Estate planning is an important topic for all of us to consider from time to time, especially when major life changes occur. Readers who have been with me for some time know I've been doing an ongoing series of presentations on QuantiaMD about financial topics. My latest, # 7 in the series, is all about estate planning. It discusses wills, trusts, beneficiary designations, estate taxes, and probate.
Prior QuantiaMD presentations can be found at the following links.
#1 Live Like A Resident (806 comments)
#2 Student Loan Management (399 comments)
#3 Your Largest Tax Break (762 comments)
#4 The Backdoor Roth IRA (777 comments)
# 5 The Safe Withdrawal Rate (337 comments)
# 6 How Much Do You Need To Retire (604 comments)
Once you've caught up, read # 7, Estate Planning, What You Need To Know, then come back and let me know what you thought. If you qualify (basically any medical professional) I recommend you register. There are a lot of good, short presentations there.
What do you need to do with regards to estate planning? What have you already done? Comment below!
Is there a way to see this presentation without registering at QuantiaMD?
You’re not supposed to have to register until the end of the presentation. I’ll email them and get it fixed if that isn’t happening.
It doesn’t allow me to watch it on my iPhone without registering. On the laptop I can see the first minute of the presentation. At the point where one has to make the choice of whether one has a will or not, that’s when it directs you to register (with no choice to continue without registering)
I emailed them and asked them to make sure it only asks at the end of the presentation. Hopefully that’ll be corrected tomorrow.
Do you suggest lawyer involvement when you make a will or any of the online options? (ie legalzoom)
Thanks!
I think LegalZoom or similar is probably fine for a very basic “I love you” will, but anything more is probably worth some lawyer time.
Looks like it is fixed now, btw.
Do you know if the Inheritance Tax is based on the the state of the deceased or the beneficiary? I would assume the beneficiary.
This a good nudge to review my docs. We set up a Trust but we haven’t re-titled anything. I believe the trust is now the secondary beneficiary on all eligible accounts and the will says to put everything else there. That doesn’t help with probate but I think it makes it easier to dole out money to the kids at certain ages.
The PA inheritance tax is based on the state of residency of the deceased not the beneficiary. That is that is true for the other couple of states athat I am familiar with as well.
In PA, even though the ultimate responsibility for the tax is on the beneficiary, normally the estate will file an inheritance tax form and pay all the tax due as part of the probate process.
Aside: The exclusion amount in PA for inheritance tax is only $3000 for the entire estate. So it definitely factors into estate planning.