Our Estate Planning Blog
As parents age, families sometimes struggle with how to best keep their parents’ financial affairs in order. One common approach is for aging parents to put one or more of their children on their investment accounts, bank accounts and real property.
We are programmed to contribute the “max” to our retirement accounts and we disregard, or do not understand, the pitfalls of an improperly filled-out beneficiary forms.
You should go to an estate planning attorney to sort things out and make sure both of you are on the same page about who owns what, who gets to stay where and for how long into the future.
For couples over 50, living together has a lot of appeal and is on the rise. In fact, the number of unmarried couples who are 50+ shot up 75% between 2007 and 2016, according to the U.S. Census Bureau.
If you have an individual retirement account, do you recall filling out a beneficiary designation form? That’s the document that allows you to direct the IRA custodian to transfer your IRA to the people you name in the form.
If you are single or are a widow or widower and will likely never return home after moving into a Medicaid certified nursing home, the house can be sold, and planning might be done with the proceeds of the sale.
Congratulations, you have finally signed your estate planning documents. Now, where do you keep them?
You are not doomed to be a victim of identity theft.
Easier-to-read form highlights retirement income streams and other tax benefits for citizens 65 and older.
You might be amazed at some of the bizarre places that people put their documents. It would take you a month of Sundays to find the papers if the person had not told you where to look.
Copyright © IMS. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. Some artwork provided under license agreement.
