Estate Planning
Wills, trusts, and protecting wealth for heirs
Week 49 Day 1: Why Estate Planning Matters Even If You Are Not Rich
Estate planning is not about being wealthy. It is about making sure the people you love are not burdened with legal chaos when you die or become incapacitated. Without a will, the state decides who ge...
Week 49 Day 2: Wills vs. Trusts: Which Do You Need?
A will tells a probate court what to do with your assets after you die. A revocable living trust holds your assets during your lifetime and transfers them to your beneficiaries when you die without go...
Week 49 Day 3: Beneficiary Designations: The Override Nobody Checks
Your 401(k), IRA, life insurance, and bank accounts pass to whoever is named on the beneficiary form -- regardless of what your will or trust says. If you named your ex-spouse on your 401(k) in 2005 a...
Week 49 Day 4: The Federal Estate Tax: Why Most People Should Not Worry
The federal estate tax only applies to estates exceeding $13.61 million per individual ($27.22 million per married couple) in 2024. Fewer than 0.1% of American estates owe federal estate tax. If you a...
Week 49 Day 5: Powers of Attorney: Protecting Yourself While You Are Alive
A power of attorney names someone to act on your behalf if you cannot. A financial power of attorney lets your agent pay your bills, manage your investments, file your taxes, and handle real estate tr...
Week 49 Day 6: The Step-Up in Basis: A Massive Tax Break at Death
When you die, your heirs receive your taxable investments with a 'stepped-up' cost basis equal to the market value at the date of your death. If you bought stock for $10,000 and it is worth $100,000 w...
Week 49 Day 7: Your Estate Planning Checklist: The Documents That Protect Your Family
Estate planning is not a one-time event. It is a set of documents you create, review periodically, and update after major life changes. Get the basics done this month, and your family is protected. Ev...