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The founder of Ikea, one of the richest men in the world, passed away recently. His plans for what will happen to his family business are unusual.

Most of the time people who appear on lists of the richest people in the world are happy to be on the lists. They sometimes have been known to argue that their wealth has been underestimated and they should be higher on the list than they are.

However, Ingvar Kamprad was unusual.

He is best known for founding the iconic furniture company Ikea. Many might have a bad memory about his company from frustrating attempts at trying to put the furniture together, but Kamprad's family might have...

The House of Representatives recently passed an important piece of legislation that will help protect the elderly from financial exploitation.

What is one of the many issues hindering the fight against financial abuse of the elderly? The people who are often in the best position to notice it, fear speaking up about it.

People who work at financial institutions and insurance companies often see suspicious transactions. If they report their suspicions to authorities, they open themselves up to potential liability, if it turns out that they were wrong. In fact, they may be in trouble even if they were correct, but the abuse cannot be...

The estate of one of Jackie Kennedy's relatives is suing an art collector over a portrait of the former First Lady that was painted when she was 19. The painting is believed to have been lost or stolen decades ago.

When Jackie Bouvier was 19 years old, she fell off a horse. It was not certain whether she would survive, since she was unconscious for a few days.

Shortly thereafter, her father commissioned an oil painting of her to make sure that a lasting memory of his daughter was preserved. The young woman did survive and went on to became one of the most recognizable and iconic women in the country, when she later became Jackie Kennedy,...

It would be unfortunate to create a will and have no one be able to find it after you pass away.

Getting an estate plan is not the most difficult thing you will ever do. An experienced estate planning attorney will do most of the work of making sure you have an estate plan that will be effective at fulfilling your wishes.

However, you still would have put a lot of time and thought into the process, so you can tell the attorney what your wishes are. This is true, even if your estate plan consists of nothing more than a simple will.

It would be a shame if it cannot be carried out after you pass away.

That happens more often than it should...

Wills and trusts are sometimes thought of as equivalent estate planning tools that do the same thing, only with different processes. There is an important legal distinction between the two.

When planning for their estates, many people consider whether it is better for them to get a will or a trust. Much of this consideration centers on the probate process because many people assume that wills and trusts do the same things.

People know that wills have to go through probate, while trusts do not. Therefore, if they do not want their estates to go through probate, they should get a trust. While it is true that ultimately wills and trusts...

It is possible that with a little bit of reading and perhaps downloading a few forms, that you can create an estate plan for yourself. It is usually a mistake to do so.

Most people would prefer to avoid paying for the services of an attorney, if they can avoid doing so. This is true even in estate planning.

Many people think they have straightforward desires regarding who should get their assets after they pass away. As a result, they do a little bit of research and may download a form or two to guide them. After a few hours, they have something that constitutes an estate plan and think they have saved money.

The problem is that estates...

The obituary of an Indiana man who passed away recently has gone viral on the Internet. However, it was not because it showed how unique the man was but because it showed how normal he was.

Most obituaries are somber plain affairs that give a brief overview of the important events in the life of a decedent and their closest family members they now left behind. The obituaries are printed in the local newspaper and normally forgotten fairly quickly by everyone who was not close to the deceased.

Terri Ward's obituary has earned him some postmortem fame on the Internet. Ward was an army veteran living in Indiana, who recently passed away....

People who suffer from Alzheimer's disease do not suddenly forget everything. Instead their memories fade over time leading to some unique situations, as the story of one couple in New Zealand illustrates.

Alzheimer's works in ways that cannot be predicted. What memories will disappear and when they will disappear can often seem random.

Michael Joyce of New Zealand suffers from Alzheimer's disease. He had been married to his wife for 38 years and eventually the disease progressed enough that he forgot he was married. In most cases, this would be a cause of deep pain for Joyce's wife.

It is not easy for family members when patients forget...

It is not yet known how the IRS will handle things if people make gifts now that will exceed the exemption limits that are scheduled for 2026, when the new exemptions will sunset to previous levels.

