You could be in for a rude awakening if you don’t remember who you’ve named as beneficiary of your investment accounts or life insurance policies. Beneficiary designations for an annuity, IRA, 401(k), 457(b), Roth IRA or life insurance policy transfer the asset to the named person or persons regardless of the named beneficiaries under a will or trust. It is not uncommon for someone to name their parent or sibling as beneficiary of their 401(k) for example, when they secure their first job after finishing college. Yet, they sometimes forget to update their beneficiaries when they get married (or divorced) or have children. If the owner dies unexpectedly, even if he or she clearly would have preferred their 401(k) be distributed to his or her spouse, the account will be distributed to the nominated beneficiary. This, of course, can potentially cause a real mess for the surviving spouse and children. Take a few minutes to review your beneficiary designations to make sure they reflect your current wishes. You should also review them whenever your circumstances change such as in marriage, divorce, childbirth or death.
78% of Americans under the age of 36 do not have a will or a trust in place. Frankly, most millennials show little interest in estate planning. This can create quite the mess if you are ever (God forbid) involved in a tragic accident. As discussed in a Wealth Management article, planning your estate is […]
Estate planning can become complicated quickly if you are remarried. Here are a few things to consider, from Forbes. Your accounts. Oftentimes, one may choose to keep their accounts separate when remarried while having some joint accounts for groceries, utilities, etc. This can be a good thing, as separate accounts can limit the risk of […]
The cost estimating website “Howmuch” has released estimates for the cost of long term care in each state. The report examines costs for adult day care, home health aides, assisted living and nursing home care. Michigan while expensive, is fortunately is not at the top of the list for any category. For a month in […]