Q&A: My Parents Shut Down When I Try to Talk About Estate Planning. How Can I Help Them Open Up?
QUESTION Q: My parents shut down when I try to talk about estate planning. How can I help them open up? –Concerned Son ANSWER A: Concerned, It can be difficult for some people to talk about estate planning because they don’t like to think about dying or may feel like the conversation is a…
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Q&A: Can you explain how the administration of a will works?
QUESTION Q: Can you explain how the administration of a will works? –Taking Care of Mom ANSWER A: Dear Taking Care: In order for assets in a will to be transferred to a beneficiary, the will must first pass through the court process known as probate. During probate, the court oversees the will’s administration,…
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Q&A Can I leave my 401(k) to my minor children when I die?
QUESTION Q: Can I leave my 401(k) to my minor children when I die? –Pondering Parent ANSWER A: Dear Pondering: Though you can technically name a minor child as a beneficiary of your 401(k), IRA, or other employment-sponsored retirement accounts, it’s never a good idea. Minor children cannot inherit the account until they reach…
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Q&A Do I need to create a new will if I move to another state?
QUESTION Q: Do I need to create a new will if I move to another state? –Curious Mover ANSWER A: Dear Curious: Most states will accept a will that was executed properly under another state’s laws. However, there could be differences in the new state’s laws that make certain provisions in your will invalid.…
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Q&A: How do I include cryptocurrency in my estate plan?
QUESTION Q: How do I include cryptocurrency in my estate plan? — Crypto Owner ANSWER A: Dear Crypto, If you own cryptocurrency, you must leave detailed instructions for accessing it, and ensure that one or more trustworthy people know about your crypto and how to find these instructions. Since accessing crypto can be a…
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Q&A: What is the federal estate tax?
QUESTION Q: What is the federal estate tax? — Tax Planner ANSWER A: Dear Planner, The federal estate tax is a tax on the value of a person’s assets at the time of their death. If the total value of your estate is above a certain amount, known as the federal estate tax exemption,…
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Q&A: What estate planning should my child have in place once they reach adulthood?
QUESTION Q: What estate planning should my child have in place once they reach adulthood? — Proactive Parent ANSWER A: Dear Proactive, Once your kid becomes a legal adult—which is age 18 or 21, depending on your state—many areas of their life that were once under your control will become entirely their responsibility. And if…
Read More Q&A: What is a pour-over will?
QUESTION Q: What is a pour-over will? — Prudent Planner ANSWER A: Dear Prudent, For a living trust to function properly, you must first transfer the legal title of any assets you want to be held by the trust from your name into the name of the trust. Because it can be difficult to…
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Q&A: Can I tap into my retirement savings to pay for my child’s college education?
Q & A: QUESTION ______________________________________________________________________________ Q: Can I tap into my retirement savings to pay for my child’s college education? —Pondering Parent ANSWER ______________________________________________________________________________ A: Dear Pondering: If your kids will need financial assistance, beyond student loans, to pay for their college education, it’s vital that the way in which you choose to save…
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Q&A: What is the “contestability period” on a life insurance policy?
Q & A: QUESTION ______________________________________________________________________________ Q: What is the “contestability period” on a life insurance policy? —New Beneficiary ANSWER ______________________________________________________________________________ A: Dear Beneficiary: Most life insurance policies contain a contestability period. Such periods are typically between one to two years, and if the insured dies during this period, the insurance company can investigate the…
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Clarifying Questions
Q&A: Can I leave my 401(k) to my minor children when I die?
Q: Can I leave my 401(k) to my minor children when I die? -Pondering Parent ANSWER A: Dear Pondering, Though you are technically allowed to name a minor child as a beneficiary of your 401(k), IRA, or other employment-sponsored retirement accounts,…
Q&A: Should I leave money for my child with special needs in my will?
Q: Should I leave money for my child with special needs in my will? – Prudent Parent ANSWER A: Dear Prudent: No, and let me explain why—when planning for a loved one with special needs, you must be extremely careful…
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