Just under half of Americans have a will, according to data from Gallup. J.P. Morgan Wealth Management data suggests that this number may even be lower, especially among Black and Hispanic investors.
One-quarter of Americans said inflation has caused them to think about estate planning, the survey said. Two out of three Americans said they don’t have any kind of estate planning documents.
The first SECURE Act extended the beginning date for taking required minimum distributions from the year after the account owner reaches age 70½ until they reach age 72. Just three years later, ‘SECURE Act 2.0’ has extended this age to 73, and offers a further provision for extending it again, to age 75, beginning in 2033.
The new federal law is called the Corporate Transparency Act (the “CTA”). The purpose of the CTA is to create a comprehensive, searchable, national database of companies.
Memorabilia collections, by their nature, are specialized and unique. When considering your estate planning, it's important to think about what you require of your beneficiaries — if you’re not planning on selling your collection — and how you can make that process as easy as possible for your family. What will your spouse or children have to deal with as they dispose of the items?
While more than half of Americans believe estate planning is essential, a mere 33% actually have a living trust or will. And one out of three respondents who don’t have a will reason that they don’t think they have sufficient assets to warrant estate planning.
When it comes to your financial legacy, business owners and executives who accumulate a significant amount of their net worth in their company’s stock rely on the current tax law stating that the basis in assets left to heirs is “stepped up” at death, to the fair market value as of the date of death.
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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.