The recent federal tax overhaul has had a significant impact on the estate tax.
Financial matters are a critical component to every estate plan, but there are numerous non-financial decisions that should also be made. If you are the parent of minor children, it's time to think about nominating a guardian.
News channels have been reporting the massive rise in the popularity and value of cryptocurrency, for example "Bitcoin." Cryptocurrency is virtual money that is not backed by the government and is typically not held by banks or other traditional financial institutions.
Many people overlook the importance of estate planning. According to a recent study from BMO Wealth management, 52 percent of American adults do not have a will, 40 percent have not discussed their estate with their family, and only 28 percent are aware of their parents' wishes regarding their estate.
If you are fortunate enough to be able to save money for your children's futures, money that will allow them to accomplish their goals and lead comfortable lives after you're gone, be mindful of the challenges that go along with that good fortune.
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In the administration of a person's estate, there are typically numerous details to address and resolve. This includes tax payments, asset location and management, heir identification, property distribution and account closures.