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