Life insurance is a sophisticated financial product, with as many variations and permutations as there are creative insurance companies (there are many) and creative insurance planners (there are even more).
Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.
A 2019 survey by Global Atlantic Financial Group, which sells annuities, asked more than 4,000 Americans, pre-retirees and retirees, about their retirement savings. Of those surveyed, 55% said they had regrets. The top three were that they: Did not save enough. Relied too much on Social Security. Did not pay down debt before retiring. However,…
Here’s what you need to consider, when looking to hire an elder law attorney.
That last will and testament you have tucked away? It may not be the last word on what happens to your stuff after you are gone. Instead, that legal document’s directives for doling out your wealth may be overruled by other paperwork and relevant laws.
Inherited assets come with benefits, along with some burdens
When a loved one passes away, it can be an emotional experience. Unfortunately, handling the deceased’s finances can add to this stress.
Over the next 25 years, analysts anticipate $68 trillion to be passed down to younger generations and charities. While the importance of legacy planning is not limited to the forthcoming Great Wealth Transfer, it does spotlight the significant amount of wealth that has been created, primarily by Baby Boomers, and the need to transition these assets thoughtfully.
In a rush to file for Social Security benefits at age 62? Many people are, but slow down and do the math first – or you might regret it.
When there is a large inheritance at stake (or even when there isn’t), it is a great idea to get everyone on the same page. A family meeting can make that happen, and it can even be enjoyable.
