Like most assets, you can inherit an individual retirement account (IRA) after the owner’s death. For spouses, inheriting an IRA is a relatively straightforward process.
When you’re in the midst of a divorce, you’re probably not thinking about estate planning or your will. However, if you’re divorcing, you should think about the impact a divorce can have on an estate plan.
Aging solo is about those individuals who are widowed or not married, live alone and have no family or none they can count on. They are going through the last years of their lives on their own. It can be just fine until one’s health declines and the usual activities and access to friends get out of reach.
While many people think that estate planning is only for the wealthy, experts say that’s not the case.
People approaching retirement ponder numerous questions. However, I’ve found that many of the most important questions revolve around the word ‘when.’
No one wants to face a large bill for a funeral when they are grieving the loss of a loved one. It’s far preferable, when possible, to make arrangements in advance, utilizing one or more of the following sources of funds.
The first SECURE Act extended the beginning date for taking required minimum distributions from the year after the account owner reaches age 70½ until they reach age 72. Just three years later, ‘SECURE Act 2.0’ has extended this age to 73, and offers a further provision for extending it again, to age 75, beginning in 2033.
Veterans Affairs officials want to remind vets that some department benefits extend not only for the rest of their lives, but also after they pass away.
If your beneficiary designations are out of date and you die without updating those designations, your assets could go the wrong people–a former spouse, for example–no matter what your will says.
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