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Put pen to paper: How a letter of instruction can benefit family harmony
You may view your will as the centerpiece of your estate plan. But other documents can complement it. For example, if you haven’t already done so, consider writing a letter of instruction. Elements of the letter A letter of instruction is an informal document providing your loved ones with vital information about personal and financial […]
The red flags are many when borrowing from your retirement plan
The COVID-19 pandemic has resulted in many people borrowing from their companies’ qualified retirement plans, and the CARES Act provides some temporary rule changes to this type of loan. However, given the risks and costs of borrowing from a retirement plan, you should generally view it as a last resort. From an estate planning angle, […]
A health care power of attorney is an essential element of any estate plan
A health care power of attorney is an essential element of any estate plan What happens if illness, injury, or age-related dementia renders you unable to make decisions or communicate your wishes regarding your health care or financial affairs? Unless your estate plan addresses these situations, your family may be forced to seek a court-appointed […]
Don’t procrastinate if you plan to transfer ownership of your life insurance policy
Generally, the proceeds of your life insurance policy are included in your taxable estate. You can remove them by transferring ownership of the policy. There is a catch. If you wait too long, the transfer of ownership might not stick. Essentially, if you have transferred ownership of the policy within three years of your […]
Making lifetime gifts continues to be a smart estate planning strategy
The federal gift and estate tax exemption is now at a record high — $11.58 million for 2020. Consequently, most estates aren’t taxable. But that doesn’t mean making lifetime gifts isn’t without significant benefits — even if your estate isn’t taxable under the current rules. Let’s examine reasons why gifting remains an important part of […]
Buy-sell agreements: A smart business decision also makes estate planning sense
Do you own a business with one or more individuals? Undoubtedly, your interest in the business represents a substantial part of your net worth and is likely your “pride and joy.” So it’s normal if your fondest wish is for the business to continue long after you’re gone or for you to keep it running […]
Oh, no, your original will is missing!
In a world that’s increasingly paperless, you’re likely becoming accustomed to conducting a variety of transactions digitally. But when it comes to your last will and testament, only an original, signed document will do. The original vs. a photocopy Many people mistakenly believe that a photocopy of a signed will is sufficient. In fact, most […]
