Due to recent tax law changes, your family may be able to avoid adverse federal estate tax consequences when you leave assets to your adult children.
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Handled incorrectly, these popular assets could go poof. You need a password-sharing plan, a plan for naming beneficiaries and possibly a trust.
Since we’re all going to die (yes, even those of us who are still in our 20s!), we might as well make things easier for the loved ones who, along with grieving our loss, will have to deal with the financial and logistical pieces of our lives.
When you set up your estate plan it is important to coordinate the legal planning documents that you or you and your attorney create with the document provided by your retirement account custodian and/or your life insurance carrier called a ‘Designation of Beneficiary.’
Some people draft wills or trusts to ensure that the loved ones they will eventually leave behind own a piece of the properties the former will be leaving behind in case of their death.
Investing for retirement is one of the most important steps you can take toward building a secure financial future for you and your family. The sooner you can start, the better. Contributing to a retirement account can help you work toward your goals and may provide tax advantages to boost your progress.
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