Challenging or contesting a will can be done, but it's best to know about the potential downfalls and requirements. When a will has an issue, probate law allows any person with an interest to challenge it, so read on to learn more.
Know the Risks of a Challenge
Most people have heard of contesting a will and probably just assume that those people are unhappy with their inheritances. However, there are many motivations for challenging a will in probate court, and you might want to examine the will carefully before you decide to do so.
When you get to a point in your life where you are bringing in extra money each month, then it can sometimes be difficult to know what to do with all of this money. You may spend most of it at first, but overtime you may decide that you would like to invest some of this money so that it can essentially make more money for you. However, knowing where to begin with the investment process can be difficult.
Much of the published information about individual retirement accounts revolves around who is eligible to fund an account. A lesser amount of advice is provided about the IRA investment options that are available. As a result, individuals eligible to fund an IRA must sort through the many investment possibilities before deciding which option is most suitable.
If you are eligible to fund an IRA, you can invest up to $5,500 per year on a tax-deferred basis.
If you have equity in your home and are nearing retirement or if you are already retired, you may want to consider the advantages of reverse mortgages. Essentially, a reverse mortgage is a loan, but the loan is not paid back until after you die, when the home is sold. There are many ways that this can help you after you retire.
You are able to tap into the equity of your home without moving
Tax filers who participate in a company-sponsored retirement plan are sometimes surprised to learn that they are eligible for an extra tax credit. The tax credit is in addition to the regular tax-deferral benefits of a retirement plan. Other working individuals who are not in a company retirement plan may also receive the additional tax credit if they contribute to an individual retirement account.
The tax credit is officially known as the "