Why are IRA Beneficiary Designations So Important?
March 18, 2020
If you pass away without naming beneficiaries in your will, it can create legal entanglements for your heirs.
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If you pass away without naming beneficiaries in your will, it can create legal entanglements for your heirs.
When a loved one is experiencing cognitive decline, emotional and medical considerations often overshadow the financial planning that needs to happen. This is a potentially costly mistake.
Estate planning is a systematic process, which involves getting your personal and financial goods for the time, if you pass away or become incapacitated. It is also known as last will, and almost everyone does this planning for their family.
Failing to withdraw a required minimum distribution (RMD) from your own or an inherited IRA by the deadline results in a big tax code penalty: 50%. That’s right.
I am named successor trustee in my parents’ trust. When the time comes, how do I sell the home and the other assets?
Even if your asset base doesn’t measure up to the Bill Gates standard, you may consider using trusts in estate planning. This is because they can help your heirs in many different ways.
This time of the year is a great time to revisit your estate plan, so you can ensure your legacy is protected for years to come.
What would happen if you were mentally or physically unable to take care of yourself or your day-to-day affairs? You might not be able to make sound decisions about your health or finances. You could lose the ability to pay bills, write checks, make deposits, sell assets, or otherwise conduct your affairs. Unless you’re prepared, incapacity could devastate your family, exhaust your savings and undermine your financial, tax and estate planning strategies.
Statistics show blended families are on the rise. About 40% of all new marriages in the U.S. include at least one person who was previously married, according to a Pew Research Center analysis. Among adults who are presently married, roughly a quarter (23%) have been married before, compared with 13% in 1960.
When you put your assets into a Medicaid Asset Protection Trust (MAPT), Medicaid does not count those things toward the asset limit.
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