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Estate planning is a good choice if you own a business and if you are worried about the future of it. A lot of people
While estate planning is necessary for every individual irrespective of the assets they own, it is a must for the unmarried couple too. For various reasons, the number of couples staying together without marriage is increasing day by day and while marriage brings several legal rights such as joint tax filing, social security, inheritance, immigration status, etc., committed (unmarried) couples don’t have these rights. If you are an unmarried couple who are sharing your property with each other, you still don’t have any legal right on the property and the person as well. For such couples, estate planning is must as without it you will neither be able to inherit from each other nor be able to take decisions on
Fraud, unfortunately, is a common occurrence in life, whether you want it to be or not. Estate planning can create fraudulent interactions between people you thought you could trust. Building an estate plan requires interacting with other people typically, so fraud can occur but there are measures you can take to ensure you don’t fall prey to people’s desire for wealth. This article examines how fraud can affect the planning of your estate and methods you can take to prevent fraud from occurring, complete with case examples. Forging Signatures It can be as simple as catching an unfamiliar signature marring an otherwise flawless will or trust that was supposedly signed by a deceased relative. Suspicions of an invalid signature may
When we talk about estate planning, most people have a misconception that it is meant for the older folks and rich and wealthy people. However, it is completely wrong to think that lower-income people don’t need estate planning. Estate planning is meant for everyone irrespective of their age and monetary status. While we say monetary status, it not only means the income that a person earns but also the savings which are actually a more important factor in building an estate. While the high earner comfortably saves, it’s challenging for a low-income individual to save money while fulfilling the basic needs of their family. Estate Planning- Low-income individuals generally are liable either to low or no income tax which is
Estate planning also involves some accounts like the saving and retirement accounts, insurance policies, etc., that can’t be distributed according to your will and pass on according to your designated beneficiaries in the form allotted by that particular financial institution. While opening an IRA account, you need to fill a form designating a beneficiary to specify how the money in that account will be distributed after your demise. This designation overrides whatever you have mentioned in your will or trust whatever you have opted for your estate planning. Estate Planning- However, apart from making mistakes like the way of investing funds and saving strategies, the biggest blunder can be not naming or naming a wrong beneficiary which either goes undetected
Having an estate plan is important for everyone. It doesn’t matter if you are young, or you don’t have a lot of assets because it is a needed step towards securing your assets and passing them to your heirs. A lot of people are ignoring or delaying estate planning just because they think that they don’t need it. We all know that death can come for anybody at any age but what about our family? We wouldn’t want to risk their security, their happiness, and most importantly their inheritance in order by not planning ahead and creating an estate plan. Estate planning can come with a lot of benefits for your family even after you’re gone. Also, good planning for