What’s your legacy plan? This is a question that I often ask my clients. I ask this for many reasons, but the main reason is to get them thinking about what happens when they are not here. Have they taken care care of their wills, life insurance polices, and for this discussion: retirement plan beneficiaries. […]
The post Understanding Beneficiary Options- What’s Your Legacy Plan? appeared first on Good Financial Cents®.
A bequest is a gift to another person, charity or institution according to a will or estate plan. Bequests can be cash, accounts, real estate or personal property.
Creating a trust as part of an estate plan can help protect assets and ensure your financial legacy is preserved. If youâre married, you may consider establishing a QTIP trust, which is short for qualified terminable interest property trust. This ⦠Continue reading â
The post How Does a QTIP Trust Work? appeared first on SmartAsset Blog.
Federal estate taxes are no longer a problem for all but the extremely wealthy, but several states have their own estate taxes and inheritance taxes that could still hit your heirs.
Trusts can be a useful tool for estate planning if youâd like to preserve assets for loved ones while minimizing estate taxes. A qualified domestic trust (QDOT) is a specific type of trust that can offer tax benefits for married … Continue reading →
The post Qualified Domestic Trust (QDOT): Marital Deduction appeared first on SmartAsset Blog.
Estate planning as an individual is complicated enough, but planning for it in a marriage can create greater difficulties. Working as a unified partnership for your joint estate’s future means that you both will have priorities you want to bring into … Continue reading →
The post How Does an Estate Tax Marital Deduction Work? appeared first on SmartAsset Blog.