Category Archives: 401k
Does a Will Supersede a Beneficiary Form?
It’s a simple question: do you know who your retirement account beneficiaries are? These tax-deferred accounts are complex, with significant tax implications for heirs that become more challenging if key information is missing on beneficiary forms, which is often the case. According to this recent article from The Street, “Secure your IRA—Review Your Beneficiary… Read More »
What’s Involved in the Probate Process?
SWAAY’s recent article entitled “What is the Probate Process in Florida?” says that while every state has its own laws, the probate process can be fairly similar. Here are the basic steps in the probate process: The family consults with an experienced probate attorney. Those mentioned in the decedent’s will should meet with a… Read More »
How 401(K) Beneficiaries Work with Your Estate Plan
For anyone who thinks that their will or trust can be used to distribute assets in a 401(k) after they pass, think again. The beneficiaries listed in a 401(k), insurance policy or any account with the option to name a beneficiary supersede whatever directions are placed in a will or a trust. If you’re… Read More »
Do I Need More Than a Will?
If you die without a will (i.e., intestate), a court will determine who inherits your assets and who would care for any surviving children as a guardian. CNBC’s recent article entitled “A will doesn’t cover all your bases when it comes to end-of-life decisions. Here’s what else you need” explains that some assets pass… Read More »
Do I Qualify as an Eligible Designated Beneficiary under the SECURE Act?
An eligible designated beneficiary (EDB) is a person included in a unique classification of retirement account beneficiaries. A person may be classified as an EDB, if they are classified as fitting into one of five categories of individuals identified in the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The bill passed in… Read More »
What Should I Know about Beneficiaries?
When you open almost any kind of financial account, like a bank account, life insurance, a brokerage account, or a retirement account – the institution will ask you to designate a beneficiary. You’ll also name beneficiaries when you create a will or other legal contracts that require you to specify someone to benefit. With… Read More »
What’s the Best Way to Select a Beneficiary for My 401(k)?
WTOP’s article “How to pick a beneficiary for your 401(k) plan” instructs us on how to make certain your 401(k) savings get to your intended heir. Name a Beneficiary. Designating a beneficiary of your retirement account lets that person receive your financial bequest without the need to access to your will, financial documents, or… Read More »
Five Top Reasons to Add Beneficiaries to Investment Accounts
One way to show loved ones that you care is by having an estate plan and communicating your wishes to them clearly, notes the article “Why You Should Add Beneficiaries to Your Investment Accounts Now” from The Street. That includes adding beneficiaries to your retirement and investment accounts. This simple step will help save… Read More »
What Do I Need to Retire?
Research from the Employee Benefit Research Institute’s Retirement Confidence Survey shows a lack of preparation in retirement planning. According to the annual survey, 66% of those 55 years and older said they were confident they had sufficient savings to live comfortably throughout retirement. However, just 48% within the same age group haven’t figured out… Read More »
What’s Your Retirement Distribution Plan?
If you were supposed to take out an RMD of $4, 000 from your retirement accounts and somehow forgot to do this, you’ll be writing the IRS a check for $2, 000. Ouch! This is something you can easily avoid, says Yahoo Finance’s article “Know These 3 Facts to Avoid Paying Half Your Retirement… Read More »