Parents with resources could purchase the property for the child, but that often does not drive the right incentive. How then, do you get the funds to the child in the most responsible and tax-efficient way?
The distribution of wealth among beneficiaries through your final will and testament is often a complex and sensitive issue, one that can potentially spark conflicts and legal challenges among family members.
The closer we get to 2025, the more complicated estate planning gets for people who have an amount between where the limits are now and where the limits might be in 2026.
Before the original SECURE Act, IRA owners who died were able to leave their accounts to their children, grandkids, or other non-spouse individual beneficiaries, and heirs could stretch required minimum distributions (RMDs) over their own lifetimes, thus allowing the funds in the accounts to grow tax-free for decades.
Wills and trusts, instead of designating a specific person to inherit, often name a group or class of people such as your ‘children,’ ‘issue’ or your ‘descendants.’
Estate planning is an activity many families, especially in lower-income communities, don't often use, despite its many benefits. Two-thirds of Americans don't have a will, according to the 2022 Caring.com survey.
Estate planning is a crucial aspect of financial management, ensuring that an individual’s assets are distributed according to their wishes after their passing. One key document in estate planning is a “last will and testament,” commonly known as a will.
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Graber & Johnson Law Group, LLC is devoted to serving clients in the highly specialized areas of estate and business planning. Book a time to meet the Graber & Johnson Law Group Kansas Estate Planning Law Firm.