One of the highly publicized details of the tax bill signed into law last year was the change to estate taxes. Specifically, the exemption amount doubled.
Parenting requires complex multitasking: an ability to work in the present while looking at the big picture ahead. Whether changing diapers, coordinating extracurricular activities, saving for college or helping a special needs child navigate the educational system, a parent needs to be thinking about the long-term welfare of their children at the same time they meet daily needs.
Despite the benefits of estate planning, many people fail to have updated and accurate wills. Some assume that it is not necessary if they are not wealthy, and others assume that it is not necessary because a family member will make sure that the distribution of property goes as planned.
One of the kindest acts you can perform while alive is to plan for loved ones after you're gone. Creating a will or estate plan is a thoughtful way of letting people know that you care for them. There are many reasons for having a will or estate plan. Here are two of the most important reasons.
What would happen if you were to became seriously ill and someone needed to handle your estate? Would they know how to access your finances and manage your affairs? Would they know how to access your insurance information and other legal documentation, or would it become a scavenger hunt?