When a person uses a will to leave property to their family, friends or the causes they support, the act is known as a bequest. A bequest can be the cash, investments, jewelry or other items that a person passes to beneficiaries when they die.
When beneficiaries receive a payout from a life insurance policy, they typically don’t have to pay taxes. However, there are a few situations where a portion of the life insurance benefit is taxable to the beneficiary.
Restful sleep is important to every human. If you’ve ever tended to a newborn or gotten up repeatedly in the night with caregiving duties, you know what a luxury a good night’s sleep is—and how tough it can be to achieve.
As we grow older, many of us fear the possibility that we could be diagnosed with dementia. Few things are more frightening than the thought of losing our independence to this progressive disease. Researchers at the University of Cambridge now say signs of dementia may appear up to nine years in advance of when the illness is typically diagnosed.
One reason for having a will is to make sure your wishes are carried out. If you die “intestate” (without a will), your assets will be distributed by state law, not by your desires.
The future is uncertain. However, you can ensure that your family and loved ones are taken care of with estate planning. Estate planning is a critical component of financial planning for the future.
When the rapper Coolio died in September, he joined a group of notables that includes Prince, Howard Hughes and Pablo Picasso—all of whom died without specifying who should inherit their money and estate.
