs? IRS Rule Change Should Have You Rethinking Your Irrevocable Trust
Managing your taxes can be one of the most complex aspects of estate planning and a new IRS rule change continues that trend. The rule, published at the end of March, changes how the step-up in basis applies to assets held in an irrevocable trust. If you need help interpreting the IRS rule change or setting… read more…
- How Much Does a Notary Cost?
While notary fees generally don’t make people jump out of bed in the morning, they are vital to the certification and authentication of crucial documents, such as loan papers and wills. Notaries are impartial witnesses when you sign important documents, ensuring their legal validity and preventing fraud. While notary fees are typically necessary, there are… read more…
- How to Find and Obtain a Will Online
When someone dies, he or she may have a will or a document outlining their wishes for the disposition of their assets. You may need to track down this will for a number of reasons, from finding out what happened to their assets to understanding more about someone for genealogical research. It doesn’t have to… read more…
- What Happens to Your Debt When You Die?
Understanding what happens to your debt when you die can empower you to make informed decisions and relieve future financial burdens on loved ones. As U.S. household debt reached a record high of $17.05 trillion in the first quarter of 2023, it’s vital to understand the types of debt that can be inherited and know… read more…
- Comprehensive Guide to Advance Directives for Health Care
Advance directives are legal documents that allow individuals to maintain control over their health care decisions in the event that they become incapacitated. These documents are governed by laws and regulations that can differ across counties and states. There are several types of advance directives, including living wills, durable powers of attorney for health care,… read more…
- What Is the Average Inheritance?
People inherit less than you might expect. In fact, most people think they’ll inherit far more than they really will. If you do inherit money, it most likely won’t be subject to federal estate taxes. In 2023, those apply only to… read more…