FCS5-480: Transferring Cherished Possessions: What is Fair?

Nichole Huff | Aug. 15, 2022 (New)

As any parent, grandparent, or caregiver has experienced, the exclamation "But that's not fair!" has likely been voiced in your family on occasion. Similar sentiments also can be expressed when an estate is settled. This may happen if the will isn't clear or if it leaves the court or executor in charge of determining fairness. To avoid this, you will want to distribute your belongings in a way that minimizes potential conflict among your heirs.

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FCS5-481: Transferring Cherished Possessions: Who Gets What?

Nichole Huff | Aug. 15, 2022 (New)

Estate planning can be a complicated process, especially when considering how to transfer personal property to people who will want and care for it after your death. The task of sorting through a lifetime of belongings can be overwhelming. It's natural to feel a range of emotions or to procrastinate on the task to protect yourself from feelings that may surface. You also may be worried about treating all heirs fairly and not hurting anyone's feelings as you make difficult decisions. Being mindful of family dynamics while estate planning requires you to delicately balance financial, emotional, and psychological considerations.

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FCS5-479: Transferring Cherished Possessions: Where Do I Start?

Nichole Huff | Aug. 15, 2022 (New)

Look around your home. You may have a table passed down to you from a grandparent or a well-worn baseball glove from an uncle. You may own sentimental jewelry, a treasured collection of keepsakes, or an antique that has been in your family for years. Have you ever wondered how you came to inherit these items? Were they given to you directly by a loved one, or did you receive them when the estate was settled after that person's death? Cherished possessions can provide a sense of comfort while grieving the passing of loved ones and can represent a continuation of their legacy for those who inherit the items.

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FCS5-482: Transferring Cherished Possessions: How Can We Communicate Without Conflict?

Nichole Huff | Aug. 15, 2022 (New)

Discussing estate planning details with loved ones can be challenging. Depending on the family dynamics at play, these conversations may be emotional or even stressful if you're managing conflict or strained relationships. Developing a clear plan to distribute your belongings, as well as learning communication strategies to use while estate planning, can ease the process for everyone involved.

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FCS5-475: Understanding Cryptocurrency

Nichole Huff, Kelly May | Apr. 11, 2022 (Minor Revision)

Cryptocurrency--such as Bitcoin, Litecoin, Ether, or others--is a form of digital payment consumers can use to buy goods and services. It exists without tangible corresponding bills or coins, and it is not issued or backed by government agencies. At its core, cryptocurrency is essentially digital computer software. People or entities can transfer it online without the need for a bank or financial institution. The currency is stored within a digital wallet that consumers can maintain either online or offline using a hard drive or paper printout.

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FCS5-476: The Costs of Distracted and Reckless Driving

Nichole Huff | Apr. 11, 2022 (Minor Revision)

In a world that constantly demands our attention, it is all too easy to become distracted while driving. From smart phones to smartwatches, interacting with something in our car, listening to a navigation system, or letting our minds wander behind the wheel, the temptations we often face when driving are endless. While these actions may feel harmless in the moment, they have the potential to be costly, both physically and financially.

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FCS5-426: Estate Planning Part 6: Trusts

Nichole Huff | Apr. 7, 2022 (Revised)

A trust is a legal entity that a person creates. It can be a flexible and useful tool in estate planning and can be designed in a variety of ways. A trust provides financial benefits for people and/or organizations designated in the trust document. The document also provides the details and instructions for the trust. The trust document should be written by a professional who has experience in writing trusts and who is familiar with current trust laws. The tax consequences of trusts should also be considered; trusts do not save money for your estate in all situations.

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FCS5-465: Estate Planning Part 8: Planning Your Digital Estate

Alex Elswick, Nichole Huff | Apr. 7, 2022 (Revised)

With so much vital information stored online, the nature of estate planning has changed. Although you may still have many important documents in paper format, it is likely that much of your financial documents are digitized. It may seem obvious that important digital information such as online bank accounts should be addressed in estate planning, but other kinds of digital assets such as social media accounts, text messages, or even pictures stored in the cloud may have sentimental value for your loved ones. Email accounts and online retail accounts may house critical personal information that you may wish securely kept. Unfortunately, planning for these kinds of assets is typically neglected by individuals and their advisors. In order to ensure the safety and security of this kind of digital information, you will want to create a digital estate plan.

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FCS5-423: Estate Planning Part 3: Selecting Your Team

Nichole Huff | Apr. 7, 2022 (Revised)

Attorneys who specialize in estate planning are the most likely legal professionals to be up-to-date on state and federal laws related to wills, trusts, and taxes. Choose one with estate planning experience to help assure that your plans are carried out correctly. If you are considering establishing a trust, choose an attorney who also has experience in writing trusts.

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FCS5-427: Estate Planning Part 7: Federal and State Estate Taxes

Nichole Huff | Apr. 7, 2022 (Revised)

When a person dies, the value of his or her estate is subject to federal estate taxes. Estate taxes must be paid before the executor can transfer ownership of the property to the heirs. A professional accountant or attorney who specializes in estate planning can help you calculate your potential estate tax.