Regardless of one’s feeling on estate planning, there is one estate planning document that all Americans should have: A Health Care Directive.
What would happen if you were mentally or physically unable to take care of yourself or your day-to-day affairs? You might not be able to make sound decisions about your health or finances. You could lose the ability to pay bills, write checks, make deposits, sell assets, or otherwise conduct your affairs. Unless you’re prepared, incapacity could devastate your family, exhaust your savings and undermine your financial, tax and estate planning strategies.
Estate planning is a complex world for most Americans. For many, the process can seem overwhelming and expensive. For others, it is uncomfortable to confront one’s mortality and requires tough decision making. However, regardless of one’s feeling on estate planning, there is one estate planning document that all Americans should have: A Health Care Directive.
Few families, of course, enjoy talking about money. Introduce the idea of estate plans and inheritance—who gets what and why—and conversations often never get off the ground.
Estate planning is a systematic process, which involves getting your personal and financial goods for the time, if you pass away or become mentally ill. It is also known as last will, and almost everyone does this planning for their family.
Years ago he signed a power of attorney document naming me as his agent, so I could help him with these types of things. Not ever having done this before, what do I need to know about fiduciary duty?
Statistics show blended families are on the rise. About 40% of all new marriages in the U.S. include at least one person who was previously married, according to a Pew Research Center analysis. Among adults who are presently married, roughly a quarter (23%) have been married before, compared with 13% in 1960.
Even a close family can have quarrels and confrontations, but these conflicts tend to be more prominent within a blended family.
Understanding what happens when you inherit a house, as well as addressing the tough financial and emotional decisions on what to do with the home, can be intimidating.
Where you retire can have a big impact on your tax bills for Social Security, pensions, IRAs, 401(k)s and other income.
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