If you’ve ever spent time working through your estate plan, you know how important it is to select and update your beneficiaries.
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?
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?
If you’re between 55 and 64, you still have time to boost your retirement savings. Whether you plan to retire early, late, or never ever, having an adequate amount of money saved can make all the difference, both financially and psychologically. Your focus should be on building out—or catching up, if necessary.
For some savers, the appeal of moving assets to a Roth individual retirement account often stems from the tax-free income it will deliver in their golden years.
This is a big one. The IRS would love for you to take every penny out of your 401(k) when you change jobs for one very good reason: more tax revenue.
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.
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.
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