Museum of Flight

Yours Mine and Ours

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A Better Plan Everyone needs an estate plan—whether your net worth adds up to a few thousand dollars or a few million. Your plan should address the needs of all of your loved ones at your death, regardless of whether you have a traditional or a blended family, are single or married. Important Reminder If you are part of a blended family, create an estate plan that articulates where your assets go at the death of each parent. Asset Upon Jean's Death Upon Kyle's Death Jean's 401(k) plan The assets were 100 percent payable to Kyle, who was named the beneficiary on Jean's 401(k) plan. Kyle's son, John, was Kyle's sole heir and received 100 percent of the assets. Tony and Tina received nothing. The family home The home was titled jointly with rights of survivorship, so it automatically went to Kyle. Kyle's son, John, was Kyle's sole heir and received 100 percent of the house. Tony and Tina received nothing. $20,000 in checking and savings accounts Under the laws of their state, the first $50,000 of probate assets (court-verified) went to Kyle. Kyle's son, John, was Kyle's sole heir and received 100 percent of the accounts. Tony and Tina received nothing. Where Jean and Kyle's Assets Went—Thanks to No Plan

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