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What Is a Durable Power of Attorney?
Establishing a durable power of attorney can be an important aspect of estate and lifetime planning, especially for aging seniors without immediate family.
Can a Trust Be a Beneficiary of an IRA?
Listing a beneficiary for your IRA is almost always an advantageous move. It helps ensure that your wishes for the retirement account are carried out upon your passing. Specifically, the retirement account is transferred to the person you’ve listed as a beneficiary. This is far better than having the account go off to probate.
Collectibles as an Alternative Asset: What You Need to Know
Collectibles can take many forms and whether a particular collectible will grow in value is a gamble. Remember the Beanie Baby investors? But collectibles often have a benefit that is unique compared to other investments. When looking to diversify a portfolio, could collectibles be a part of your investment strategy?
How to Get Power of Attorney
Designating a power of attorney (POA) for your accounts serves several purposes. A POA can act on your behalf during a real estate investment transaction or make decisions regarding personal financial assets or medical care if you become incapacitated.
Can an Executor of a Will Be a Beneficiary?
When an individual creates their last will and testament, they designate someone to execute their instructions. That person, referred to as the will’s executor, is tasked with ensuring that the will's provisions are followed. If a will lacks a designated executor, the probate court will name one for the job. The executor must act in the best interests of the estate as a whole, even if that is counter to the wishes of one or more beneficiaries. If the beneficiaries don’t want the instructions in the will carried out, the executor is obligated to follow the instructions of the deceased, not the beneficiary. It’s important to note that an executor cannot change or delete beneficiary designations.
Can You Depreciate Inherited Property?
Investors can take advantage of tax deductions by using depreciation on their investment properties. Depreciation is available for residential and commercial real estate owners who use their properties for business or income-producing means.
Can a Minor Be a Beneficiary?
We’ve written extensively about beneficiaries in previous blogs, and for very good reason. Wealth building through investments is only part of the issue. The other part is your passing. Specifically, naming a beneficiary helps ensure your wealth is successfully transferred without legal wrangling over your estate.
What Is Next of Kin and How Does it Work?
If you die without leaving a will, you leave behind a complicated financial situation for your potential heirs. Regardless of any wishes you had for your estate while you were alive, your financial assets will be distributed according to the laws of your state.
How Many Beneficiaries Can You Have?
Creating a will can alleviate many legal and financial considerations upon your passing. It’s a legally binding document that ensures your spouse, children, and other named heirs are the beneficiaries of your estate. A will also avoids tying up your estate in a lengthy probate process that can delay the distribution of physical and monetary assets to your heirs.
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