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.
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.
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:
According to documents filed in probate court, Aretha Franklin left no will or trust behind when she died. Without proper documentation of her assets, a net-worth estimated beyond $80 million and rumored debts, figuring the true worth of Franklin’s estate will likely be controversial and take time. If Franklin voiced any wishes for her estate … Read moreAretha Franklin’s Death Without a Will is a Reminder to Think About Your Estate Plans