Downs Law Firm, P.C.
Your legacy is what you leave behind: What people will remember about you and receive from your life? Legacy planning is about fostering your relationships and passing on what is most important to you for your loved ones.
The list of things you need to do after someone dies can seem endless, especially during a time when you are also grieving.
One wrong decision can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.
When you open a financial account, you’re often asked to name a beneficiary. Simply stated, a beneficiary is someone who is entitled to the benefits of the account on the death of the account holder. For example, if you’ve purchased life insurance, you name a beneficiary who receives the benefits of the policy when you pass away.
Receiving an inheritance can be a double-edged sword. On the one hand, it’s overwhelming, thanks to the intense emotions associated with losing a loved one combined with the confusion about what to do with the newly acquired assets. On the other, an inheritance can re-invigorate your finances and create new opportunities for you and your family.
Unfortunately, credit card debts do not disappear when you die. Your estate, which includes everything you own–your car, home, bank accounts, investments, to name a few–settles your debts using these assets.
Liz Hurley’s son Damian has won a legal fight against his grandfather who tried to cut him out of his inheritance.
Do not put off finalizing and signing your estate planning documents just because you have reached an impasse on who to name as trustee.
There’s a misperception that estate planning is only for the ultra-wealthy.
You may be surprised at how easy it is to make an expensive mistake with your beneficiary designations.
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