Estate planning

The certainties in life are death and taxes, right? Now that tax season is over, it’s time to turn your attention to the other one. People often arrange for who gets their money, real estate and physical belongings when they die. But what about the digital assets we accumulate in a lifetime—photos, social-media accounts and more? The certainties in life are death and taxes, right? Now that tax season is over, it’s time to turn your attention to the other one. People often…

Congress is on the verge of passing a bill that aims to help Americans save more for retirement and leave their retirement savings untouched and untaxed for longer.The bill nearing approval raises the age people are required to start withdrawing money from tax-deferred retirement accounts to 75 from 72. It increases retirement savings contribution limits for older workers and provides an increased incentive to people with low and moderate incomes to save in retirement accounts. It also paves the way for more employers to…

Kevin Dodge | The Image Bank | Getty ImagesSEATTLE — For many families, paying for college is a financial burden, and experts say education funding myths may be adding to the student loan debt crisis."There's often this perception that somehow people are being penalized for saving for college," said Cozy Wittman, national education and partnerships speaker with College Inside Track. "It's candidly, blatantly not true."Parent-owned 529 college savings plans are assessed at 5.64% when filing the Free Application for Federal…

Petri Oeschge | Getty Images SEATTLE — If you're living together before marriage or committed long-term without plans to tie the knot, you'll need to prepare for the future — or you may face challenges later, experts say.There are "rising rates of cohabitation," with many couples skipping marriage because "they don't see the benefit," said Michelle Petrowski, a certified financial planner at the Phoenix-based financial firm Being in Abundance.Financially speaking, "it can be a blessing and a curse," she said, speaking at…

Vitapix | E+ | Getty ImagesWhile couples might sign a prenuptial agreement before they're married and a "post-nup" after, it's more than just the timing that differentiates these arrangements, experts say."It's a whole different ballgame once you're married," said Martin Shenkman, estate attorney with Shenkman Law in New York City."With a pre-nup, you have no obligation to a spouse," he explained. "With a post-nup, once you're married, you have a legal and fiduciary obligation to your spouse."Shenkman emphasized that it's…

C.j. Burton | The Image Bank | Getty ImagesWhat happens if a loved one dies without a will? Millions of us are bound to find out, as two-thirds of American adults have no will, according to a recent Caring.com study.If a person dies without a will, or intestate, the probate court decides who gets the deceased's property, said certified financial planner Vid Ponnapalli, founder of Unique Financial Advisors LLC in Holmdel, New Jersey."But while the court distributes the property, it is ultimately up to the survivors to…

Jodi Jacobson | Getty ImagesYou don't have to be older and rich to do some estate planning.In fact, regardless of age and wealth, experts say virtually everyone should consider how they want their assets distributed upon their death and what decisions will be made by whom if they are unable to make those decisions later in life.For the sake of yourself — and, more importantly, your loved ones — getting your estate and health-care directives in order can prevent a lot of emotional pain and suffering down the road."A lot of…