A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. It is not a retirement account.

The maximum contribution limit for a traditional IRA in 2023 is $6,500 ($7,500 for individuals age 50 or older).

A Power of Attorney is a legal document that gives someone the authority to act on your behalf in financial or legal matters. It is not an estate planning document.

A living will is a legal document that allows you to specify your wishes for end-of-life care, such as whether you want to be kept on life support or not.

A living trust is not a type of trust. It is a legal arrangement in which you transfer assets to a trust during your lifetime, rather than after your death.

A will is a legal document that distributes your assets after your death. A trust is a legal arrangement in which you transfer assets to a trust during your lifetime, rather than after your death.

A probate court is a court that administers the estate of a deceased person. This includes gathering the assets of the estate, paying off any debts, and distributing the remaining assets to the heirs.

Having a will does not reduce estate taxes. Estate taxes are imposed on the value of your estate after your death. The amount of estate taxes you owe depends on the value of your estate and the applicable estate tax laws.

An executor is appointed by the court to manage the estate of a deceased person. An administrator is appointed by the heirs if there is no will or if the will does not name an executor.

An estate plan is a set of legal documents that allows you to control what happens to your assets after your death. It can also help to avoid probate, reduce estate taxes, and protect your minor children.

A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. It is not a retirement account.

The maximum contribution limit for a traditional IRA in 2023 is $6,500 ($7,500 for individuals age 50 or older).

A Power of Attorney is a legal document that gives someone the authority to act on your behalf in financial or legal matters. It is not an estate planning document.

A living will is a legal document that allows you to specify your wishes for end-of-life care, such as whether you want to be kept on life support or not.

A living trust is not a type of trust. It is a legal arrangement in which you transfer assets to a trust during your lifetime, rather than after your death.