June 6
8 comments
We're an investing service that also helps you keep your dough straight. We'll manage your retirement investments while teaching you all about your money.
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estate planning 101, estate planning 2023, estate planning basics, estate planning trusts, financial advisor, financial advisor advice, financial advisor podcast, investment planning, investment planning for 2023, retirement, retirement planning, retirement planning at 35, retirement planning at 55, retirement planning at 60, retirement planning at age 50, retirement planning for 45 year old, retirement planning in your 40s, trustee accounting, wealth manager
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How bout this, before you die just give loved ones access to the account and have them withdraw the money. Thats how you get around paying taxes.
Thanks Dustin always a good reminder to review those things every couple years.
Good reminder. Had to change beneficiary. Yup. Things can get complicated.
Colors super blown out, and I’m nothing close to an AV aficionado
Do you still help with retirement planning???
One of my big concerns is power of attorney should I become incapacitated. Maybe you can do this with specific forms for IRA accounts, but how many people have everything setup.
I’ve never understood people that cant be bothered to set up these types of end of life processes (it’s happened multiple times in my family). I realize it’s not super fun to talk about but everyone is going to face it so just do it. Even if it is just a beneficiary…..And the earlier you set it up, the further away from death you seem so it shouldn’t be an issue. Yes, you may have to tweak it as life goes on but still…..just be an adult and deal with it so people don’t have to when your gone…..or it gets taken by probate court
Simple is always a good goal, and as you say, when younger not necessary. However, it can depend by state. California probate is expensive, so it’s advised out here that when you own a home, get a trust. With kids, we thought it more advisable, and our trust person also setup the power of attorney, health directives, pour over will, etc. We were referred, so it’s worth asking around – only cost $1200.