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Many folks have the same issue with scattered finances: IRA here, 401(k) there, trust account, savings account, bank CD, insurance policy—plus a spouse’s accounts. Is there any cohesive strategy behind these accounts? Generally, the answer is “no.” are some financial planning priorities on which to focus: Estate Planning: No excuses, you need to have Contributing to your 401(k)/IRA accounts and recognizing various deductions (e.g., charitable contributions

For example, many accounts and policies have a “payable on death” option wherein you simply name a beneficiary For example, if you have named a beneficiary who passes away before you do, the holder of the account The same is true for those who are incapacitated. The very same accounts and assets can be left to one or more trusts, for example, with you naming the Many people also appreciate the fact that certain kinds of trusts can save the estate and your beneficiaries

Saving for retirement is often a delicate topic for many people. Whether they are worried about when to save, how much to save, or how to save, this is one topic that An IRA, which is the most common retirement saving plan, prepare you for retirement and provide tax advantages until you are 70 ½ and need to start taking distributions from the account. In most situations, individuals who have significant retirement assets, are tax-sensitive, have been

Inflation decreases the value of your savings and will continue to do so long after you retire. Think about the amount of interest you will earn in a savings account or CD. For example, if you make $100,000 annually, you should aim to save $80,000. Most people will need over $1 million in retirement savings to ensure they don’t outlive what they have saved.

After all, that’s why we entrust our savings with them month after month, year after year. These bank or investment accounts name a beneficiary to receive the account’s assets when the account The assets pass immediately at the time of the account holder’s death. That’s because transfer-on-death accounts pass outside of traditional estate planning. You and your spouse opt to list your children as equal beneficiaries on your bank account .

You want to prosper by following tried-and-true principles of effective wealth creation and asset management—not Myth: There’s No Need to Start Saving for Retirement Until You’re 40. Did you know that 25% of Americans ages 30 to 49 have saved nothing for retirement and that 59% say they plan to save more aggressively “later” to make up for that shortfall? The truth is the sooner you start saving and investing, the better.

A guardian will have guardianship of the minor until they turn 18. In such cases, we frequently recommend a management trust to avoid annual accountings, which is less Is a Guardianship the Same as a Conservatorship in Texas? guardian could be responsible for handling finances every year, which would require them to do an annual accounting The guardian is required to inform the court on the ward’s health, their living arrangement, and how

these common planning mistakes: Skipping Disability Insurance Pop quiz: How long would your personal savings Nip this problem in the bud by setting up business accounts that keep your personal finances out of your Failing to Have a Succession Plan When you retire, do you know who will take over your business? Failing to plan in this way can seriously backfire for those in your family who may (or may not) have uncomfortable to discuss with your families ahead of time, but figuring out a succession plan now will save

But it can also be chaotic if your parents have not yet thought about their wishes for health care, end-of-life If your parent has a Medicare Supplement, they may not have to worry about a large deductible. Medicare will not cover the stay at all unless your parent’s health is improving. If your parent has long-term care insurance, check to ensure that it covers assisted living or home health Do they have an end-of-life plan, long-term care insurance, and an estate plan?

A simple will or a power of attorney doesn’t cost that much to have an attorney prepare, plus you get This alone can save several hundred or several thousand dollars in fees, depending on the size of the Those costs can soon be comparable to what a client would have paid to have a qualified lawyer do the

A couple’s shared vision will shape how they plan to spend and save their money. You should have an emergency savings account in the bank, and if you’re a single income household, maintain For the immediate future, you should know how much your health insurance deductibles and co-pays will For the long-term, consider whether you have enough life insurance. adoption of a child is a perfect opportunity to review beneficiary information on insurance policies, bank accounts

A simple will or a power of attorney doesn’t cost that much to have an attorney prepare, plus you get This alone can save several hundred or several thousand dollars in fees, depending on the size of the Those costs can soon be comparable to what a client would have paid to have a qualified lawyer do the