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Some Ideas on Efficiently Passing IRA Accounts to Heirs
Most of us have qualified retirement accounts. Whether they’re an IRA, 401(k) or other qualified retirement account, we’re all generally familiar with their existence. However, did you know that you need to be careful when planning to give an IRA to an heir? An article from NerdWallet highlights some of the important planning aspects of these retirement assets.
Read MoreThe Benefits of ILIT Planning
Most of us understand the importance of providing for loved ones using life insurance. However, did you know that if you’re not careful, leaving life insurance money to heirs can result in a significant tax hit? A recent article from The Motley Fool, “What’s an Irrevocable Life Insurance Trust and Why Do I Need One?” looks at some of the benefits of using this more advanced estate planning technique.
Read MoreProtecting the Value of Your Business
Many family business owners have a hard time imagining their businesses running without them at the helm, but others are look forward to transferring ownership when retirement or a new venture beckons. An aspect that must be addressed is safeguarding the value of the business.
One article, “How to Create a Transferable Family Business,” highlights seven concepts to position your business for sale or transfer by planning now.
Read MoreWhat is a Grantor Retained Annuity Trust?
One advanced estate planning option, especially for those looking for a regular income, is a GRAT or “Grantor Retained Annuity Trust.” Depending on your goals, these trusts can be an excellent planning tool, even for those without a federally taxable estate.
Read MoreEstate Planning Doesn’t Have To Be a Difficult Conversation
As we age, the likelihood of being struck by a serious illness or having an accident increases, meaning loved ones could face the difficult decisions that come with a parent’s incapacity or passing. Making sure your family members know your end-of-life preferences and discussing your estate plan can ease everyone’s mind.
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