Estate planning involves organizing your financial documents—and making sure your family knows where to find them

Trusts are estate planning tools

They’re used as a way to designate assets to beneficiaries while skirting certain taxes and maintaining one’s privacy. They can hold a wide range of assets, including cash, real estate, stocks, businesses, and more.

An online presence provides a means of grieving and honoring individuals after death

Shifting perspectives toward the increasing importance of digital profiles of the dead have made anticipatory management of one's digital legacy more critical. Experts suggest choosing a tech-savvy relative—such as a cousin—over a spouse to reduce confusion about what to preserve or discard, as well as how to access password-protected content.

After a dementia diagnosis, it's important to plan ahead but also savor the moment

The next steps after a diagnosis include taking lifestyle steps to slow disease progression and completing legal paperwork about long-term medical preferences. It's also important to appreciate the moments and days ahead and find humor in them, when possible. (Some users may encounter a paywall.)

Financial caregiving 101

In this podcast episode, a financial expert outlines how to prepare to financially take care of an elderly parent before they get sick or an emergency happens. This includes ensuring their payments are automated, getting access codes for their cell phones and accounts, and more.

Roughly 90% of generational wealth dries up by the third generation, epitomized by the phrase 'shirtsleeves to shirtsleeves in three generations.'

More than half of family offices have succession plans in place

The UBS annual report on family offices found that its clients are preparing for trade wars, generative AI, and generational wealth transfers.

It’s not always clear whether a will or a trust is the best for an individual estate

While trusts are typically more expensive to set up than a will, they also help beneficiaries avoid specific types of taxes, depending on the type of trust. Wills typically go through probate, whereas trusts do not. An article offers a list of questions to consider when deciding between the two.

Smart tips for making the most of your 401(k)

There’s a lot of advice about handling a 401(k), but it can be mired in disclaimers and legalese. Come prepared to your financial advisor or accountant by watching this informative take on how to properly use a 401(k), from consolidating plans to some of the most common errors.

History’s largest intergenerational wealth transfer is happening in the next few decades

The founder of a multifamily office firm offers lessons on how to preserve wealth for generations from a global perspective, like educating younger family members.

The responsibilities of family offices range from managing assets to coordinating travel

Family offices provide a broad swath of services to ultra-high-net-worth individuals that help the family maintain their wealth for generations.

Contrary to popular belief, trusts aren’t only for the wealthy

Trust funds can be expensive to set up, given that their establishment often requires paying a lawyer for their time. But for many, that expense might be worth it depending on the complexity of the assets and the ability to specify when, where or how an estate’s assets are used.

More than half of today's family offices—the private companies that help ultrawealthy individuals manage their fortunes—were incorporated after 2010.

Probate is a legal process that determines if someone’s will is valid

The executor of the will in question not only collects estate assets, but also pays outstanding taxes and more. Grantors sometimes opt for a revocable trust instead of a will so their assets avoid probate in the event of their death.

When a pension holder dies, payments are sometimes passed on to a relative

Those relatives are often the pension holder’s surviving spouses or dependents. This article offers tips from a financial expert on how to make sure your spouse is taken care of during retirement, including navigating a pension’s ultimate destination.

Half of the richest people in the US are finding ways around death taxes

One of the main purposes of the federal estate tax is to crack down on generational wealth, so wealth isn't concentrated among a select few. However, the ultra-rich have found ways around paying these taxes. This ProPublica article investigates the practices used by half of the 100 richest people in the US to avoid death taxes.

Life insurance policies are often recommended for people with financial dependents

If you’re a parent, spouse, business owner, homeowner, or if you hold a lot of debt, you might want to consider life insurance. It can replace a loss of income or pay off debt.

Filing for Chapter 7 bankruptcy can be complex

Debtors must know whether their liabilities are secured or unsecured and what type of assets they have. They also need to know what a filing can and can’t help them with.

How the wealthy are preparing for an estate tax clip

In 2017, the federal government passed a tax bill that raised the estate tax threshold for individuals and married couples. However, this exemption was temporary and is set to expire at the end of 2025. This Bloomberg Tax podcast episode explains what wealthy individuals are doing to protect their estates before the tax change. Listen here.

