As much as we all hate to admit it, there is usually one in every family – the irresponsible one. Whether it is a spouse, a child or a grandchild, you likely have someone close to you who just cannot handle money. If may be that he or she is simply young and inexperienced. Maybe he or she just doesn’t have a head for numbers. Sometimes it is because of a substance abuse or gambling addiction that he or she just can’t seem to get rid of. Regardless of the reason, if you are concerned about … [Read more...] about How to Handle the Irresponsible Beneficiary
How to Handle an Inherited IRA
Anything that you own becomes part of your estate at the time of your death. For many people, this includes an Individual Retirement Account, or IRA. When structured properly, a gift of an IRA can provide years of financial security to the beneficiaries. If, however, a gifted IRA account is not handled properly then the beneficiaries can lose out on a significant portion of the benefits. If you plan to leave an IRA as part of your estate, or if you believe that you will be inheriting an IRA, it … [Read more...] about How to Handle an Inherited IRA
Charitable Contributions from Your IRA under the New Rules
If you are a charitable gifter, over the age of 70 ½, and own an IRA then you need to know about the most recent changes make by Congress with regard to charitable gifting from an IRA. While anyone who plans to give to charity from an IRA should understand the new rules, older Americans are specifically impacted. Most IRAs, with the exception of Roth IRAs, require the account holder to begin taking distributions when he or she reached the age of 70 ½. These mandatory distributions are taxable … [Read more...] about Charitable Contributions from Your IRA under the New Rules
What You May Not Know about Life Insurance and Estate Taxes
Chances are good that you own one or more life insurance policies. Whether you purchased a policy as part of a group offering through your employer or you went out and bought one on your own, you likely understand the basic function of a life insurance policy—to provide financial security to a family or to loved ones in the event of your death. While this is the basic function of a life insurance policy, it can do much more. Consider the following information that you may not know about life … [Read more...] about What You May Not Know about Life Insurance and Estate Taxes
How to Fund Your Funeral
Over half of all Americans do not have an estate plan. People give numerous excuses for why they haven’t created one, including the simple fact that people don’t like to think about their own death. While understandable, if you don’t think about it now, your loved ones may be burdened with details at the time of your death that will add to their grief and that you could have handled wile alive, like funding your funeral. There are three easy ways you can do that right now, including: A … [Read more...] about How to Fund Your Funeral
Could You Be Rich and Not Know It?
Billions of dollars are just waiting to be claimed by people all across the country just like you. Sounds too good to be true doesn’t it? Well the fact is that it is true. Billions of dollars are being held by the individual states in their “unclaimed money” departments just waiting for the rightful owners to claim the money—and you could be the rightful owner! Money held as unclaimed money can come from many sources; however, one common source is life insurance proceeds. When a policy holder … [Read more...] about Could You Be Rich and Not Know It?
How to Create a Pet Plan
Whether you consider a dog, a cat, a bird, or a snake to be your family pet, you undoubtedly love the animal or it wouldn’t be part of your family. Just as you have planned for the other family members in the event of your death, have you planned for your pet? If you haven’t, now is the time to do so. Creating a pet plan is usually fairly simple to accomplish, but can save your pet from becoming lost in the shuffle or shuffled off to the pound in the event of your death. Take the following steps … [Read more...] about How to Create a Pet Plan
What If I Don’t Want My Inheritance?
It may seem counter-intuitive to ask what to do if you don’t want your inheritance, but there are a few good reasons why someone may wish to disclaim, or assign, an inheritance in lieu of accepting it. Because there are often tax consequences to accepting an inheritance, if you wish to disclaim yours, or assign it to someone else, you need to be sure that you consult with an estate planning attorney to ensure that you follow the proper procedures if you don’t want it. One reason why an … [Read more...] about What If I Don’t Want My Inheritance?
Where You Retire Makes a Difference
For some people, retirement means being able to wake up and walk out to the beach. For others, it means living close to the country’s best fishing spots or a world class golf course. For still others, it may mean a secluded cabin in the mountains. Whatever your dream retirement location looks like, be sure that you take into account the financial implications of your choice of location as well. There are a wide variety of costs that should be considered when you start thinking about where to … [Read more...] about Where You Retire Makes a Difference
Deciding Whom to Appoint as Guardian in Your Will
Deciding who will get which assets when you die is clearly an important aspect of creating your Last Will and Testament; however, deciding whom to appoint as guardian for your minor children is infinitely more important. Given the importance of this decision, you may wish to consider the following factors when making your decision: Relationship—does your child already have an established relationship with the intended guardian? While not always possible, it is usually best to choose someone … [Read more...] about Deciding Whom to Appoint as Guardian in Your Will
