If you had money in a bank or brokerage account you did not use for several years, the bank probably sent the funds to the state of your last known address.
It is estimated that more than 50 percent of all Americans don’t have a will, and in our Future File business, we have estimated that less than 10 percent of the U.S. population has a complete legacy and wishes planning system.
Picture this scenario at the bank: A woman walks into her branch with her 25-year-old grandson and they’re ready to transfer $4,000 or so out of Grandma’s account into his. Is the grandson running a scam? If so, can the bank do anything to stop it?
I am concerned about the SECURE and RESA acts currently being considered in Congress. If either of them passes, my children will lose the inherited stretch IRA ability and face a much higher tax bill upon my demise.
My father only designated my mom as an agent on power of attorney forms, and they have not been updated in many years. Where do you think we should go from here?
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