When the Titanic went down in 1912, several women chose to remain on board and drown with their husbands; most famously was Ida Straus, whose family co-owned Macy’s Department Store. Although Titanic-scale disasters are extraordinarily rare, you should nevertheless include a contingency beneficiary in your will or trust in case life or death throws you […]
Tag: beneficiaries
A Beneficiary Designation Or Joint Title Can Override Your Will
Inattention to beneficiary designations and jointly titled assets can quickly unravel your estate plan. Suppose, for example, that your will provides for all of your property to be divided equally among your three children. But what if your IRA, which names the oldest child as beneficiary, accounts for half of the estate? In that case, […]
What Happens If Your Spouse Fails To Designate You As Beneficiary Of His Or Her IRA?
One advantage of inheriting an IRA from your spouse is that you’re entitled to transfer the funds to a spousal rollover IRA. The rollover IRA is treated as your own IRA for tax purposes, which means you need not begin taking required minimum distributions (RMDs) until you reach age 72. This differs from an IRA […]
A Revocable Living Trust Works Only If You Properly Fund It
A revocable living trust is often used to complement a will. For instance, you might transfer specific securities to the trust. Notably, these assets generally don’t have to go through the probate process, which can be time-consuming and expensive. Thus, a living trust enables your beneficiaries to receive some of your wealth on your death, […]
Dissecting The Contents Of A Will
For many people, the first thing they think of when they hear the words “estate plan” is a will. And for good reason, as it’s the cornerstone of any estate plan. But do you know what provisions should be included in a will and what are best to leave out? The answers to those questions […]