Many of you have stepchildren. It’s perfectly fine to name stepchildren as the beneficiary of your retirement funds. However, care must be taken when naming them beneficiaries. Oftentimes, you need a spouse's consent.
What options do you have when the estate inherits the IRA? If someone tells you it must be cashed out, don’t fall for it. Occasionally, there may be no other option, but don’t just take their word for it—be sure what the IRA agreement says.
Almost anyone who has reached the age of majority owns some property. If you’re young, it could be little; if you’re older, it could be a lot. It doesn’t matter if you’re young, old, or in-between: if you own property, you need a will.
There’s a common misconception that estate planning is the domain of the elderly or the very wealthy. But that’s far from the truth. The fact is: estate planning can be done by people of any income level, and should be considered by everyone.
What did Heath Ledger, Marilyn Monroe, and John Wayne have in common? They all had lousy Wills. Because of this, their deaths left not just emotional turmoil for their friends and families, but also financial uncertainty.
When you hear the term, “estate planning,” it’s possible the first thing that pops into your mind is “only rich people do this.” But you’re wrong: estate planning is for everyone. It doesn’t matter who you are, what you do, or if you’re young or old.
If you’re not a millionaire, own just one home, and still drive the car you bought six years ago, you might think you don’t need “estate planning.” Or that your family accountant or attorney will be the only professional you need to help you. Not true.
it is critically important that you review your beneficiary forms often, and verify that your IRA custodian has the most current version of your beneficiary form on file. Either you can decide who gets your assets, or the government can.
Because of the difficult decisions about matters most of us would rather not contemplate, many procrastinate when it comes to estate planning. But it’s worse to do nothing, leaving a mess for your heirs. Here’s why everyone needs to plan their estate.
How well are Boomers prepared for retirement? The sad conclusion in most cases is “not very well.” One study shows only about half of boomers will maintain their current standard of living at retirement, and more will be dependent on Social Security.