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Trusts can hold cash, but they can also hold other assets such as bank accounts, securities, life insurance And like a trust, just about any type of asset can be transferred into an LLC, including personal assets like cash and bank accounts, property, and personal possessions. It is important to check with your attorney to ensure that you have carefully thought through all of Like a trust, transferring the LLC interests to beneficiaries can be a way to avoid probate.

Will (if you have one) Life insurance policies Retirement accounts For example, if your ex-spouse remains the beneficiary of your life insurance policy and you pass away, the proceeds will go to your ex-spouse after a divorce an ex-spouse is no longer legally considered to be an heir, he or she will not be in line The same is true for life insurance: proceeds will go to the named beneficiaries of those policies, rather If the divorce decree states that your ex-spouse is to remain the beneficiary of a life insurance policy

However, you don’t want them to be able to withdraw more than the required distribution based on their life If you name your revocable living trust as a beneficiary, you must be certain that it has the appropriate Typically, a surviving spouse beneficiary can make the IRA his or her own and take RMD based on his or her life The RMD is based on the beneficiary’s life expectancy. trust can also control distributions so that they’re limited to the RMD based on the beneficiary’s life

In fact, even the words “estate planning” can confuse people by making seem like you only need to plan Living Trusts Pros Ensures privacy, keeps your affairs out of the public record and helps you avoid probate Some trusts offer protection from creditors, lawsuits and predators during your life. Cons A living trust can be more expense to set up initially. You cannot create a guardian for your children in a living trust.

substantial amount of estate planning, just by filling out the pile of documents you sign when you do things like Insurance Policies All life insurance policies require you to pick a beneficiary, and an alternative Unless you update your policies, your insurance benefits will go to the beneficiaries you indicated when Social Media Accounts Social media companies like Facebook are now encouraging their users to name another customized plan that incorporates and updates your existing estate planning documents is the best way to ensure

Aging is an inevitable reality of life. No one likes to think about losing his or her parents, but unfortunately for all of us it’s going to It is also equally important that your parents review any retirement account information, insurance policies , and their wills to ensure that they still want to keep their designated beneficiaries in place. Medicaid can cover some costs as can some life insurance companies, but nothing will cover the long-term

Review Your Insurance. Now is a perfect time to review your insurance, and in some instances, you might be able to cut some If your kids are grown, perhaps you can lessen your life insurance. There are policies that can help cover you if a severe event strikes, like a disability insurance policy You should also look at long-term care insurance.

It’s pretty tough to be financially healthy if your credit-related life is in the dumpster! Well, there are several things, like if you have high-interest rate debt, pay it off. A good credit score is important in many situations, like getting a mortgage or purchasing a new car. If your spouse, children, or parents depend on your income, be certain to have life insurance. You should also have a durable power of attorney, a living will, and advance medical directives.

Once they have their estate planning in place, many baby boomers are creating a “Life After Me” document insurance policies, marriage license, property deeds, stock certificates, savings bonds, and brokerage And remember to tell your loved one(s) that this “Life After Me” document exists and where to find it A “Life After Me” document can be a great testament to your family. Reference: A Place for Mom (April 28, 2016) “How to Prepare a ‘Life After Me’ Document” #estateplanning

There’s quite a range of prices for Medicare supplement insurance (Medigap) policies, and there’s a good Some folks who are healthy and around 65 can get a new Medigap plan, but other insurance companies won See if your insurer will allow you to switch to a less expensive policy. For example, if you have Medigap Plan F, your insurer may let you switch to a high-deductible Plan F if your insurer leaves the business or when you’re switching from a Medicare Advantage plan.

advise younger mothers to consider setting up a trust for their child(ren) and maybe even to look into life insurance policies that could be used to fund the child(ren)’s future. many younger women have careers and would benefit from retirement planning in this earlier stage of life If you have a significant other in your life, it makes sense for the two of you to work together with Your attorney can help you properly deal with “his, hers, and ours” to ensure that your assets are titled

Many people think that as long as your will clearly defines how you would like to transfer your property property if: There is a joint owner with right of survivorship A beneficiary is already designated on a life insurance or a retirement account Property is owned by a trust with named beneficiaries In these cases The bottom line is that your will is not necessarily the final authority on where your property and assets