Downs Law Firm, P.C.
While they may be enjoying a new surge of popularity, the concept of annuities dates back to early Rome, when citizens would make a lump-sum payment to a contract called an annua in exchange for income payments received once a year for the rest of their lives.
Naming secondary beneficiaries can help estate planners avoid the delay and costs of going through probate, as well as ensure that your wishes are carried out.
Here are five critical mistakes to avoid when dealing with your beneficiary designations.
This is an important question to ask, because the answer could tell you whether you need to worry about estate taxes, beneficiary issues or probate concerns.
If you’ve had an IRA and a 401(k) for many years, you may occasionally ask yourself some questions: ‘Am I contributing enough?’ ‘Am I still funding these accounts with the right mix of investments for my goals and risk tolerance?
Beneficiary mistakes can result in retirement plan assets being transferred to unintended beneficiaries.
Most consumers are familiar with the beneficiary designation form they complete when opening an IRA or 401(k). The form designates who receives the asset if the account owner dies. However, these forms can create confusion, unintended bequests, and family turmoil if not adequately monitored.
We are programmed to contribute the “max” to our retirement accounts, but we disregard, or do not understand, the pitfalls of improperly filled-out beneficiary forms.
There’s a lot of prep work to complete when you’re expecting a new baby. Expectant parents have a nursery to paint, strollers to buy, doctor’s appointments to attend, and nannies to hire.
I’m planning a major trip in 2020: It’s the year I turn 50, and I’m going to visit 50 places I’ve never been before. Among the fun itinerary research, I’m also taking care of more serious things, such as drafting a will and buying life insurance.
Copyright © IMS. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. Some artwork provided under license agreement.