The tax cuts passed late last year include provisions that double estate tax and gift tax exemption limits. That is good news on multiple fronts for many people. It means that some of them will no longer have their estates subject to the estate tax and others can gift more than previously to help decrease the size of their estates.

However, the new exemption limits are scheduled to sunset in 2026 and revert back to $5.5 million for...

If you have significant wealth tied up in your individual retirement account, it is likely that you may not use it all before you pass away. That makes it important to designate the right beneficiary for the account and, in some cases, that might mean designating a trust.

One of the things people often overlook when they are considering estate planning, is what to do with their retirement accounts. Many people have enormous sums in their IRAs and they will not use them all during their own retirements.

Any funds left over after the account holder passes away, will go to the designated beneficiary on the account. Because this can amount to...

It is unlikely that you and your spouse will pass away at the same time, so it is important to prepare for what will happen when one of you passes first, to make sure the other has what he or she will need.

One of the last things many elderly couples would prefer to think about is what will happen when one of them outlives the other. However, that will most likely be the case for all couples.

This can be a big issue to deal with emotionally. When it happens, the surviving spouse will not want to have to worry about finances. USA Today discusses this issue in "How to prepare financially for being a widow/widower."{: target="_blank"}

Here...

With increased estate tax exemptions, many people wonder what it will mean for estate planning and whether there will be less need for them to plan. One way to figure out the answers is to look at what estate planning attorneys expect to happen.

The recently passed tax changes include a doubling of the estate tax exemptions. This has made many well-off families happy, but it has also left many of them wondering how they should respond to the changes.

People are not quite sure whether they still need to make estate plans now and if so, how their plans might be different than before. There is no single answer since it depends on individual...

If you get divorced, it is important that you revisit your estate plan to make sure your ex-spouse is excluded, if desired, and that what he or she would have received is distributed to someone else.

The U.S. has a high divorce rate. Nearly half of all marriages end in divorce.

The rates are even higher for second and third marriages. One of the issues concerning the high divorce rate is that people get distracted by the divorce itself and then fail to update their estate planning afterwards.

Ex-spouses are routinely left in many estate plans.

If an ex-spouse is mentioned in a will that was executed before the divorce, then in most...

The doubling of the estate tax exemption limits recently signed into law, has important implications for many estate plans. It is a good idea to consider what you might want to do as a result.

Many people had hoped that President Trump's tax reform bill would lead to the end of the estate tax. That proved to be too expensive for the government to include in the bill. However, the estate tax exemption limits were doubled.

While that is not as good as many wealthy families had hoped, it is still a benefit for some wealthy people. There are some things to think through before changing your estate plan as a result of the new law, as Forbes...

Preserving family wealth between generations requires proper estate planning. However, that may not be enough. It is also important to make sure that younger generations know what to do with the wealth.

Throughout its history, the U.S. has had many extremely wealthy citizens. Some of those citizens left vast sums to their heirs and some of those families are still wealthy and known today.

However, for a country that has had so many wealthy citizens, the U.S. seemingly has very few lasting dynasties.

We rarely hear about the descendants of wealthy people who do not have any of that wealth left.

Why?

While transferring intergenerational...

President Trump signed tax cuts into law recently. Researchers are finding minor changes that people were unaware of before the bill was passed.

One of the consequences of recent tax reform, was that it did not give people very much time to anticipate all of the changes to the tax code before the bill was voted on, passed and signed into law. The massive bill was amended repeatedly in the last few days. As a result, very few people had the opportunity to read and comment on it.

While most of the big ticket items in the bill were known quickly after it passed, there are other smaller provisions experts are still finding in the...

Getting long-term care insurance for future nursing home expenses can be exceedingly difficult and expensive. A recent announcement by GE helps to explain why.

Nursing home costs continue to increase, as more and more people need the facilities for longer and longer periods of time. This is the result of an aging population with increasing lifespans and medical science's ability to keep elderly people alive longer, even when they are very ill.

