Whenever new laws come into practice, they can change your estate plans. A new retirement law will be affecting IRAs and estate plans in Florida, according to a Jan. 13 report.
Posts tagged "Estate Planning"
The New Year is just around the corner, so this is a great time to start thinking about your estate plan. 2020 is going to be a year of many changes, with a presidential election and new laws from last year starting to be enacted.
If you are considering putting together a living will, it's important that you understand what it is and how it works. A living will is a legally binding document that tells others your end-of-life preferences. It can tell people if you'd like medical technology to be used to help keep you alive or if you'd like to go without artificial life-support apparatuses.
When you're trying to decide how to approach creating an estate plan, it may seem overwhelming. After all, there are several things that you may want to include in your estate plan and dozens of factors that influence your choices.
Once you've reached your 50s, it's time to start looking closely at your estate plan. There are many good financial moves to make at this stage of your life. Turning 50 is a great time to address many of these financial needs and concerns because most people are once again empty-nesters and are in the position to begin saving and paying off debt.
If you're just starting to learn about estate planning, you may have many questions. If you're younger, you may not be sure why you need a will or to set up an estate plan. If you're older, you might think the state laws will protect you.
By the time you reach your 40s, you're likely going to be in a position where you need to start thinking about your assets and protecting them for your beneficiaries. You may have children, multiple properties, a large savings or other factors to consider.
If you are fortunate enough to become wealthy during your lifetime, then you need to focus on estate planning early in life. As a family with many assets, estate planning will help you prepare for the future.
If you're young and need to develop an estate plan, it can seem premature. After all, you may have decades to live before you even have to worry about the kind of protections that an estate plan provides.
Everyone has an estate, no matter how big or small. You may believe that it's unnecessary to protect your estate if it's not very large, but that couldn't be further from the truth. People who have loved ones who they'd like to have become their beneficiaries in the future and those who have children who need guardians will all benefit from estate plans.