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When you die, you leave behind your estate. Your estate consists of your assets—all of your money, real estate, and worldly belongings. Your estate also includes your debts, expenses, and unpaid taxes. After you die, somebody must take charge of your estate and settle your affairs. This person will take your estate through probate, a court-supervised process that winds up your financial affairs after your death. The proceedings take place in the state where you were living at the time of your death. Owning property in more than one state can result in multiple probate proceedings. This is known as ancillary probate.
“I once had a client tell me his goal was to die with just enough money to pay his very last doctor’s bill,” says CAPTRUST Financial Advisor Mike Gray. Even though the comment was made in jest, the client was serious about not exhausting his money too soon. Gray says this is a common concern.
Question: I run a family business that my children will inherit. How can I make sure they are financially prepared for this transition?
Mitzi and Steve Deal of Charlotte, North Carolina, like to think of their mountain house as a gift to their family—one that will keep giving for generations.
With student loan payments restarting and prices for household goods now higher than ever, many people are wondering how they’ll fit these payments in. In this article, learn tips for paying off student loan debt, how to establish a budget, and where to turn for additional help.
Early on, when Denise Gehringer talked with friends about plans for her son, Jacob, who has Down syndrome, she often heard the same refrain.
The stereotype of the ambition less adult child living in their parents’ basement is firmly entrenched in American culture. A less predictable scenario is the married college graduate with two children and an established career who still relies on their parents to help pay bills. Yet this is a reality for nearly half of parents from the baby boomer generation.
In 2022, more than 2.4 million people became the victims of financial fraud, losing a total of nearly $8.8 billion, according to the Federal TradeCommission. People of all ages lost money, but the amount was highest for people over 50, and it increased in correlation with the victims’ ages. In other words—and not surprisingly—as we age, we are more likely to be taken advantage of financially.
