Downs Law Firm, P.C.
When you set up your estate plan it is important to coordinate the legal planning documents that you or you and your attorney create with the document provided by your retirement account custodian and/or your life insurance carrier called a ‘Designation of Beneficiary.’
“Gray divorce” — the unfortunately named term for divorce after age 50 — is increasing among baby boomers.
Here are some important parts of your estate plan that should be reviewed.
At such an emotional time, more paperwork is probably the last thing you want on your to-do list. However, taking a few key steps is critical to your financial future.
Whatever the reason, whether your life is a bed of roses or a getting-worse-nightmare, there are things you can do now to insure what you leave will go to who you want. And when. And in what portion or portions.
If you’ve had an IRA and a 401(k) for many years, you may occasionally ask yourself some questions: ‘Am I contributing enough?’ ‘Am I still funding these accounts with the right mix of investments for my goals and risk tolerance?
Estate planning is a cornerstone of any healthy financial plan, but it can be difficult to discuss.
If you pass away without a will, state law generally decides who gets your assets and, if you have children, who will care for them.
Beneficiary mistakes can result in retirement plan assets being transferred to unintended beneficiaries.
When you open a financial account, you’re often asked to name a beneficiary. Simply stated, a beneficiary is someone who is entitled to the benefits of the account on the death of the account holder. For example, if you’ve purchased life insurance, you name a beneficiary who receives the benefits of the policy when you pass away.
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