One of the very important tenets of estate planning is to ensure that you’ve made an appropriate choice, or set of choices, for beneficiary(s) of your IRA account(s). The title of this article could be a bit misleading – the point of this article is to list some of the consequences of various choices for a beneficiary of your IRA.
Don’t get me wrong – this article doesn’t suggest that the tax consequences should drive your choice of beneficiary(s). Rather, the assumption here is that you have several beneficiaries to choose from, and other classes of assets that you can …Read More
A Kate and Joe were in yesterday. They are professionals raising four kids, who, between the two of them, make around $350,000 a year. They were bemoaning the fact that, according to the media, their taxes are going to go up.
When we actually looked at their numbers, I had a different prediction: their taxes won’t go up. How could this be? Please excuse me while I get a bit tax-geeky (and simultaneously simplify the tax code and the political system for explanatory purposes.)…Read More
Once upon a time, paper ruled the earth — or at least the personal finance world. Money, bills, statements, checks, coupons, tickets: all came on paper. Transactions were made, expenses tracked, and checkbooks balanced by hand with pen, paper and (gasp!) arithmetic. And this worked reasonably well back in the days when the pace of life was slower, and we all bought a whole lot less.
With the arrival of the information age and our ever-shrinking “spare time”, PC- and, later, Web-based personal finance tools were introduced to great fanfare. Intended to eliminate, automate, or simplify all the old paper-based …Read More
Proper estate planning is like a parachute –
when you finally need it, it better work.
As you ponder that long overdue meeting with an estate planning attorney, what is it that you really need and why do you need it?
Why Do You Need It?
Ignoring the obvious – an orderly distribution of your money – for a moment, I’d like to appeal to your emotions. Imagine your death. Who will be sad? Without some basic estate documents in place, you will be asking the very people who are trying to grieve for you to also take on a …Read More