Anyone who just inherited a deceased parent’s IRA or 401(k) could be about to commit a costly blunder. You can take the money from that retirement account in one big lump sum, no matter how young you are, but that will trigger a tax bill – probably a hefty one. It’s tempting to take the… Continue reading Greatest Wealth Transfer Could Be Costly Blunder For Beneficiaries And Windfall For IRS
Category: Wills & Estates
3 Tips to Make The Finances Add Up for the Spouse Left Behind
Traditional wedding vows usually include the phrase “till death do us part,” but it’s not a part of the ritual most couples want to dwell on. Financial professionals, though, say ignoring the eventuality of death is unwise when it comes to a couple’s decisions about retirement and money. “The decisions you make today can affect… Continue reading 3 Tips to Make The Finances Add Up for the Spouse Left Behind
What the Kids Get: Planning Your Legacy
After a lifetime of working hard and saving faithfully, some people just want to enjoy retirement and spend their money without worrying about passing on anything to the next generation. But plenty of others are determined to leave a legacy – whether it’s by bequeathing a tidy sum to their children and grandchildren, or bestowing… Continue reading What the Kids Get: Planning Your Legacy
Estate Planning Is Not Just for the Ultra-Rich Anymore
Hollywood’s stereotype of estate planning usually features assorted nieces, nephews and cousins gathered in the drawing room of a 100-year-old mansion greedily waiting to hear what an eccentric rich relative left them. By the time the scene is over, no one is happy – and that part, at least, has some veracity. Thousands of people… Continue reading Estate Planning Is Not Just for the Ultra-Rich Anymore
A Guardian for Your Children: Planning in Case You’re Not There
While everyone needs a will to settle money matters, there’s a far more compelling reason to have one if you have minor children. Naming a trustworthy, caring guardian for your children is one of the most important things you can do. Lack of a will can create big problems if both you and your spouse… Continue reading A Guardian for Your Children: Planning in Case You’re Not There
How to Decide Who Merits Your Money as You Ponder Your Legacy
Not long ago, Jeff Bezos took to Twitter to ask the world for charitable-giving ideas. The Amazon.com founder sought a charitable strategy that looked at the long term and soon he was inundated with suggestions. Of course, Bezos has plenty of money to give, but you don’t need to be a billionaire to reach a… Continue reading How to Decide Who Merits Your Money as You Ponder Your Legacy
Leave The Legacy You Want with This End-of-Life Checklist
A lifetime of hard work may have rewarded you with a nice home and hefty bank accounts, but what happens to all those assets once you’re gone? Maybe you want everything to go to the kids. Perhaps a charity or a cause you champion should get a portion. And what happens if, before you die,… Continue reading Leave The Legacy You Want with This End-of-Life Checklist
What You Need to Know If You’re Named the Executor of an Estate
It is time to meet your team. They are (in no particular order): lawyer, accountant, appraiser, realtor, auctioneer, insurance agent, banker, broker, assorted bureaucrats, and the people who haul away a lifetime’s worth of junk. You may not need all of them, but chances are very good that you will need most of them—especially if… Continue reading What You Need to Know If You’re Named the Executor of an Estate
Family Meetings Can Resolve Money Issues
People often find it harder to talk about money than politics, death or religion. To get family money issues out in the open, Anthony D. Criscuolo, certified financial planner with Palisades Hudson Financial Group, recommends holding a family meeting. “You don’t necessarily have to be in the ‘1 percent’ to benefit from having one or… Continue reading Family Meetings Can Resolve Money Issues
Get Smart About Elder Financial Abuse
Billions of dollars in life savings are lost each year due to the financial exploitation of older adults. Perpetrators include scammers, professional caregivers, unethical businesses and family members. No federal agency tracks elder exploitation cases on an ongoing basis, but in a survey compiled by the Investor Protection Trust, 20 percent of Americans age 65… Continue reading Get Smart About Elder Financial Abuse
Why Family Feuds Erupt After the Will Is Read
The recently deceased don’t always ingratiate themselves with their survivors when it comes time to read the will. “People want to control things from the grave, not just throw a bunch of money in a beneficiary’s lap,” says family wealth guru John Pankauski, author of the new book, “Pankauski’s Trustee’s Guide: 10 Steps to Family… Continue reading Why Family Feuds Erupt After the Will Is Read
Protecting Loved Ones from Financial Predators
One can only wonder how many people deal with financial predators in America. Terrie and Jon Hull have a scary story to tell. Married for 35 years, they were very close to Terrie’s mother, Jean. But after Jean suffered a traumatic brain injury that left her physically vulnerable and in need of care, her boyfriend… Continue reading Protecting Loved Ones from Financial Predators
The Best Estate-Planning Tips
If you don’t have a will, you are not alone. Half of Americans don’t have a will, a living will, or financial and medical powers of attorney. Yet we know a will and other estate documents would ease our family’s burdens if something happened to us.