Ever since a group of philanthropists created the Giving Pledge in 2010, taxpayers have expressed greater interest in potential estate planning strategies that would allow them to leave a significant portion of their assets to charity upon their death.
Although most assets in your estate may pass through the probate process, other assets may not. It often depends on the type of asset or how an asset is titled.
Many baby boomers may hesitate to discuss money with their children, but the reality is that a massive amount of wealth will be transferred in the next couple of decades.
Funded with cash or other assets, donor-advised funds give charitably minded investors control of when and where their funds are distributed.
Charitable remainder trusts give you more options and more control on how your heirs inherit, now that the “stretch” IRA is a thing of the past.
If you don’t also fund it, unexpected things can happen and some of those things may not reflect the intent to the grantor.
After a loved one dies, their affairs need to be set in order. You might find yourself planning a funeral, paying bills and closing accounts. The list of things you need to do after someone dies can seem endless, especially during a time when you are also grieving.
Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be tasked with carrying out a loved one’s final wishes.
The trust is a very useful and flexible tool for estate planning, yet it is probably the most underused estate management technique. A trust is an artificial entity, something like a corporation, created by a document or instrument.
A letter of last instruction is a document that outlines funeral planning processes and arrangements. A letter of last instruction should not be confused with a will or testament, which is a legal document that expresses an individual’s wishes on how and to whom their estate should be transferred after their death.
