Looking to save on taxes on your estate? One option you may want to consider is selling your second home after you pass away.
With the cost of healthcare and long-term care in the United States, it may be natural to assume that wealthy individuals live longer than those with less access to financial means. But is this assumption true?
When you think about how many people do their estate planning, it's easy to assume that every adult must have some sort of plan. After all, everyone has assets, even if some people have more than others. Many people have children. And, above all else, all people are going to pass away at some point. That's the human condition. It's the world we all live in. Certainly, we're all prepared, right?
Estate planning after you have been diagnosed with Alzheimer's can be problematic for your family. They may not think that your estate plan is accurate because of your condition.
Don't assume that your heirs will get an asset just because you leave it to them in your will. In some cases, other types of paperwork actually take precedence over your will.
Estate planning involves far more than just 10 steps. In fact, one of the reasons that people often put it off is that they feel intimidated by the sheer amount of work that they know it's going to be.
Parents know that a big part of their estate planning is simply leaving money to their children. Physical assets do play a role, but many parents simplify their estate by selling assets before they pass away -- selling the family home when they go to a nursing home, for instance, and simply leaving the money from the sale to the children.
You could argue that one of the most common estate planning myths is that you can do it later, that you'll always have time to get around to it. People do think this way, but most people technically do know -- even if they still haven't done their estate planning -- that they can't predict when they'll need it. Life is fragile.
It's important for everyone to know all that they can about estate planning. That means men, women, married couples, single people and anyone else. Far too many people enter old age without an estate plan or pass away without even a will.
Financial experts note that one of the main mistakes people make with their estate planning is simply that they let the plan become outdated. This often means that they do not update it through major life changes, like starting a business or starting retirement.