Downs Law Firm, P.C.
Building enough wealth to sustain yourself in retirement is a monumental achievement. However, financial planning doesn’t end when you no longer rely on a paycheck.
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.
It’s never too early to start estate planning. If you already have a family, getting your personal affairs in order is a must. The sooner you start planning, the more prepared you will be for life’s unexpected twists and turns.
Receiving an inheritance can be a double-edged sword. On the one hand, it’s overwhelming, thanks to the intense emotions associated with losing a loved one combined with the confusion about what to do with the newly acquired assets. On the other, an inheritance can re-invigorate your finances and create new opportunities for you and your family.
This time of the year is a great time to revisit your estate plan so you can ensure your legacy is protected for years to come.
An issue that frequently arises is the treatment of an inheritance received by a spouse during the marriage. The basic rule is that any property received via gift or inheritance during the marriage is exempt from equitable distribution.
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.
Parents are often more than happy to offer financial advice to their children. They like to feel needed and want to make sure their children are on solid financial ground. However, it’s important to turn the tables and ask about their financial plans, too.
Parents are often more than happy to offer financial advice to their children. They like to feel needed and want to make sure you’re on solid financial ground. However, it’s important to turn the tables and ask about their financial plans, too.
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.
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