An immature or troubled child could try to misuse your money or goad you into handing over assets you might need later. Complicated family dynamics, or just your desire for privacy, may make you hesitant to open up.
Has a loved one named you their financial power of attorney? Are you ready to take on all the responsibilities that entails? Hopefully, you won’t be called into action anytime soon, but with the coronavirus pandemic continuing, it’s something to think about.
While most of us had stockings and menorahs on our minds, President Trump on Dec. 20 signed the Secure Act that makes the most significant changes in retirement accounts we’ve seen in years.
If you miss the deadline for taking an RMD, you’ll be hit with a tax penalty. If you’re retired or have inherited a retirement account, you must take your required minimum distributions by December 31.
From changing brackets and penalties to increased estate-tax thresholds, next year will see tax changes for wealthy clients.
One wrong decision can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.
Your will is one of the most important documents you will ever sign. However, to think that over 70% of people don’t even have a will is, indeed, quite frightening.
Beneficiary designations are a crucial part of estate planning, yet they are often overlooked. Once you have signed your estate planning documents, you need to make sure that your beneficiary designations are consistent with the rest of your estate plan.
Chances are you have one or more charitable causes that you support on an annual basis. It is also likely that you have failed to make any provision for charity whatsoever on your death.
If you are lucky enough to inherit a 401(k) or an IRA, when you don’t know what you are doing, you could put your inheritance at risk. The tax rules need to be followed to the T. These IRS inherited IRA rules will vary, depending on who has passed away, and who is inheriting the retirement accounts.
