Certainly, estate planning can be helpful at almost any age, but those who are 65 and older face a greater urgency. They simply don't have as long to craft the perfect plan, and they've had far longer to accumulate wealth and assets that have to be passed on to their heirs. In addition, retirement itself can alter those assets. A retirement investment account or a pension plan may begin paying out, for example. Below are four important tips that you should keep in mind moving forward:
So, you've finally found that special someone that you know you want to spend the rest of your life with. This is generally a time of your life filled with optimism, when looking to the future seems like a joyful thing.
Between the year 2000 and 2010, the number of couples who were living together instead of getting married rose by 25%, according to the United States Census. There are various reasons why a couple may choose not to marry, even though many go through their daily lives much like a married couple. Although some states will make a default assumption that those who live together long-term are married by "common law" and will treat them as such if this is the case in the event of one person's death. California is not among these states.
Let's face it. Estate planning is rarely a favorite topic of discussion. It deals with death and money, and most people would rather wait until later. This attitude leads to some common misconceptions and myths when it comes to planning for the future, including after you pass away.
During a divorce, your attention is on things like alimony, custody, child support and property division. You're wondering what will happen to your marital home and vacation property, where the kids will live, and other challenges that come with the dissolution of a high asset marriage.
A recent blog post highlighted the need for estate planning, and used the untimely death of music legend Prince as a cautionary tale. Because Prince apparently did not plan for the distribution or management of his estate, it is likely to be tied up in probate court proceedings, ultimately costing the estate time and money.
Typical life expectancy is growing. According to the Social Security Administration, if you are a 65 year old man today, you can expect to live until the age of 84.3. Today's 65 year old woman can hope to see 86.6 years. These are averages. About 25 percent of you will live past 90, and ten percent past 95. With Americans living much longer, estate planning is taking on a new and more important role in the lives of our aging population. The growing need for financial support over a longer time frame, requires careful and more innovative financial planning. Today's estate plan must embrace this need.
The Baby Boomer generation has proved to be a force to be reckoned with. Resilient and living longer than the generation before them, it seems that retirement is now a second phase in life and certainly not the last phase. However, with the pro of living longer comes the con of even more planning for the future. More specifically? Estate planning concerns.
The death of music legend Prince on April 21 remains mysterious and baffling in many ways, among these the fact that he left no will. This has caused much confusion over who is responsible for overseeing Prince's estate. It also created uncertainty over his heirs, as several people have stepped forward to make inheritance claims.
More and more people are choosing to have a committed relationship without getting married. While this is a personal choice that must be respected, it is also one that requires at least a look at the legal ramifications of being unmarried.