Their lives were devoted to family and public service, and to each other. The passing of George H.W. Bush and his wife gave many Americans pause to consider their leadership and their devotion. Few were surprised when George H.W. Bush passed less than eight months after Barbara’s death. Their deep…
Remember that estate planning is not just for the wealthy, and now that the federal exemption is so high, not just for the billionaires either. Estate planning is also much more than a will. Your estate plan has a lot of work to do for you, both while you are…
To make sure that your wishes are carried out, you’ll have to do your homework. Make sure that you cover these most important documents. The last thing you want to do, is leave a bureaucratic mess for your loved ones when you die. Not only will it cause the family…
Talk about a train wreck waiting to happen: beneficiary designations from three or four decades ago can really create a problem for your heirs—or those you thought were your heirs. Most people fill out beneficiary forms when they start a new job, open an investment account and open bank accounts.…
The rules for IRA distributions can be complicated. Unforeseen circumstances can make things even more complex. Understand the rules, so the money goes where you want it to. What happens if you designate each of your two adult children as 50/50 beneficiaries of your IRA, and then one of them…
There’s more than retirement savings power in a Roth IRA. Used properly, it can help cut your beneficiary’s tax liability, regardless of if and when tax reform becomes reality. If you’re interested in reducing the taxes your heirs will have to pay, you’re probably concerned about the discussion about tax…
Most life insurance companies are quite efficient. However, you will need the right documents. One of the basic tasks that follow the loss of a spouse or family member is figuring out what life insurance policies were in place and contacting the insurance company or companies to find out how…
Unless you really want to give your ex the proceeds of your life insurance or 401(k), it is best to take the time to do this one task. If you haven’t looked at the paperwork for your life insurance policies, bank accounts, retirement accounts, investment accounts and any other asset…
New regulations from the Department of Labor may come into play for Americans deciding which type of account is best for their retirement savings. There are significant differences between 401(k)s and IRAs, and as reported in a recent post on wjbf.com, “Advantages and disadvantages to a 401k and an IRA,”…
Here is a helpful checklist of the top ten ways to keep your estate plan current. Review your existing Will and any trust agreements. Over the course of a year our personal and our professional lives can change dramatically. Tax laws and regulations are also subject to change as new…