People who inherited retirement accounts in recent years finally have guidance from the Internal Revenue Service on how to drain their accounts. A few strategies can help you avoid handing over more than necessary to the IRS.
Estate Planning
How much can I invest in a 529 plan?
The amount you can contribute to a 529 plan depends on the plan’s lifetime contribution limit, which is set by individual states. Most states have a lifetime cap of $350,000 or more. When the value of your account reaches the limit, no more contributions can be made to the account. States typically increase their limit every few years. A plan’s lifetime contribution limit is per beneficiary.
Can I change the beneficiary of a 529 account?
Yes. You can change the beneficiary of a 529 account without penalty if the new beneficiary is a family member of the old beneficiary.
Why Gen-Z Is Suddenly Creating Wills And Trusts—And You Should Too
Conventional wisdom casts trusts, wills, and estate plans as the exclusive domain of the ultra-rich. Supporting this notion, data reveals that two-thirds of Americans lack an estate plan, a figure that climbs higher to 80% among Gen-Zs. However, Matt Watson, CEO of the all-in-one financial management app Origin Financial, offered a compelling counter-narrative to this trend when I spoke to him recently.
Don’t Make This Inheritance Mistake. It Could Cost Your Loved Ones Big Time.
Suppose you have a $3 million brokerage account and a $3 million tax-deferred retirement account. You plan to leave half of your estate to your daughter, a successful attorney, and the other half to charity.
Introduction to Estate Planning
What is estate planning? Simply stated, estate planning is a method for determining how to distribute your property during your life and at your death. It is the process of developing and implementing a master plan that facilitates the distribution of your property...
2 Key Benefits Of Living Trusts
With so many misconceptions around trusts, it's easy to understand the confusion about the benefits of a revocable living trust. A living trust (also called a revocable trust or revocable living trust) can be beneficial to a much broader group of Americans than most...
The Biggest Mistakes People Make With Their Wills
Everybody knows they should have a will, and not having one can leave heirs with a big mess. But just having a will isn’t enough. Big mistakes are common—from leaving decisions to the last minute and failing to update documents to mismatching beneficiary designations.
How to Help Older People Protect Their Assets
After a lifetime of work, many older Americans have built up a substantial sum in assets. At the same time, they’re unlikely to accumulate
much additional wealth. For that reason, protecting the assets they already have becomes especially important.
Figuring Out Your Life Expectancy is Tough. How Not to Run Out of Money.
If you’re using life expectancy calculations to plan your retirement budget, you could run out of money.