Sharing the following from Everplans.com. It’s a great reminder that your estate plan (and financial plan in general) should be viewed as dynamic documents. Without proper and timely review, they can easily become useless documents that don’t do what they were originally intended for…
Affairs of (E)state (Planning)
Planning ahead for what will happen to your property when you are no longer around can help save a significant amount of time and money for your heirs. But even more importantly, it eases the burden for those you leave behind, who will have to deal with your affairs at such a difficult time. Smart estate planning can also ensure a speedy transfer of your assets according to your wishes....
Power of Attorney – what is it and why you need one
As a financial planner, it’s part of my job to ask the question “What happens if you become incapacitated?” It’s not inconceivable that such a thing can occur, and the odds increase as you age. For a retiree especially, health concerns rise and mental sharpness may begin to dull. Which is why it’s imperative to address this now when you’ve had time to think your decision through rather than when it’s too late.
If you’re smart, you’ll plan ahead for such an eventuality, and one of the main tools you’ll use is the Power of Attorney....
Beneficiary Planning for Retirement Accounts, Part II – Non-Spouse Beneficiaries
As I mentioned in my last blog, designating a beneficiary that is not your spouse for your retirement plan accounts introduces a more complex set of rules. Non-spouse beneficiaries are subject to different distribution schedules and must follow strict guidelines if they want to “stretch” an IRA’s life (discussed below)....