Certain trusts can bypass estate taxes—but the terms can't be changed

Putting money and other financial assets in an irrevocable trust is one way to avoid estate taxes. There are some cons to this trust, like the fact that you can't change the terms of the trust or assets in the trust after they're set. But a big pro is that any financial assets in an irrevocable trust aren't considered part of your estate, meaning they aren't subject to death taxes.

Life insurance can can cover funeral expenses, loss of income, and more

Life insurance can act as a financial safety net if your main financial provider dies. Among other things, it can cover any debts that were left behind. In this video, a Yahoo Finance contributor dives into why life insurance could be the key financial protection your family needs.

You can draft a will designed to block AI resurrection—but the request may be ignored

Ars Technica spoke with legal experts about how—and if—people could design their wills to prevent AI resurrection. Though this is not yet a common request, one lawyer suggested that people worried about living on in an AI format can draft a power of attorney and a will that prevents those in charge of one's estate from submitting any texts, voice, image, writings, or other personal information to any AI tools.

How couples today manage their finances

In relationships, shared bank accounts used to be the default. Not anymore. Many couples maintain separate finances for practical reasons or to retain greater independence, though many couples experience trust issues as a result. This article checks in on the status of relationship finances and highlights, among other insights, how attitudes toward money are often determined by family history.

How to prepare for cyberattacks

An easy-to-digest checklist on the many ways you want protect yourself from a cyberattack before it happens, if it happens, and after it happens.

Take a bankruptcy self-filing quiz

If a debtor is considering filing for Chapter 7 bankruptcy, it may be tempting to take a do-it-yourself approach to avoid attorney or preparer fees. However, experts caution that this could come back to bite filers. A quiz can help would-be filers explore whether their cases are complex enough to necessitate a lawyer.

Financial rules that many FIRE followers live by include guidelines around tax efficiency and more

Many FIRE proponents follow specific financial rules, like the 4% rule, in order to achieve FIRE. They also take steps to create an efficient tax strategy and take advantage of compound interest.

Five mistakes experts see people make with 529 plans

In this podcast, financial experts review the top five mistakes investors make when it comes to this education investment vehicle. Some mistakes are true for all investments, such as periodically checking for new rules and regulations. Others focus on 529 plans and how to get the most out of them.

Estate taxes are paid out of the estate, while inheritance taxes are paid by beneficiaries

When a person dies, any estate taxes owed are paid out of their finances before being transferred to their beneficiaries—unlike inheritance taxes that are paid by the beneficiaries themselves. In addition to a federal estate tax, 12 states and the District of Columbia have a state estate tax with varying rates.

Trusts offer ways to reduce the taxes beneficiaries pay on assets in one’s estate

People of different socioeconomic classes often decide to establish a trust to avoid certain taxes. When someone dies and leaves assets to beneficiaries in a will, those beneficiaries must pay specific taxes a trust's beneficiaries avoid. It all depends on the type of trust.

Americans are projected to inherit $105T over the next 30 years

Today, someone's financial standing has more to do with their families than any other outside factor. Of the more than $100T of projected inheritance, that money is concentrated among a few wealthy estates and families.

A living will is a legal document spelling out your medical wishes for emergency care

This legal document makes it explicit if you want medical interventions in the event of an emergency, including CPR, feeding tubes, ventilator assistance to push air into your lungs to help you breathe, and more. Talking with your doctor about this is covered by Medicare.

Life insurance offers peace of mind, ensuring that loved ones are financially supported after one's passing

People typically apply for life insurance policies through specific companies or online marketplaces. This video offers more information that's important to know when considering buying life insurance.

Study up on capital gains basics

Common capital gains tax tips include making sure you have money set aside for your capital gains tax burden and considering making estimated payments throughout the year.