People do not have many options to pay for their nursing home care. The government will pay for it, if all other assets of the patient have been depleted. That means that people have to pay for it...

If you have recently gotten a divorce, you most likely do not want your ex-spouse to inherit your property. Without good estate planning, the ex-spouse might still get control of the property, if you have minor children together.

Immediately after getting a divorce, most people are sick of dealing with attorneys. The last thing most of them want to do is to voluntarily have more meetings with attorneys to make changes to their estate plans.

However, it may be vital that they do so.

Getting a divorce is a significant event that should cause everyone to revisit their estate plans to make sure their ex-spouse does not gain control of any of...

It is important to make plans for what will happen to your pets after you pass away.

For many Americans pets are an essential and important part of their lives and families. Some pets today are treated as well as if not better than the humans in the family.

People will go to great lengths to make sure their pets have the best food and health care. There are even day spas for pets in many places.

However, as much as people care for their pets during their lives, most fail to think about and plan for what will happen to those very same pets after the owners pass away.

That lack of planning may mean that the pets are taken to a shelter...

Ben Franklin planned his estate carefully. He left behind a will that might be a good lesson.

Ben Franklin was famous for many things he did during his lifetime.

He is credited with writing almanacs, discovering electricity, one of the Founding Fathers of the United States of America and more.

One of the things that is not discussed as much, is what Franklin did in his will, through which he had to confront a problem many people face when planning their estates.

The problem?

What to do if you want someone to be able to use your property during life, but ensure that when that person passes away, the property goes to someone else of your...

When you start planning your estate, it is a good idea to ask yourself a few questions that will help you clarify your thinking.

If you have never engaged in the estate planning process, then getting started can seem somewhat overwhelming. There are many decisions you need to make concerning how your assets will be distributed.

Hiring a good estate planning attorney is essential to getting a good plan. The attorney can help guide you into making good decisions.

However, you do not need to wait until you see the attorney for the first time before making some key decisions.

Asking yourself the right questions can get you started.

Market...

Variation in prices can be attributed to number of choices and the choices people make.

Funeral services in the U.S. cost, on average, thousands of dollars with services, burial fees, coffins and flowers, as well as prices that vary by states, according to the Cronkite News in "Arizonians pay less for funeral services compared to rest of nation."{: target="_blank"}

The average cost of funeral services in Arizona and in nearby states are much cheaper than they are elsewhere. The primary reason for this is not because funeral homes charge that much less. It is because cremation is much more popular in those states, than in the rest of the...

Very few wills are actually contested in probate court. However, the chances of a legal battle over a will go up, when the estate is valuable. It also goes up, if family members do not get along for other reasons.

One of the main reasons that people hire estate planning attorneys is to prevent their families from fighting over their estates after they pass away. People want the attorneys to create estate plans that, if not completely unchallengeable, are at least airtight enough to minimize the possibility of challenges.

The reality is that for any random person, the overall likelihood of a will being contested are relatively small.

As...

The new tax law has left an important estate tax issue up to the IRS to determine. That is what to do if the estate tax exemption reverts to its previous level and the deceased has gifted more than that amount.

The recently passed tax reform bill required Congress to make several compromises because of budget limitations in the amount the bill could add to the deficit and avoid a possible filibuster by Democratic senators.

Those limitations prevented a complete elimination of the estate tax, as had long been proposed by Republicans in government.

The estate tax exemption has now been doubled. However, this could not be made permanent and...

Charitable remainder trusts can be a great vehicle for elderly people to downsize without paying a steep tax penalty. They can also be very dangerous, if not handled correctly.

One problem many older Americans have, is that they would like to retire, move or just downsize. However, the tax consequences of doing so can be difficult to get around.

An elderly couple that has lived in the same home for decades would have to pay capital gains taxes, if they sell the home. This could make it more difficult to sell the home and have the money to move somewhere else.

One way around this problem is to create a charitable remainder trust.

This is...