According to studies conducted by the Pew Research Center, overall divorce rates have gone down in the United States. Despite this, studies show that the rate of divorce for couples over the age of 50 has almost doubled since 1990.
Many individuals in Massachusetts and elsewhere may feel that one of the most intimidating aspects of planning an estate pertains to considering the unknown. The prospect of asking questions about what will happen should one become incapacitated or pass away can seem a daunting task. However, asking and answering certain estate planning questions could help alleviate a great deal of uncertainty.
There may be a multitude of individuals who are under the impression that certain estate planning options are only beneficial for the wealthy. Unfortunately, this common misconception could lead some into choosing to avoid the process altogether. By seeking guidance on all the possible benefits of setting up a trust, individuals in Massachusetts may become better prepared to make informed decisions about the future of their estate.
Many individuals in Massachusetts and elsewhere may consider it vital to have a strategy in place to provide their loved ones with the necessary support after they pass on. In some cases, a person may have the option to use assets stored within an IRA to provide support to beneficiaries for extended periods of time. However, with changes to the rules that govern inherited IRA accounts on the horizon, those who wish to plan for the future may find it advisable to seek guidance on other estate planning options, such as setting up a trust.
In a digital era, it is becoming more and more common for individuals in Massachusetts and elsewhere to store a significant portion of their information online. Although there may be a variety of estate planning options that cover how digital assets will be handled, this part of the process could go overlooked at times. Those who wish to gain a better understanding of how to incorporate these assets into their estate plans could benefit from obtaining insight into what constitutes a digital asset.