Paying half a million dollars a year in life insurance premiums would sound extreme to most families. But for one woman with a $60 million estate, that is exactly what her financial advisers are recommending,  even though she already holds multiple large policies. The issue surfaced during a recent call to “The Ramsey Show,” where her daughter, Sarah, explained that her mom is being encouraged to add another $300,000-a-year life insurance policy on top of the coverage she already has. Altogether, the prem ...

Quick Read Probate attorney fees are calculated as a percentage of estate value. Some estates lose over $100,000 to court supervision. Revocable living trusts bypass probate entirely by transferring assets directly to beneficiaries without court involvement. Unfunded trusts provide zero probate protection. Many families pay for trust documents but never complete the retitling process. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dre ...

If I need to quickly grab and go and beat it out of my house because there's a fire in my neighborhood or my home is flooding, I need to have uh quick access to documents that are important to me. So, when I say that, I mean identification documents. I mean copies of your license, your passports, deeds to your home, titles to property.David, what's the one conversation that you try to avoid having. >> Oh, your heated debate about why Madonna was robbed of an Oscar in 1997. >> No, I'm talking about money.>> ...

If there’s no planning at all: Without a beneficiary, will, or trust, the probate court appoints an administrator to handle everything. This person distributes assets according to your state’s intestacy laws — not the deceased person’s wishes. The process typically takes six months to over a year and can cost $1,500 to $7,000 or more in court and attorney fees.If there’s a trust with a trustee: A revocable living trust bypasses probate entirely. The trustee (the person managing the trust’s assets) can distr ...

Core Insights - The United States is approaching the largest wealth transfer in history, with approximately $105 trillion expected to be passed from baby boomers to heirs by 2048 [4][5] - Tax implications and distribution methods will significantly influence how much heirs, particularly Gen X, millennials, and Gen Z, receive, affecting their financial decisions and the broader economy [3][4] Wealth Transfer Limits - As of 2026, individuals can transfer up to about $15 million tax-free to heirs during their lifetime, with amounts exceeding this limit subject to federal taxes [1][6] - An annual gift exclusion allows individuals to give up to $19,000 per person without reporting to the IRS, with excess amounts deducted from the lifetime limit [7][8] Generational Perspectives - Millennials and Gen Z are expected to inherit the largest share of wealth, but they approach money differently than previous generations, focusing on flexibility and sustainability [2] - There is concern that these younger generations may not be fully prepared for the impending wealth transfer due to limited financial education and planning [2] Financial Planning and Strategies - Effective estate planning, including wills, trusts, and strategic gifting, is crucial for families to ensure a smooth wealth transfer and minimize tax liabilities [12][18] - The step-up in basis provision allows heirs to inherit assets at current market value, significantly reducing capital gains tax liabilities [9][10] Impact on Housing Market - The wealth transfer is likely to increase housing inventory as baby boomers downsize or transfer family homes, creating opportunities for younger families in the housing market [17]

It's essential to have a will to let your loved ones know your final wishes. You also want to make sure they know where to find important financial information. Make a list of your bank, retirement, and investment accounts and passwords to access them.Don't forget to include your social security number on this list, too. For CNBC, I'm Sharon Eper. >> Sign up for the Money101 newsletter.Go to cnbc. com/money101. ...

Core Insights - Roth retirement accounts are highlighted as powerful tools for wealth building due to their tax-free growth and avoidance of required minimum distributions (RMDs) during the owner's lifetime [2][5] - The simplicity of paying taxes now for tax-free withdrawals later appeals to retirees concerned about tax uncertainty and estate planning [3][5] Tax-Free Growth Advantage - The tax-free growth of Roth accounts can significantly compound over time, with a modest S&P 500 investment from a decade ago nearly quadrupling in value [4][8] - Taxable accounts incur approximately 15% in capital gains taxes upon withdrawal, while Roth accounts preserve all gains, allowing for continued investment compounding [4][8] RMD Feature - Traditional IRAs require withdrawals starting at age 73, which can force retirees to take taxable distributions regardless of their financial needs, whereas Roth IRAs do not have this requirement [5][8] Inflation Considerations - With inflation potentially cutting purchasing power nearly in half over a 30-year retirement at the Federal Reserve's 2% target rate, Roth accounts help maintain purchasing power without incurring new tax obligations [6] Limitations of the Advice - Orman's guidance may not apply universally; individuals currently in high tax brackets but expecting to be in lower brackets during retirement might benefit more from traditional IRAs or 401(k)s [7]

“I had suggested charging him 2% per annum interest on any sums advanced.” (Photo subject is a model.) - Getty Images/iStockphoto Dear Quentin, I have been managing my widowed mother’s finances for the past few years. She is 90 years old and her trust consists of a home, an IRA that I am trying to gradually wind down over the next five years, and other holdings, mostly Treasurys. The trust is to be divided among my sister, my brother and me, with my sister receiving 44% of the estate and my brother and I ...

Core Viewpoint - Brian Hill, Founder and Executive Chair of Aritzia, is selling shares for estate planning, investment diversification, and charitable giving purposes while remaining the largest shareholder with approximately 15.9% equity interest in the company [1][3]. Offering Details - Aritzia announced that Brian Hill and related entities will sell 1,537,000 subordinate voting shares at an offering price of $130.20 per share, resulting in total gross proceeds of $200,117,400 [2][4]. - The offering will be conducted through BMO Capital Markets on a bought deal basis, and the proceeds will go to the selling shareholders, with the company not receiving any funds from the offering [2][3]. Shareholder Structure Post-Offering - After the offering, there will be 97,286,183 subordinate voting shares and 18,392,244 multiple voting shares outstanding [4]. - Following the offering, the Hill Entities will hold no subordinate voting shares and 18,392,244 multiple voting shares, representing an equity interest of approximately 15.9% and a voting interest of approximately 65.4% [12]. Regulatory and Offering Process - The shares will be offered via a short form prospectus in all Canadian provinces and territories, excluding Quebec, and may also be offered internationally [5]. - A preliminary short form prospectus will be filed by January 19, 2026, with the closing of the offering expected around January 29, 2026 [5].

Debt can be a powerful vehicle for building wealth, but only if you have enough time to take advantage of the leverage that debt provides and turn it into a profit. Taking on significant debt just before retirement only invites disaster.You stuck to your investment strategy so far, don’t give up just before the finish line.Do not let yourself be convinced to invest in risky or new ventures. While you might get lucky and make a lot of money, you have to weigh that possibility against losing it all. There are ...