Category Archives: Bank Accounts
How Do Joint Accounts and Beneficiary Designations Work in Estate Planning?
Most people think a will is the most important tool in the estate planning toolbox, but in many instances, it is not even used. Assets in the will go through probate, and wills control assets in your name only. If you don’t have a will, your state laws will provide one under its law… Read More »
What Should I Know about Beneficiaries?
When you open almost any kind of financial account, like a bank account, life insurance, a brokerage account, or a retirement account – the institution will ask you to designate a beneficiary. You’ll also name beneficiaries when you create a will or other legal contracts that require you to specify someone to benefit. With… Read More »
What’s Happens to Digital Assets, When You’re Gone?
We all have many more digital assets than we realize. What happens to those assets when we die?, asks Investment News in the article “4 ways to help clients control their digital afterlife.” The answer is not that simple. There are a large number of rules that survivors must untangle, and many family members… Read More »
How Joint Tenancy Creates Problem for Seniors
Parents putting children or other family members as joint owners of their assets. is another example of a simple solution for a complex problem. It doesn’t work, even though it seems as if it should. As explained in the article “Beware the joint tenancy trap” from Monterey Herald, putting another person on an account,… Read More »
How to Locate or Get Copies of Your Aging Relative’s Important Documents
If you are serving as a caregiver for an aging relative, you know the job involves more paperwork than you ever imagined before taking on the responsibility. The task of caregiving is even more challenging, when your loved one cannot find her essential documents. You might need a copy of your parents’ wedding license… Read More »
Are Inheritances Taxable?
Inheritances come in all sizes and shapes. People inherit financial accounts, real estate, jewelry and personal items. However, whatever kind of inheritance you have, you’ll want to understand exactly what, if any, taxes might be due, advises the article “Will I Pay Taxes on My Inheritance” from Orange Town News. An inheritance might have… Read More »