Many parents in the Christian faith appoint close friends or family members as Godparents of their baby during the baptism or christening service. These Godparents promise to bring the child up in the faith and love and protect the child. Most find that being asked to be a Godparent is a treasured honor and take the role very seriously.
- Stimulus Checks:$1400 direct payments to individuals earning up to $75,000 annually. Eligible adult dependents also qualify for these payments. Those collecting Social Security or VA benefits automatically receive the payment even if they did not file tax returns.
There are times when a loved one becomes incapacitated or incapable of managing his or her own affairs. Ideally, prior to the emergency situation, the person will have executed power of attorney documents authorizing a trusted agent to step in.
Creating a will or trust allows you to designate who will receive your assets after you pass away. You can name your partner as the sole beneficiary in your will or trust or you can designate only certain assets to be distributed to your partner.
While many families may prefer the simplicity of outright gifting, setting up an irrevocable trust may be a better way to preserve assets for the future and provide a longer legacy. An irrevocable trust cannot be changed after it is created.
It can be a difficult task in estate planning to figure out how to divide an estate unequally but fairly between children, according to the Wills, Trusts & Estates Prof Blog in "Dividing Your Wealth Among Your Children."
Recently, the SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019) imposed a 10-year limit on distributions from an inherited IRA. A beneficiary who is not the IRA owner’s spouse is now required to withdraw all funds from the inherited IRA within a 10-year period.
As you may already assume, the mortgage does not simply disappear. It must be repaid, but there are several different approaches available to pay it off.
While the children may have fond memories of the family vacation home, they may not be able to afford it or even want it after you pass, according to the Globe and Mail in "How to keep the cottage in the family."
“Waste not, want not” is a widely held belief system for America’s baby boomer generation and the elderly. While conservation and frugality can be a beneficial strategy, in excess, this belief system can lead to dangerous hoarding behavior.