For many middle-class families, the biggest or second biggest asset they have is their retirement account. Unfortunately, our wonderful politicians and IRS have made retirement accounts into a mine-... more
Retirement Planning: What is a Designated Beneficiary?
A "Designated Beneficiary" is a term of art under the Internal Revenue Code. It does not mean the individual or entity that you have named as... more
Retirement Planning: What is the distribution period if my beneficiary is a Non-Designated Beneficiary?
Since a Non-Designated Beneficiary does not have alife expectancy, theIRSprovides a maximum... more
For any assets which have either a beneficiary designation, a pay-on-death ("POD") designation, or a transfer-on-death ("TOD") designation,probate is not necessary. At the death of the owner, these... more
I see this happen and really believe it probably is not what Dad thought would happen. Dad worked hard all his life and had a sizable IRA. For ease, let's say it was $500,000. Dad was married to Mom... more
Many types of investments permit the owner to designate and
specific individual or class of individuals (my children) to inherit the asset
upon the death of the owner. It doing estate planning, it is... more