To put it simply, dying intestate means you don't have a will. Did a close relative die without a Will? While you will encounter some complexities, if you know the rules, you can navigate them. How will the estate be distributed in the absence of a Will? To start with, many assets aren't passed by Will, such as: Life insurance proceeds.Real estate, bank accounts, and assets are held in joint tenancy/community property with the right of survivorship.Property held in a living … [Read more...] about What It Means To Die Intestate
6 Steps To Consider for Early Retirement
A lot of people dream of early retirement. However, according to findings from the Boston College Center for Retirement Research, the average age of retirement has risen to 65.7 years old for college-educated men, 62.8 years old for college-educated women, and around 62 years old for people whose highest level of education is a high school diploma. FACT: Planning ahead is essential if you want to retire early. Gaining control over your time is really what the early retirement … [Read more...] about 6 Steps To Consider for Early Retirement
Can You Claim the Credit for Other Dependents?
It should come as no surprise that providing care for adult children, relatives, or parents can result in additional financial strain. To alleviate this stress, the IRS offers a credit for dependents over the child tax credit age of 18. For each dependent who meets these requirements, you may qualify for a $500 credit: Is 17 years of age or older.Has a taxpayer identification number.Are dependent parents or other qualifying relatives supported by the taxpayer.Are dependents living with the … [Read more...] about Can You Claim the Credit for Other Dependents?
A Guide To Finding A Caregiver
If you or someone you love cannot make it through a day without assistance, what do you do? This is an emotional and difficult issue that most families have to deal with sooner or later. One option would be to have an adult child move in with the care recipient, or the other way around so that there is always someone available to run errands and provide companionship. But sometimes a move isn't feasible. Alternatively, one can move into a retirement home that offers on-site services, but the … [Read more...] about A Guide To Finding A Caregiver
Living Trusts: What Are They?
A living trust, set up during your lifetime, is designed to allow for easy transfer of your assets. A trustee holds legal possession of the assets and property in your trust and has a fiduciary duty to manage the trust prudently for the trust's beneficiaries. Most significantly, it provides for an easy mechanism to facilitate the management of your asset if you become incapacitated, to designate what you want to occur upon your passing, and tp avoid the costs and delays of a probate … [Read more...] about Living Trusts: What Are They?
7 Steps To Prepare for Retirement
If the pandemic proved anything, it's that life tends to get in the way of our plans — including retirement plans. Over the course of the pandemic, many people were forced to retire early, others decided they wanted to retire and still others opted to change their planned retirement date. The number of people affected is high; a recent survey found that more than 80% of Americans say their retirement plans were impacted by the pandemic. While you may not be able to control when you … [Read more...] about 7 Steps To Prepare for Retirement
Estate Planning With Big Age Gaps
Are you in an age-gap relationship? Five percent of first marriages and 20% of second marriages need a special focus on making both of your needs work. Financial matters for large age-gap retirement planning include retirement funding, Social Security planning, and health care costs. Retirement Planning Imagine a scenario in which the older spouse is ready to retire, while the younger spouse is hitting her/his stride and doesn't want to slow down. How should … [Read more...] about Estate Planning With Big Age Gaps
Getting a Divorce? Time to Update Your Estate Plan
Going through a divorce can be a very rough time in life. Battling over income, assets and child custody can be quite exhausting. All of these distractions may cause you to miss many important tasks you must undertake. And very often the family law attorney who handles your divorce may not follow through to give you the vital information we discuss here. Your Will California law provides that any bequests to a former spouse under a Will is automatically revoked. While this is … [Read more...] about Getting a Divorce? Time to Update Your Estate Plan
Joint Tenancy: Good Idea or Bad Idea?
A joint tenancy is a legal term that applies to one of many forms of co-ownership of an asset that is held by two or more people. Parties named in a joint tenancy own the property equally. If one joint tenant passes away, the property is immediately passed on to the other living joint tenants without going through probate. Many types of assets may be held in joint tenancy, including real estate, vehicles, personal bank accounts, savings accounts, and brokerage and investment … [Read more...] about Joint Tenancy: Good Idea or Bad Idea?
Enjoy Your Dad This Father’s Day and Rest Assured
When you get together this weekend with your dad—either in person or virtually—enjoy reminiscing about the good times and adventures you had together. Also remember to take a moment to think about your dad’s future. Now is a great time to check that his estate planning documents are in order and up to date. Sure, it's not the most sentimental gesture. But taking a moment to check the basics can be of great benefit down the road. It’s the least you can do for someone who has given so much for … [Read more...] about Enjoy Your Dad This Father’s Day and Rest Assured
