Trained as a lawyer and CPA, Bob Carlson shares his original estate planning research on the pages of Retirement Watch.
In Part 1 of this article, we reviewed some classic estate planning mistakes that are fairly common among retirees. Today, let’s continue the discussion with four more oversights, so you can evaluate your own estate plan. Leaving assets outright to adult children. Many people believe trusts are needed only when minor children inherit. They understand […]
If you’ve never seen an estate planner… Or if your estate plan hasn’t been revised within the last three years… Then your plan is likely to have at least one of these classic mistakes. Today let’s go through these estate planning mistakes, one by one… 1. Relying only on a will. A written will is […]
No matter what your net worth is, an estate plan is always worth putting into place. It’s a legally binding document that spells out who gets your assets… It offers ways to limit the tax burden on your estate… And it helps your loved ones from having to deal with too many administrative nightmares after […]
Most people, especially those with at least modest wealth, have engaged in some estate planning. Yet few people have complete plans. More likely than not, your estate plan is going to have gaps. There are plenty of anecdotes to support the statement, but there is also concrete evidence. I regularly see surveys of either estate […]
What you don’t know about retirement can hurt you. In fact, just a few wrong decisions in your investments, taxes, or estate planning could completely derail your retirement plans. Worse yet, the rules of the game keep changing, making it harder to keep up. For these reasons, I’ve assembled all the key points – everything you need to know — into one comprehensive report. Click here today for free access.
The number of people naming charitable trusts as IRA beneficiaries is climbing, and for good reasons. Typically, IRA beneficiaries are individuals, often the surviving spouse or the adult children of the owner. The goal often is to create a Stretch IRA, with the beneficiary taking only required minimum distributions (RMDs) each year so the tax-deferred […]
Have you ever considered how your investment portfolio and other assets will be managed in the future? Odds are — after you’re no longer managing the assets — nothing good is going to happen. Now that may sound awfully negative… but I’ve discovered that too many people neglect to include an investment portfolio transition in […]
In Part 1 of this article I talked about the importance of having a Financial Emergency Kit, along with a few of its essential elements. So this week, let’s continue the discussion and review the other important elements that make up your Financial Emergency Kit, starting with: A letter of instruction, which can be valuable […]
Many people think they have estate plans… but oftentimes it turns out they really don’t. I’m not talking about those who haven’t done any planning and don’t even have a basic will. I’m talking about people who have taken action on their estate plans — and yet have plans that are woefully incomplete. You see, […]