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30-something childless male with one year to live. What do I need to do to make my passing less stressful for my family?
Anonymous10 views5 answers
I want to leave $10,000 cash for my burial costs.
I want to leave my retirement account to my mom, but cannot cash out until I die or quit my job.
I also want to transfer some investments that I have to my mom since the investments are doing well.
I want to leave my car to my sister so she can either use it or sell it and keep the money.
Will any of those items be taxed?
Also, could I just liquidate my assets and write my mom a check?
My estate will be worth no more than 50K. No debt except a school loan which will be forgiven in the event of my death.
Adding to the other answers. Be sure and check with your employers HR people to see who will get your last paycheck, company provided life insurance, pension money and change as you wish.
This person should create a simple will since his or her probate estate will be less than $150,000. Also, this person should also have an advance health care directive and power of attorney in place in case of a lengthy incapacity.
See an estate planning attorney who can help you with the best methods of organizing your assets for disposition to your loved ones with minimal hassle.
