Many people have tens of thousands–even hundreds of thousands–of dollars in their IRAs. If you have an asset that large, shouldn’t you devote more effort to planning for its ultimate disposition? A designated beneficiary is named on a life insurance policy or some type of investment account as the individual(s)…
It's never too early to start estate planning. If you already have a family, getting your personal affairs in order is a must. The sooner you start planning, the more prepared you will be for life's unexpected twists and turns. Estate planning is a crucial process for everyone, no matter…
Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances like an heir’s disability. When an…
Most financial experts would agree that it is rarely, if ever, a good idea to take an early withdrawal from a traditional IRA or Roth IRA. This is due in part to the high cost of penalties that can hit an account holder for an early withdrawal (not to mention…
A will and a trust are separate legal documents that typically share a common goal of facilitating a unified estate plan. While these two items ideally work in tandem, since they are separate documents, they sometimes run in conflict with one another–either accidentally or intentionally. A revocable trust, commonly called…
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.” Many of us set New Year’s resolutions to improve our quality of life. While it’s often a goal to exercise more or eat more…
If you pass away without naming beneficiaries in your will, it can create legal entanglements for your heirs. If you decide to purchase a life insurance policy or to put some money into a new deferred annuity contract or Individual Retirement Account (IRA), you need to complete the beneficiary form.…
“Five of the most common mistakes are easy to avoid with the right information and support, as well as a little creativity.” Because estate planning has plenty of legal jargon, it can make some people think twice about planning their estates, especially people who believe that they have too little…
New research from TD Ameritrade finds that many individuals are confused when it comes to Roth IRAs — accounts that are funded with post-tax money. Consequently, many people are leaving cash on the table, when it comes to maximizing this savings strategy. CNBC’s recent article entitled “Not knowing these Roth…
Check out some often-overlooked retirement planning facts of life that everyone should be aware of. It’s crucial to have a plan for your retirement, so let’s get educated. There are some facts you might not know about retirement, like the way in which your Social Security benefit can be taxed…