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As middle class estates get larger, and the divorce rate grows, more and more financial planners are utilizing beneficiary controlled trusts to pass inheritance on to future generations without loss to the beneficiary's creditors, ex-spouses, or even the IRS.
Why is making the proper beneficiary election for your IRA important? Does your election follow the rules? Is it the best one for your family circumstances? Is there a better one? Find out by taking a look a few common beneficiary elections and their results. Related Article Tags: , , ,
Your IRA may represent the bulk of your estate. Care must be taken to assure that your wishes for the distribution at your death follow the rules. Here are the rules and several common mistakes to avoid. Related Article Tags: , , , , ,
Your IRA could be one of your biggest assets. Do you know the IRA distribution rules at death? Do you have your IRA set up so your desires match the rules? Here's a quick primer that could help you avert costly mistakes. Related Article Tags: , ,
Have you blindly named your spouse as the beneficiary of your IRA? Is this your best choice? Depending on your situation and objectives, other beneficiary elections may be better. Here are three options you may not have considered. Related Article Tags: , ,
We are often asked this question: What happens if the beneficiary was unemployed for a period of time before a new employer files an H-1B transfer petition? Our experience is that the USCIS uses its discretion and approves the transfer with change of status when the unemployment period is comparatively short. Related Article Tags: , , , , , , ,
With proper planning you can put in place the mechanisms to stretch taxable distributions from an inherited IRA. The distribution rules that come into play at the death of the retirement plan owner are usually found in a plan document that few employees or advisors ever read. Related Article Tags: , , ,
Disability and medical expense health insurance policies are explained. Related Article Tags: , ,
The mortgage term life insurance pays the beneficiary with amount covered in case the borrower suffers from critical illness, incapacitating accident, or depressing death. The borrower brings home the income to repay the mortgage. With loss of income from critical illness, incapacitating accident, or depressing death of the borrower, the family needs to fend off to repay the mortgage themselves.
With life insurance, the insured is transferring the risk of death on to the insurer. It is not always the case that the insured is insuring their own life. Therefore there are three parties in a life insurance contract, the insurer, the insured person, and the owner of the policy. The other vitally important party is the beneficiary; this is the person who receives the insurance money if the insured's death does occur. Related Article Tags: , , , , , , ,
Term life insurance is a temporary life insurance covering specific period of time. In this type of policy the insured or the owner pays a premium for a period. The insurance company provides monetary benefit to the beneficiary in case of death of the insured during that period. It is the cheapest type of life insurance available to the general public. Usually the benefit received on death of the insured is income tax free. Related Article Tags: , ,
Term life insurance is a temporary life insurance covering specific period of time. In this type of policy the insured or the owner pays a premium for a period. The insurance company provides monetary benefit to the beneficiary in case of death of the insured during that period. It is the cheapest type of life insurance available to the general public. Usually the benefit received on death of the insured is income tax free.
For some reason I always seem to receive a lot of mail this time of year on the subject of "Life Insurance". Most want to know the benefits or pitfalls of Term Life Insurance over Permanent Life Insurance.
Recent statistics show Americans are simply not saving money for the future. To encourage savings, the government has come up with tax incentives. Related Article Tags: , , , , , , , , ,
Death is never easy to deal with and knowing what to expect in probate will ease your concerns and allow you to think only of your dying loved one. The definition of probate is legally settling the deceased's property, also known as their estate. When a death occurs, the debts, property, possessions and money of the deceased will need to be dealt with in a legal manner and according the wishes of the deceased. Related Article Tags: , , , , , ,
A reader recently asked if his 401(k) could be rolled over, by his beneficiary, to a 'stretch' IRA after his death. Read on to discover an answer that will protect your beneficiaries from tens of thousands of dollars in unnecessary taxes and keep your gift to them alive for generations to come. Related Article Tags: , , , ,
Immediate annuity refers to income now. The word annuity is Latin for income. With an immediate annuity, income payments start no later than one year after you pay the premium. You usually pay for an immediate annuity with one payment.
Briefly describes how living trusts protect assets for your loved ones. Related Article Tags: , , , , , ,
Here's an estate-planning technique that allows you to lower the tax sting to your heirs, and that reduces your retirement income in case you don't think you will need all of your Individual Retirement Account funds in retirement. It's called a "stretch IRA," or "Multi-generational IRA," a complex investment tools that allow you to extend the tax-deferred status of your IRA long after your death. Related Article Tags: , ,
Many people have the mistaken impression that their Last Will and Testament determines what happens to their possessions when they die. As John, a reader in Maryville, TN learned, that's not necessarily true. Related Article Tags: , , ,
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