This is a great way for people over 70 to both give money to charity and save on taxes. The taxpayer is essentially giving pretax money to a worthy cause, which in effect creates a dollar-for-dollar income tax deduction they’d otherwise not receive.
Estate planning is akin to crafting a roadmap for the future; it’s about guiding your loved ones through the maze of your final wishes with clarity and ease. At the heart of this journey lie two pivotal tools: wills and trusts. While both serve to shepherd your assets posthumously, certain situations demand the finesse of a trust over…
Choosing a beneficiary is a critical decision in managing your financial and estate plans. This article delves into the nuances of beneficiary designations, offering insights into why making…
Updating your will is not just a one-time event. It’s an ongoing process that ensures your estate plan remains relevant and effective. In this article, we’ll delve into the times when you should update your last will and testament and the reasons that can make it necessary. Therefore, if you’re someone who can make a difference through charity or simply want to ensure that your estate planning documents are up-to-date, read on! Why Should You Update Your Will? Your will is a reflection of your wishes at a particular point in time. However, as life evolves, so might your desires…
Estate planning, once limited to human beneficiaries, has now extended to include beloved pets in order to provide for their well-being after the owner’s death.
One of the most commonly recognized instruments for protecting assets for a disabled beneficiary is through the use of a Special Needs Trust, also known as a Supplemental Needs Trust.
When planning your estate rarely will you experience difficulty naming your initial beneficiary or beneficiaries for your will, IRA’s or life insurance.
Before the original SECURE Act, IRA owners who died were able to leave their accounts to their children, grandkids, or other non-spouse individual beneficiaries, and heirs could stretch required minimum distributions (RMDs) over their own lifetimes, thus allowing the funds in the accounts to grow tax-free for decades.
