Estate planning: 4 things to know

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

Few of us enjoy thinking about life’s worst-case scenarios, but taking the time to put an estate plan in place can make things much easier for you and your loved ones if the unexpected happens.

Unfortunately, misconceptions about estate planning can make the process of creating a plan more confusing than it needs to be.

Here are…

The financial struggles of unplanned retirement

From: www.foxbusiness.com

Monica wants to rest her tired, swollen feet. The 86-year-old retiree walks slowly to her old loveseat and sits down carefully. The purple paisley-patterned furniture has provided her with comfort for many decades. The loveseat is in fair condition but is showing its age. Once a part of a luxurious three-piece living room set; cardboard panels have since been placed under the seat cushions…

Eleven Celebrity Estate Planning Lessons

From: www.wealthmanagement.com

Appreciating their mistakes can help you better serve your clients.

Celebrities often do a great job accumulating wealth during their lives only to allow it all to slip away after their deaths with improper (or none at all) estate planning.

Though there’s an undeniable element of schadenfreude that makes these disaster stories ghoulishly enjoyable, there are also important lessons to be learned. The problems experienced by celebrity…

4 Tips to Optimize Your Retirement Account Withdrawals (And Reduce Taxes)

From: smartasset.com

This is how to make sure your savings lasts the longest.

If you’re planning to retire within the next few years, you’ve undoubtedly considered when you should start making withdrawals from your retirement accounts.

However, the order in which you withdraw from your accounts is also important — it could let your tax-advantaged accounts grow to their full potential,

How Are Trusts Taxed?

From: www.aaepa.com

Trusts can be very useful vehicles to control assets during life and after death. During life, they can be especially helpful to control assets during periods of disability. After death, a trust can provide asset protection, remarriage protection, asset management, and many other benefits which might not be available otherwise.

Generally, trusts are income taxed in two different ways, as “grantor” trusts or “nongrantor” trusts. A grantor…

(Tip #1)

Trust vs. Will

A Will is a declaration of your wishes regarding how you want your assets and property distributed upon your death. It can also include instructions about the care of minor children. Typically, a Will is subject to Probate which is a legal process administered by the court in your state. Probate can be an expensive and lengthy process.

A Trust, also known as a Living Trust, sets the terms of your wishes…

Are your beneficiaries up to date?

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

Naming primary and secondary beneficiaries for life insurance policies, annuities and retirement accounts is one of the easiest and most effective estate planning moves you can make. Here’s why it’s important to make changes as needed to keep these details current.

Marriage, Divorce, Kids and More

Checking your beneficiaries on a regular basis (even annually is enough) can help…

Debt After Death: Why You Should Think About It When Estate Planning

From: blog.epctn.com

If you carry debt, do not assume that your death or incapacity will make it automatically disappear. To the contrary, the money you owe may eat away at the assets you were planning to leave to your heirs or — if you owe a large amount of money — may wipe out your estate completely. Debt comes in…

Estate planning for blended families

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

Second marriages and blended families have become increasingly common. Since estate planning can be more complex in these scenarios, it’s important to prepare for a variety of situations through research, planning and by reaching out for help when needed.

Trust in Trusts
A trust requires resources to set up and maintain, but when it comes to

Check In With Your Retirement Plan

From: REAP, LLC. | Retirement & Estate Advisors & Professionals

Preparing for retirement is a cornerstone of any financial plan, but a lot can change as you approach your golden years. That’s why trying a “retirement dress rehearsal” well before you stop working can reveal items to be addressed or give you reasons to adjust your expectations.

Double-check your financial details.
Most people’s anxiety about retirement comes…