Follow this estate planning checklist for you (and your heirs) to hold on to more of your hard-earned money. About four years ago, Kelley Brooks’s husband,Chris, who was being treated for hypertension, died in his sleep. Like so many other couples in their 40s, they had talked about estate …
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5 Mistakes To Avoid With Retirement Account Beneficiary Selections
It is surprisingly easy and common to make mistakes when designating beneficiaries on retirement and investment accounts. While you may think it isn’t a big deal, mistakes with beneficiaries can be quite costly. You may inadvertently disinherit a loved one or leave money to an ex-spouse. With more …
10 Facts to Know About Revocable Trusts
Revocable trusts are designed to allow changes. One basic purpose of a revocable trust is to help you manage and protect your assets if you become unable to do so, whether that’s because of illness, aging or some other reason. You can change the provisions, amend them, or even revoke them as your …
New House Bill Would Boost RMD Age to 75
The bill includes several other changes related to 401(k)s and IRAs. House Ways and Means Committee Chairman Richard Neal, D-Mass., and ranking member Kevin Brady, R-Texas, introduced bipartisan legislation Tuesday, the Securing a Strong Retirement Act of 2020, which would boost the required minimum …
The Rules on RMDs for Inherited IRA Beneficiaries
When you are named the beneficiary of an individual retirement account (IRA), and the IRA owner dies, you may think you've received a tax-free inheritance. Well, that's only partially correct. Under current tax law, the receipt of the inheritance is tax-free, but you are still …