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From a home and vehicles to your grandmother’s jewelry to accounts with the bank, all of these things Estate Planning Tips for Women #4: Review Beneficiaries Most of the accounts you have opened or that In the event that you die, the money within these accounts goes to that beneficiary. It is so important to review the different accounts and make sure that the beneficiaries designated are

IRAs, 401(k)s, 403(b)s and other qualified accounts are popular tools for building a retirement nest for the last 30 years, as retirement nears you may ask yourself, “What should I do with my retirement account only withdraw the RMDs, remember that typically, money managers are making 1-2% in fees on the total amount Here are few ideas: If tax rates increase, qualified accounts don’t give you any protection from future

years (result: a 50% penalty) Using the incorrect IRA balance for the RMD calculation—the value of the account Including other non-inherited IRA funds to an inherited IRA Not confirming that the RMD is taken out of account

withdrawals aren’t subject to income taxes or capital gains taxes, provided you are over 59½ and have had the account A big benefit of Roth IRAs is that, unlike a traditional IRA or 401(k) account, there are no required Traditional IRA account holders who convert their accounts into a Roth IRA must pay income tax on the amount of the conversion. A Roth can help to protect you from increased tax rates that you’ll encounter during your working life

The list should include life insurance policies, annuities, pension or retirement accounts, bank accounts If possible, include a list of bills and accounts so that someone can settle and close them.

Retirement Accounts Once your divorce has been finalized, you will also want to make sure to update the beneficiaries listed on your retirement accounts. Many people have multiple 401ks, Roth IRAs, and other retirement accounts, so take the time to make sure

Does the money all go into a single pot, or does each spouse keep separate accounts? A Special Note About Blended Families The laws of inheritance are often not flexible enough to account family and estate planning lawyers have seen too many times and one that the prenuptial agreement can account

This professional fiduciary can be a bank with trust powers, a certified public accountant (CPA), or Third-party Accounting Another way to prevent an agent under a power of attorney from exploiting the principal is to require the agent to provide an accounting to a third party. The accounting does not have to be formal; it could be a summary of the financial transactions.

Here are some common assets and liabilities you will want to include: Any bank accounts. Investment accounts Stocks and bonds Life insurance and Annuity policies Deeds for properties you own

ever did before, you may not realize how much digital stuff you own, from photos and videos to online accounts Social media accounts containing your photos and videos can also have value to your loved ones when you For example, a Facebook account can serve as a memorial after you pass away. Digital assets that you may own include the following: Social media accounts (e.g., Facebook, Twitter This includes usernames and passwords for all accounts.

For all other separately owned property or individual financial accounts, most states award one-third or grandchildren: Some states give everything to the surviving spouse—or everything up to a certain amount Jointly owned property, investments, financial accounts, or community property goes to the surviving

Beneficiary Designations Make sure to review the beneficiary designations on bank accounts, retirement Your partner will not have access to any of those accounts without a specific beneficiary designation distributing your possessions, paying your final bills, filing your final tax return, and closing out your accounts