Beneficiary designations have precedence over wills. Therefore, if you have accounts with assets to pass on to heirs, be sure to update them regularly. CNBC’s recent article, “Out-of-date beneficiary designations are a common and costly mistake,” says that naming beneficiaries can come with unexpected costs, like deeding money to an irresponsible minor. Many people still have ex-spouses or deceased relatives named as...
Continue ReadingKiplinger’s article, “When to Take Your First Required Minimum Distribution From an IRA,” explains that when you must take your Required Minimum Distribution (RMD), depends on whether your birthday falls before or after July 1. It also depends on whether you want to use your option to delay taking your first withdrawal. Generally, you must begin taking your RMD from a traditional...
Continue ReadingDid you know that a person who serves as a court-appointed guardian of both person and property, is eligible to be paid for their efforts? nj.com published an article recently that asks “Can a court-appointed guardian get paid?” The answer: yes. If you serve as a court-appointed guardian of the person and/or the property of an incapacitated person (also known as a...
Continue ReadingBloomberg’s recent article, “Rise of ‘Gray’ Divorce Forces Financial Reckoning After 50,” found that a majority of married women (56%) still leave major investing and financial planning decisions to their spouse, according to a report titled “Own Your Worth” by UBS Global Wealth Management. The study shows that it’s not just older women moving into the more traditional gender roles of their...
Continue ReadingThink Advisor’s recent article, “Investing in 529, ABLE Plans? Better Check Tax Law Changes,” says that the tax reform passed at the end of 2017 made important changes to educational 529 and 529 ABLE plans. The 2017 Tax Act expanded Section 529 plans, to include the use of up to $10,000 per year for elementary or secondary school expenses. The new law...
Continue ReadingA Pennsylvania lawmaker has introduced a bill that would require background checks on those selected for appointment as guardians for the incapacitated. The Reading Eagle reports in a recent article, “Bill would require background checks for guardianship,”that Pennsylvania State Representative Mark Gillen is seeking co-sponsors for the bill, after he read about aReading Eagle investigation that found courts in Philadelphia and Montgomery counties...
Continue ReadingThe biggest hurdle to seeing a windfall from your rich grandfather isn’t the possible 40% estate tax. It’s your own relatives, according to CNBC in the recent article, “Say hello to the No. 1 threat to your $11 million inheritance.” A recent TD Wealth survey found that 44% of attorneys, trust officers, and accountants cited family conflicts as the biggest threat to...
Continue ReadingA North Carolina judge sentenced 41-year-old Charlinette Detmers to four years’ probation and ordered her to pay $30,000 in restitution. Wealth Advisor’s recent article, “Lover stole nearly $1M from her late husband’s estate on Lake Norman,” explains that court records identify the victim of her embezzlement as her son, Tols Detmers, who was 19 years old when he sued his mom and...
Continue ReadingJohn Mahoney, one of the stars of the Cheers spin-off Frasier, died in hospice at 77 last month. The highly honored actor reportedly left behind an estate worth more than $5 million, according to The Daily Mail’s recent article, “Frasier star John Mahoney ‘leaves behind $5 million-plus estate with 38 potential beneficiaries.’” The actor was known for his role as Marty Crane, the live-in retired father...
Continue ReadingMany of the most egregious crimes against seniors are unreported, and many of them are committed by family members. Forbes’s recent article, “5 Ways To Spot And Stop Elder Financial Abuse,” quotes NASAA President and Alabama Securities Commission Director Joseph Borg, who explained that “A guardian is a person or entity appointed by a court to exercise some or all authority over...
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