Wills and Trusts (along with other estate planning documents) are important for sure but did you know that a beneficiary named on your accounts or life insurance can supersede one’s wishes in their estate planning documents?
Years later, their mom passed away and since she didn’t have an estate plan and owned the beach house in her name alone, it then went to Steve.
People usually contact us with a problem or a worry. They may have just gotten married and are wondering how in the world they can afford to buy their first house. They may have been working for years, put their kids through college and are now wondering if they will ever be able to retire. They may have been good savers or poor savers. They may have been big spenders or frugal. After advising people for more than 20 years, I’ve seen a lot—both good and bad. Here are my top 5 financial mistakes to avoid.
You will be penalized if you claim Social Security benefits before your full retirement age (FRA). For anyone born in 1960 or later, your FRA = age 67. Waiting to claim benefits after your FRA means your benefit will be increased.
9 key takeaways on SECURE Act 2.0 1. Changing the age of the required minimum distributions. Three years ago, 1.0 increased the age for taking the required minimum distribution, or RMD, to 72 years from 70½. If you turn 72 this year, the age required for taking your RMD rises to 73 with 2.0.
Once the kids have finished college and (mostly) have their first career jobs, suddenly you and your partner may have more time to do things you’ve been wanting to do for years. It’s that dreamed of moment in your life when you are free of most childrearing responsibilities.1 Yet, it is also the time when parents are getting older, may have significant health issues, and may require more assistance with daily living. That wasn’t in the glossy brochures or on the retirement websites I’ve been looking at! And, eventually, you may need to figure out what needs to be done when a parent or loved one dies.