Beneficiary Mistakes to Avoid
Before making a decision on a beneficiary, it’s very important to check your state laws. Some states have different rules on who you can name as a beneficiary.
January 27, 2023
Blog Articles
Can I Avoid Taxes when I Inherit?
Unless you spend your winters in Aspen and your summers in the Hamptons, you probably don’t have to worry about paying federal estate taxes on an inheritance. In 2021, the federal estate tax doesn’t kick in, unless an estate exceeds $11.7 million. The Biden administration has proposed lowering the exemption, but even that proposal wouldn’t affect estates valued at less than about $6 million.
November 22, 2022
What Happens to IRAs and 401(k) when Spouse Dies?
The rise in the stock market over the past several years, teamed with the passage of the SECURE Act two years ago and the scheduled 50% reduction in the size of the federal estate tax exemption four years from now, has resulted in a renewed interest in estate planning for IRA and 401k accounts owned by married couples.
November 18, 2022
How Do IRAs and 401(k)s Fit into Estate Planning?
Investing for retirement is one of the most important steps you can take toward building a secure financial future for you and your family. The sooner you can start, the better. Contributing to a retirement account can help you work toward your goals and may provide tax advantages to boost your progress.
June 27, 2022
401(k)
Why Naming Beneficiaries Is Important to Your Estate Plan
If you’ve ever spent time working through your estate plan, you know how important it is to select and update your beneficiaries.
January 20, 2022
Estate Planning
Should Seniors in Love Tie the Knot?
There are some major financial benefits to tying the knot. From IRAs to Social Security and tax exemptions, there are many reasons (besides the obvious one: love) for older couples to say I do.
April 23, 2020
401(k)
Does My Mom Have to Pay My Dad’s Credit Card Debt after He Dies?
My father recently passed away and we discovered he had a large credit card debt on a card in his name. My mother wasn’t aware of it. All assets are in both of their names. Is my mother liable for the credit card debt?
March 3, 2020
Estate Planning
How Much Money Is Needed for Long-Term Care?
You have a few options when it comes to affording the whopping expense that is long-term care.
March 2, 2020
Estate Planning
You Could Be Hit with Penalty for an Early IRA Withdrawal
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 losing out on years of potential earnings).
February 26, 2020
401(k)
What Should I Know about Beneficiary Designations?
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?
February 23, 2020
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