One of the most valuable parts of estate planning is making a plan for your minor children. Leaving an inheritance that considers minor children has unique challenges and responsibilities. Taking the time to properly plan, you can ensure the long-term needs of your children are met. Here are common mistakes people make when leaving assetsContinueContinue reading “Avoid These Mistakes When Planning for Minor Children”
Category Archives: Beneficiary
Why You Shouldn’t Name Your Minor Children as Named Beneficiaries
Naming your minor children as beneficiaries of life insurance policies, retirement accounts, or other financial assets may seem like the simplest way to provide for their future. However, this decision can create unintended legal, financial, and logistical challenges. Read below to understand why you should avoid this method and other alternative approaches to use insteadContinueContinue reading “Why You Shouldn’t Name Your Minor Children as Named Beneficiaries”
Withdrawal Rules for Inherited Retirement Accounts
When you inherit a 401(k), IRA, or other retirement account, the rules governing withdrawals dependon several factors, including whether the account is a Roth or non-Roth, your relationship to the originalaccount holder, and recent legislative changes like the SECURE Act of 2019. Understanding these rules isessential to avoid penalties and optimize tax efficiency. The 10-YearContinueContinue reading “Withdrawal Rules for Inherited Retirement Accounts”
Should I Name a Person or a Trust as My Beneficiary on a Retirement Account?
When planning your estate, one of the most critical decisions is determining how to pass on your 401(k), IRA, or other retirement accounts. You have two primary options: naming beneficiaries directly or naming a trust as the beneficiary. Each approach has distinct advantages and disadvantages, particularly concerning tax treatment, asset protection, and control over distributions.ContinueContinue reading “Should I Name a Person or a Trust as My Beneficiary on a Retirement Account?”
7 Simple Steps Every Parent of a Minor Child Should Take to Protect Them
As a parent, your primary concern is always the well-being and future of your children. While we hope for the best, it’s crucial to plan for the unexpected to ensure your kids are protected should something happen to you. Estate planning might sound daunting, but it doesn’t have to be. Here are some straightforward stepsContinueContinue reading “7 Simple Steps Every Parent of a Minor Child Should Take to Protect Them”
How Do Assets Pass to Beneficiaries After Death?
You might be wondering what happens to your stuff after you’re no longer around. Today, we’ll explore the two primary paths through which assets are transferred to beneficiaries after one’s passing – one entails legal proceedings, while the other offers a straightforward, more hassle-free process. Outside of Court The easiest option is passing assets outsideContinueContinue reading “How Do Assets Pass to Beneficiaries After Death?”
Naming Alternate Beneficiaries: A Simple Step with Big Implications
The way we plan for the future can have profound effects on our loved ones. When it comes to estate planning, one essential but often overlooked step is naming alternative beneficiaries on your financial accounts, such as your 401k, TSP, or investment, and bank accounts. Naming alternative beneficiaries when you work with an estate attorneyContinueContinue reading “Naming Alternate Beneficiaries: A Simple Step with Big Implications”
How Would Your Death Impact Your Child?
As parents, we all want to ensure that our children are taken care of and protected, even in the event of our deaths. However, many parents may not consider the impact that their deaths would have on their minor children when creating their estate plan. Estate planning is not just about distributing your assets andContinueContinue reading “How Would Your Death Impact Your Child?”
How Do I Update My Beneficiaries With Financial Institutions?
Some of your assets will not be transferred to beneficiaries based on the instructions in your will. This includes things like: Retirement accounts (401K, 403b, 457, pension, IRA) Life insurance Annuities Transfer on death (TOD) or payable on death (POD) accounts. For these assets, you need to provide instructions directly to the financial institution. ContactContinueContinue reading “How Do I Update My Beneficiaries With Financial Institutions?”
Over Your Dead Body! (Your EX Getting Your Money – That Is)
There are multiple ways that people leave money to ex spouses, and some may surprise you. Leaving your ex in your will after you are separated. You decided the marriage needs to end, but you haven’t divorced yet, so you are separated from your spouse. You die. Surely the court knows that you don’t wantContinueContinue reading “Over Your Dead Body! (Your EX Getting Your Money – That Is)”