If you are 70 and ½ years of age, you are required to take minimum distributions (RMD) from your IRAs or else pay penalties. This RMD is then treated as taxable income to you. Under the new tax law passed in December 2017 and effective beginning January 1, 2018, the standard deduction has been increased [...]
Designating beneficiaries on your life insurance policies, retirement accounts and annuities should be handled with care. It is not as simple as just writing a name down on the form. Designating a beneficiary on your IRA might seem like a simple process of just writing down the name of your spouse or child. However, as [...]
A new law in Florida seeks to make it more likely that life insurance companies will learn of policyholder's deaths and consequently make required payments to beneficiaries. Life insurance is a key component of many estate plans. Because life insurance payments are supposed to be made immediately they can provide necessary funds to descendents and [...]
Nothing good comes out of failing to update the beneficiaries on your retirement plans, insurance policies and other accounts. Most people have no desire to give their ex-spouses large sums of money years after the divorce. However, as the USA Today explains in "Your ex could get rich if you don't update your beneficiaries," it [...]