With the introduction of the Setting Every Community Up For Retirement Enhancement (SECURE) Act in effect as of January 1, 2020, new and big changes have been made that affect one large aspect of retirement accounts: the payout process for beneficiaries. Previously, those who inherited someone’s retirement account were able to spread withdrawals from the account over the course of their lifetime. However, under the SECURE Act, beneficiaries are now required to withdraw all funds from an account within a 10 year period.
Oh, the burden of setting up an estate plan. With so many steps to take in the process of planning your estate, it can be easy to unintentionally leave some important things out, such as providing for the furry member of your family in your overall plan – your pet. Continue reading
If you’re over the age of 18, regardless of financial status or property owned, it’s important to set the measures of an estate plan for health purposes. Estate plans not only allow for finances to be managed in the case of an accident, but they also amount to a number of other important measures that any individual should consider.
With the COVID-19 pandemic at large and death rates continuing to rise, the US now has more known cases than both China and Italy. During this current crisis, it’s best to remain calm and use this “stay well at home” time to do things you’ve been putting off. One such thing that may be worth considering during this unprecedented situation is setting up an estate plan.
Estate planning is a necessity for anyone with finances and property intended to pass on to another person or organization. How to plan your estate, however, is a larger question best answered by this fact: if you plan on leaving anything you own to beneficiaries, you will want to decide between using will or a trust – or potentially both. To help you make the most informed decision, here are wills and trusts explained: