Managing Your Future When You Can’t

Do you have a plan in place should you find yourself in a situation in which you don’t have the ability the make decisions for yourself? Illnesses such as Alzheimer’s Disease and Dementia can rob one of the ability to make financial and medical decisions for themselves. However, there are steps you can take to ensure that you can have some control over your health and finances even if you aren’t competent to make such decisions on your own. Depending on what state you live in, you may want to research whether you can appoint a healthcare proxy or designate Continue reading Managing Your Future When You Can’t

To Leave or Not to Leave?

Whether or not you want to leave a legacy for your children and/or grandchildren can be an important part of retirement planning. If you would like to leave behind a pot of money for your loved ones, then you will want to plan to do so. That may mean saving a lot of money towards retirement or finding ways to fund your retirement needs/expenses without touching your nest egg or being creative when it come to cutting down on retirement expenditures. Furthermore, the decision to leave behind money when you pass away may need to be made early in your Continue reading To Leave or Not to Leave?

Think Twice About Leaving an IRA to Your Estate

Are you considering leaving your IRA and its assets to your estate? This may seem like a tempting move for people who are planning on remaining single for the rest of their lives and who may not have any dependents to list on a beneficiary form. Some people are plan to leave their IRA to their estate and then divide the estate, which may contain other assets, among beneficiaries. Sounds like a good idea, right? Wrong. First off, an estate cannot be named as a designated beneficiary as it does not have a defined lifespan. Next, it makes more sense Continue reading Think Twice About Leaving an IRA to Your Estate

Good IRA Owners Update Beneficiary Forms

In my last blog post, I talked about the importance of doing a thorough review of your retirement accounts and plans at least a few times a year. Today, I’m going to focus on making sure your retirement account beneficiary forms–as well as insurance policy beneficiary forms–are up-to-date. This is very important as outdated or incomplete beneficiary information can cause a lot of pain for family and friends when it comes to distributing your estate. Incomplete or outdated beneficiary information can lead your accounts to fall into probate or, worse yet, lead to fighting and distruption among family and friends. Continue reading Good IRA Owners Update Beneficiary Forms

Will Power: Have You Talked to An Estate Planning Attorney?

As I’ve said here on the blog many times, retirement planning involves more than just making sure you have enough money saved. It involves planning for your future, which includes such things as how you want to live out your final years as well as what you want done with your assets and estate once you have passed. That’s why you may want to talk with an attorney who specializes in estate planning as a part of your retirement planning process. This can be done along with communicating with a certified financial planner. Attorneys that specialize in estate planning can Continue reading Will Power: Have You Talked to An Estate Planning Attorney?

Checking Beneficiary Information Isn’t Taxing

Tax time is a good time to review your beneficiary information for your retirement accounts. As you well know, you receive a tax form for each retirement account (usually a 1099), which can serve as a yearly reminder to not just check the information within the form, but to also make sure that the beneficiary information is up-to-date as well. While that beneficiary information isn’t found on the tax form, it can be easily found by checking your account information, which can usually be done online these days. Furthermore, if you check your account and realize that you need to Continue reading Checking Beneficiary Information Isn’t Taxing

Who Takes the RMD When You Die?

It might not be pleasant to think about, but you should have an understanding of what happens with your IRA when you die. One common question people have is what happen with the required minimum distribution (RMD) for the year in which you die. If an IRA owner dies before taking his or her RMD for the year of death, the beneficiary of the IRA must take the RMD, which will be taxed as though it were taken by the IRA owner. If an estate is named as an IRA beneficiary, it would take the RMD just as a normal Continue reading Who Takes the RMD When You Die?

Are Your Finances In Order?

When was the last time you looked at your estate or finances? As you move through life, you should take care from time to time to make sure your finances are in order, and along with that, that your estate is set as well. This means making sure that all the proper documents are filled out (i.e. beneficiary forms) and that you have an idea as to what your debts and assets are. This is good to know both for your own personal knowledge (it may make applying for loans or filing your taxes easier) as well as for your Continue reading Are Your Finances In Order?