Does Your Family Need an Estate Plan?
It’s never too early to start planning for the next generation. Read on to find out why your wealth transfer plan is more important now than ever.
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Essential Concepts in Estate Planning
aking steps to plan for the future of your estate can be one of the most important things you do. In fact, dividing and bequeathing your property is the very last official action you make. To ensure that loved ones can make the most of what you are able to leave them, it is important that you learn the different parts of estate planning and consider how they might affect you.
Direct Gifts
Probably the most obvious form of wealth transfer, direct gifts are just what their name implies—monetary gifts given directly to your descendants. However, even with a straightforward transfer, there are rules and strategies to consider. Familiarize yourself with the taxes imposed on these gifts and discover the ways to best maximize your wealth transfer through direct gifting.
Choosing Beneficiaries
Far from being the final step in a stack of paperwork, choosing the people who will eventually inherit your assets should be a carefully planned and strategically executed portion of your estate planning process.
Inheriting an IRA
If you get an inheritance from your spouse, parents, or other generous benefactor, chances are that some, or even all, of that inheritance will be in the form of an IRA. Many people are opting for IRAs, especially retirees who often roll over their 401(k) upon retiring. The rules for accepting an inherited IRA are different than for inherited cash. Your options depend on what type of IRA (Roth or Traditional), who’s giving it to you (spouse or non-spouse), and how old the benefactor was. It’s easy for a simple misstep to lead to a large tax bill, so tread carefully when inheriting an IRA.
Saving As You Near Retirement
It’s never too late to start saving or to adjust your savings strategy—the important thing is that you recognize how important retirement savings are, and make the choice to save for the lifestyle you want. To ensure that you save enough today to live comfortably tomorrow, consider the following:
How Much Do I Need for Retirement?
Do you know your retirement number? Consider the factors that go into estimating your retirement savings goal and decide how much you’ll need to live your retirement dream.
Retirement Income Strategies
You spend most of your adult life saving for retirement, but have you ever thought about what you’ll do once it’s time to tap into those savings? Learn the different strategies you can use to provide yourself with a retirement income.
What Is a Retirement Account?
According to the Investment Company Institute, it is estimated that there are over $20 trillion in retirement accounts as of December 30, 2013. Retirement accounts make up the majority of many people’s assets, and unfortunately, many owners of IRAs and their financial advisors are not fully aware of the complicated tax laws regarding distributions of these retirement accounts.
Retirement accounts are different than other investment accounts!
Late to the Retirement Savings Game? [Infographic]
Did you just realize you haven’t been saving for retirement as adequately or early as is necessary? Here is a quick infographic to help you make up for lost time and get back on track: