Discussing estate planning with your aging parents is vital to protect their wishes. It can be a hard conversation to start. However, it’s still necessary.
Although many cases go unreported, the National Council on Aging suggests that the financial exploitation of the elderly may amount to a staggering $36.5 billion annually. That may just be the tip of the iceberg.
From engaging with people professionally and personally, to posting photos, storing files and accessing our bank account information, this all represents what’s known as our ‘digital legacy.’
There are many ways to hand down a house—from gifts to outright sales, irrevocable and revocable trusts to wills—each with different benefits and drawbacks.
For most families, the estate planning process is more involved than simply naming beneficiaries. While the primary goal of estate planning is transferring assets in an orderly and tax-efficient manner, it’s just as important to focus on preserving wealth across generations.
