How to plan effectively for your spouse, children, & other beneficiaries.
Have you ever wondered what happens to your retirement assets when you pass away? This episode will discuss how to plan effectively for your spouse, children, or other beneficiaries to inherit these monies. We will cover IRA, 401k, and Roth retirement accounts and discuss what beneficiaries who inherit these assets need to know before they just cash out the account.
This episode will cover:
• Distribution planning: Do you have to liquidate these accounts upon inheriting these monies? If not, how should you plan effectively to withdraw the funds?
• Taxes: What are the taxes on these accounts if you inherit them. Does the beneficiary pay or the original owner?
• Administratively, how do you get to these assets and withdraw them? (Dealing with these institutions is very difficult sometimes.)
• If you want to maximize how much your beneficiaries inherit, what should you be thinking about?
• If you want to maximize how you use retirement funds you’ve inherited, what should you do? On the flip side, the death of a loved one is devastating emotionally; add onto this time in your life the need to get their finances in order can make it even more stressful.
If you are not in this situation, this stream will help you plan for these tragedies ahead of time knowing how to avoid some of the more stressful outcomes.
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