Episode #97 Estate Planning Essentials: Beneficiary Forms And Legal Documents

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Today’s Smart Money Question:

When it comes to building a retirement plan, one of the biggest items that people overlook, or even avoid, is designating their beneficiaries. But taking the time to do this is key to ensuring that your assets are handed down in the way you intend, and that your estate does not go through probate. Matt gives us some tips on how to prepare these essential legal documents.

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

3:33- Know How The Money Will Move To The Next Generation

  • Matt dives into how important it is to understand your accounts and why its important to always have your beneficiaries up to date.

5:48- Tax Characterization of Qualified Retirement Accounts

  • Matt goes over what tax characterization Qualified Accounts have; IRA’s, ROTH IRA’s, 401(k) ect.. and how it effects your beneficiaries.

8:19- What Happens If It Goes Through A Will

  • Matt discusses what would happen if you just have a will and not beneficiaries selected on your accounts.

9:42- Tax Characterization of After Tax Accounts

  • Matt goes over what happens if you have a joint after tax account (checking, savings, etc…) and how it effects your beneficiaries.

12:56- When A Will Becomes Needed

  • Matt discusses when a will is needed for items such as real estate and personal items where there are no beneficiary forms.

 

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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003

 

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