Everyone knows that IRAs are a great way to save for retirement, but the potential to protect against creditors is another valuable aspect of these accounts. Is the same protection extended to beneficiaries? This article from Forbes, “Estate Planning Tip: Creditor Protection for IRAs & Beneficiaries,” explains in detail how these rules apply to various bankruptcy situations and the issues to consider when naming your IRA beneficiaries.Read More
You may have watched first-hand as a beloved parent’s money management skills went from smart to questionable. Scam artists take advantage of this, stealing homes and emptying bank accounts of trusting seniors. Research shows that as we age, certain skills, including financial savvy, diminish. The problem is, seniors often still think they are able to manage their money, despite all evidence to the contrary.
US News explains in “8 Ways to Safeguard Your Financial Life as You Age,” that folks of just about any age should take action when they’re young to protect themselves from financial errors later in life. We’ll look at a few of these.Read More
When it comes to making financial decisions, you want to arm yourself with as much information as possible. One often overlooked source is your Form 1040, advises CNBC in “Use your tax return for more than paying taxes.” Sharing this document with your estate planning attorney will allow him or her to get a clearer picture of your financial situation, as well.
Lines 1-5 (Filing status). If you need to check a different box for your filing status, you should review your estate plan. If you’ve gotten married or divorced, you’ll need to update your estate plan and the beneficiary designations for life insurance and retirement plans.
Line 6c (Dependents). An increase in the number of dependents is a good reason to update your estate plan! This might mean a change to your cash flow for college savings and insurance needs, too.Read More
It’s not flattering, but it’s true: people spend more time planning vacations than they do on personal finance or retirement planning, according to Business Insider’s article, “A financial adviser shares a 5-step checklist…” That’s why many professionals advise taking the time to conduct a review of your financial and legal health. This should include assets, liabilities and estate planning documents. You may have had a lot of changes in the past year, you may have big plans for 2017, or you may have nothing on the horizon, but the habit of an annual review can provide great insight, help your planning and protect your lifestyle.
Here are some important financial steps to take for 2017.Read More
Many couples procrastinate when thinking of beginning the estate planning process, but even for those who plan ahead, many believe once they sign their documents, they’re all set. But that’s not all it takes to create a successful estate plan; there are several additional steps necessary to achieve the wishes stated in the plan. According to an article in Trust Advisor, “These Hidden Estate Planning Mistakes Can Have Horrible Consequences,” it’s not unusual for people to neglect the next steps, which leads to a world of trouble.
For example, a couple might be in their second marriage with no children in common. However, the wife has two children from her first marriage. She and her current husband had been together for 10 years, when she’s diagnosed with cancer.Read More