Paperwork errors cost families millions in life-insurance payouts

This podcast episode reveals how human missteps by employers and insurance providers caused hundreds of families who paid life-insurance premiums to be denied millions of dollars in death benefits. A Wall Street Journal reporter breaks down how flaws in the system made this happen.

The debate over estate taxes centers on wealth inequality

Since the modern federal estate tax was implemented, people have felt strongly about whether or not to keep it. Much of the debate boils down to equality: Proponents say the tax creates better income equality between the rich and poor, while opponents say it's an inequitable tax only placed on the wealthy.

Family offices are estimated to manage more assets globally than hedge funds

As baby boomers prepare to transfer more than $84T in assets to the next generation over the next 20 years, family offices’ impact is expanding.

Death taxes are placed on a deceased person's estate

Death taxes can include liquid cash, property, stocks, or other financial assets they owned. There are two main types of death taxes in the US: the estate tax and inheritance tax. Death taxes are levied at the federal and state level, but are targeted towards the rich.

A growing number of Americans are leaving trust funds behind for their pets

A pet trust ensures that an animal receives financial support and care if its owner can no longer care for the pet. Some lucky dogs have inherited millions of dollars from their owners.

Gifting money is one way to avoid death taxes

Gifting money while you're alive is one way people avoid estate and inheritance taxes. There is a yearly cap on how much you can give to a person before that money is taxed—but there isn't a cap on how many people you can give money to in a year.

Learn how to set up a trust

Setting up a trust often costs at least a few thousand dollars, given that the process typically requires paying for a lawyer’s time. An article lays out the step-by-step process one should follow in order to set a trust up.

The best investing advice for new college grads

While new college graduates typically don't have much money to invest, creating a plan for the money they earn from their first job can set them up for a promising financial future. This list of investing advice for new grads includes recommendations like enrolling in their company's retirement plan as soon as possible, prioritizing building an emergency fund, and more. Read the full list here.

Less than a third of wealth transfers to the second generation

Just 12% of family wealth reaches the third generation, and 3% makes it to the fourth. Family offices work to prevent that kind of attrition and ensure family fortunes are passed to the next generation.

If you think AI is coming for your job, experts suggest adding more money to an emergency savings fund ahead of time.

7 things to know about inherited IRA rules

An inherited IRA is any kind of IRA or 401K plan you inherited from someone after they’ve died. Since there are different tax advantages for each type of retirement account, the rules you have to follow widely differ based on the account, your relationship to the deceased, and how you want to use the money. Here are the seven things you must know to navigate an inherited IRA.

The do's and don'ts of using AI to manage your finances

Experts suggest avoiding asking AI for investment advice, but say it's useful for basic budgeting help. Read this article to learn more.

Everything you need to know about emergency funds

The general rule of thumb for emergency funds is that you should have three to six months of living expenses saved—but what does that mean exactly? This article answers all your specific emergency fund questions, such as where you should put those emergency reserves, whether you should save three to six months of your full salary or just enough to cover three to six months of bills, and more. Read it here.

Family offices’ estimated wealth is expected to hit $9.5T by 2030

The number of family offices, and how much money under their management, is growing rapidly both in the US and around the world.

How to write a check

Physical checks are not necessarily in vogue anymore, but there are several situations in which one should know how to write them. This article breaks down the basics of checks for beginners, from acquiring a checkbook to filling them out. Consult with their example template to make sure you got it right.

Revocable trusts are typically subject to estate taxes

Irrevocable trusts, however, are not. Both types help beneficiaries avoid probate, the lengthy court process that administers a person’s estate upon death.

Calculate: Do you need to file for bankruptcy?

About 77% of American households had some debt at the end of 2023. However, when debt becomes crushing, it's time to consider a management plan or a bankruptcy filing. This calculator helps explore whether debt is manageable based on inputs like medical debt, payday loans, and gross annual income.

Financial solutions for HENRYs

The term HENRY stands for "high earner, not rich yet." People who fall into the high earner, not rich yet category tend to have some significant blockers keeping them from accumulating wealth, such as lifestyle creep and student debt. This article outlines some financial planning advice specifically for those in the HENRY category—read it here.