Estate planning is not merely about the distribution of assets; it’s about ensuring that your legacy is preserved according to your wishes. One crucial aspect of estate planning often overlooked is managing beneficiaries. Whether it’s a retirement account, life insurance policy, or investment portfolio, properly designating beneficiaries is essential. However, the importance of this task […]
Leaving a Legacy of Income
Estate Planning, Retirement PlanningReShelle Barrett, CFP® Are you over age 70 ½ and being forced to take income from your IRA? Wouldn’t it be nice if you could spread that income over future generations? Fortunately, you can. Let’s start with determining when you need to start taking Required Minimum Distributions (RMDs). The IRS allows retirement accounts to grow […]
Inheriting an IRA
Estate Planning, In the NewsReShelle Barrett, CFP® The term “IRA” tends to be used fairly loosely. Although most investors know that it means individual retirement account (or sometimes annuity), many don’t realize there are multiple types of IRAs which are similar on one hand but can be very different on the other. Types of IRAs include traditional, Roth, SIMPLE, […]
