The good news about that is that generally, you will be able to treat that account as a "spousal rollover IRA if inheriting from your spouse. If the owner is not your spouse, you may be able to treat it as an Inherited IRA or "Stretch IRA," which has some significant tax advantages to you.
Estate planning mainly centers on planning for tangible assets, like property you own, investments, bank accounts, family heirlooms and other items of value. But, you may want to include provisions for your digital assets. That includes things like:
When a Michigan resident passes away without an estate plan, it can have devastating consequences for surviving family members and potential heirs. For example, imagine your mother died without a will and the court must divide her estate between you and your five siblings.
A personal representative is appointed by a probate court judge to manage the administration of an estate when someone dies with or without a will and has not transferred all their property into a living trust. If the decedent had a last will and testament in which they named the person they wanted to serve as personal representative, the probate court judge will most likely honor his wishes and appoint this individual. The personal representative of an "intestate" estate, one without a valid will, is commonly called the estate's "administrator."
Many people make plans for various aspects of their retirement, but how many plan for their mental health as they grow older? The Journal of the American Society of Neurology reported a study last year showing how to plan to reduce the chances (and severity) of dementia. The report showed that older people who engage in regular exercise experience far less cognitive decline than those who get little or no exercise. The difference in cognitive decline is equivalent to the decline you would expect from ten years of aging.
Many parents worry that their child with special needs may find life impossible once they are gone. After all, the often astronomical cost of living with special needs requires government assistance, but leaving a large sum of money to a beneficiary may disqualify him or her from receiving that crucial help.
Family Plan is a Matter of Trust
Mike Illitch, who bought the team for $85 million in 1992, died Feb. 10 at age 87. Because his widow, Marian Illitch, owns MotorCity Casino Hotel, she is prohibited from inheriting the Tigers under Major League Baseball's rule that forbids team owners from having any stake in gambling operations.