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Many of us have invested in a 401(k) or some similar savings plan so that we can enjoy a comfortable retirement. that you are required to take withdrawals from your traditional IRAs, 401(k)s and other tax-deferred plans You typically must begin taking withdrawals from your IRA, SEP IRA, SIMPLE IRA or retirement plan account The key to avoiding a monstrous tax bill is to begin your planning for RMDs well before your 70th birthday

Estate planning does not have to be a long, complicated process. Everyone will need to do this at some point during the estate planning process and the sooner you get this completed, the sooner your estate plan will be finalized. Investment accounts Stocks and bonds Life insurance and Annuity policies Deeds for properties you own Retirement plans Business partnerships or LLC interests Money owed to you Personal effects Loans and credit Determine

ThinkAdvisor’s article, “New Estate Planning Strategies for a Post-Portability World,” says that there may be many folks who’ve continued to rely upon their outdated, pre-2013 estate plans. Reviewing a pre-2013 estate plan may be really beneficial for higher-income individuals. Regardless, consult a qualified estate planning attorney to help you select the most appropriate strategy Reference : ThinkAdvisor (June 7, 2016) “New Estate Planning Strategies for a Post-Portability World”

like opening retirement accounts, giving substantial gifts to beneficiary designations while you are Your Houston Estate Plan Might Need a Trust Trusts form a vast portion of estate planning. Including Medicaid Planning in Your Houston Estate Plan Making plans for your final days is arguably your company will be passed to a new owner should you decide to retire, sell, or both, as well as any Expand Your Estate Plan With a Houston Estate Planning Attorney We offer complete estate planning services

Most plans take a “set it and forget it approach” to saving. Roth IRAs Many people associate Roth IRAs with retirement planning, but this tool can also come in handy when planning for college expenses. qualify for scholarships and not need money for college, but everyone could use some extra money in the retirement child or grandchild’s future academic plans.

There are many misconceptions about estate planning and implementing any of them into your estate plan Understanding who needs an estate plan and what it should cover is key to creating a plan that is right The following are some common myths that people have about estate planning: Estate Planning Myth 1: “ may not need a complicated plan. Estate Planning Myth 2: “I’m Too Young for an Estate Plan” No one likes to think about death, but it

. #2: Stop procrastinating: When it comes to deciding on your retirement, remember time is money! Talk with an experienced estate planning attorney for accurate and comprehensive information, and so insurance company; or (3) accept the risk, and the bad outcomes that may come with it. #6: Have proper planning An estate-planning attorney can help you with all of these issues. #7 Understand where you need help Reference: Forbes (March 15, 2016) “7 Ways to Have the Most Successful Retirement” #AssetProtection #

In order to create a comprehensive estate plan, it helps to be familiar with your state’s laws and regulations The Lone Star State presents a number of unique challenges when it comes to estate planning. While only an experienced estate planning attorney can give you specific advice about Texas’s laws, it Dynasty Trusts The perks of a dynasty trust for long-term wealth planning are significant. thorough estate plans.

(also called a health care proxy), and an advance health care directive (“living will”) for estate planning What to know about estate planning.” Other financial assets like life insurance proceeds and funds from retirement plans are also automatically It’s critical to have up-to-date estate planning documents, and you should get these legal documents from lawyers who focus their practice in estate planning.

For Generation Z, COVID-19 has been something of a rude awakening to the realities of estate planning While it might once have seemed like a task to put off until retirement, estate planning is now considered Without a clear plan for those assets in place, however, their safety could become jeopardized. While you might feel like life is just starting, making plans for the end of your life should not be Having an estate plan in place will allow you to enjoy life, knowing your loved ones and assets will

Too often, though, banks inadvertently throw the most carefully laid estate plans out of alignment. Here’s how to be mindful of possible planning pitfalls: Transfer-On-Death Accounts Over the last few That’s because transfer-on-death accounts pass outside of traditional estate planning. can help you with your family’s estate plans and probate needs. Whether you are looking to craft estate plans for the first time, need help updating existing plans,

Estate plans have several components to help beneficiaries carry out the requests of the benefactor. Sound Estate Plan,” sets out an estate planning checklist to help you start a solid estate plan. attorney to help you with issues like funding nursing home care, what to do if you’ve outlived your retirement Review the Plan Yearly. An estate plan isn’t something you do once and never look at again. Be sure to work with a qualified estate planning attorney to make sure that the estate plan will foster