Everything each spouse earns during their marriage is community property. Fortunately, a gift or inheritance is separate property. However, that’s only half the battle.
Revocable trusts are a very popular and effective estate-planning tool. However, the trust will be ineffective, if you do not actually place your assets in the trust.
Is there a person on the planet who doesn't love the Peanuts characters? Snoopy, Charlie Brown, Lucy, Pigpen, Schroeder, and the gang are the iconic creations of Charles Schulz. In fact, it is still so popular that they earned Schulz's estate $32.5 million over the last year, two decades since his death due to cancer.
For some older homeowners, a reverse mortgage can be a way to supplement retirement income, consolidate debts or cover expenses, like health care. For scam artists, they can be a lucrative tool to fleece people in their 60s and up out of large sums of money, or even their homes.
According to Pew Research, roughly 13 percent of self-employed workers in single-person firms reported participating in retirement plans at their current jobs, compared to almost three-quarters of traditional workers.
Robert Redford officially bought what was once the Timp Haven Resort (now known as the Sundance Mountain Resort) in 1969. This year, he's stepped away, selling the resort to Broadreach Capital Partners and Cedar Capital Partners. While we don't know how much the resort was sold for, the structure of the sale shows how this iconic real estate investor has built a successful exit strategy.
Debts, just like assets, are considered part of a person’s estate. When that person passes away, their estate is responsible for paying any and all remaining debts. The money to pay those debts comes from the asset side of the estate.
Done right by a lawyer, your heirs can avoid the expense and time of probating your will and may save on estate taxes, while easing the administration of your affairs while alive and after you have gone.
Social Security can be a confusing topic but considering that 88% of workers expect to depend on their benefits at least somewhat in retirement, according to a survey from Gallup, it's important to understand as much as possible to maximize your monthly checks.