It is the responsibility of the surviving spouse or the estate’s executor to notify lenders on joint accounts, to close out accounts in the deceased’s name, and to notify the three major credit agencies.
A premium bond has a coupon rate higher than the prevailing interest rate for that particular bond maturity and credit quality. A discount bond, in contrast, has a coupon rate lower than the prevailing interest rate for that particular bond maturity and credit quality.
There is a way to get a partial deduction for money that will eventually go to your children. A charitable lead annuity trust gifts money to a charity first, and then passes assets to your beneficiaries.
Why naming your Estate as your IRA Beneficiary may not be a good choice.
Get familiar with the Alternative Minimum Tax and learn what triggers this part of the tax code.
Many retired workers find that there are little or no tax reductions AFTER their working years. We’ll explain tax planning for retirement on this edition of Project Wealth.