Do Young Adults Need Estate Planning?
Highfalutin terms like “estate planning” can put off younger adults and conjure grandiose notions of excessive wealth.
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Highfalutin terms like “estate planning” can put off younger adults and conjure grandiose notions of excessive wealth.
Many people are under the impression that since they have a trust, they don’t need to do anything else. That’s not true. The trust you created years ago may not be appropriate for you now.
Every individual needs some form of an estate plan to protect their wishes and loved ones. Your estate consists of everything that you own (aka your assets), and although death may seem far away, it is never too soon to get your estate plan in order.
Here are the top five mistakes people make that upend their planning.
Estate planning is a key piece of a comprehensive retirement plan.
At some point in your life, there’s a good chance you’ll be tasked with acting as the executor of an estate.
What happens if you are named an heir in an estate but you don’t want it? Does it go the person’s children if you reject the inheritance?
However, in a world where more and more of our personal information is stored online, it's also imperative to make a digital estate plan, so your loved ones can access your digital property.
Some inherited assets are tax-friendly, but under new rules, others come with a hefty tax bill. We help you get the most out of a legacy.
Taxpayers should, of course, carefully consider whether to engage in a lifetime gifting strategy, which has other considerations beyond just estate taxes (such as the tradeoff with the ‘step‑up’ in basis, and non-tax family related considerations).
