There are a lot of things to deal with when a parent passes away. Grief being one of them. But if your deceased parent had an IRA, you might be able to save the surviving parent a lot of tax money if you consider extra IRA distributions in the year of death.
Santa is a pretty generous guy. But the US Tax Code only allows generosity to a point. So, why doesn't Santa have to pay gift taxes?
JAGs are great. But the will he or she drafted for you 10 years ago while you were still on active duty might not address digital assets. It should.
In the military we become accustomed to clear cut rules and procedures. The tax code is "not so much". One of the areas that can be a little confusing is the transfer of funds due to inheritance and the taxation of those funds.
A poorly designed estate plan can be a curse for those who survive you. It can lead to court cases and family members that don't talk to each other anymore. Make sure your estate plan is a blessing.
Every unit you served in in the military had a mission. Shouldn't your family have a mission too?
While you were on Active Duty, deployments may have kept your "estate plan" up to date. Now that you're retired, how often should you update your estate planning documents.
There are a lot of advisors that "hate" annuities. But they can have their place in a financial plan. One possibility is inside a trust.
As our parents get older, it’s important to open up the conversation about their financial well-being. While it might be uncomfortable at first, it will ultimately be helpful for both you and them. Check out our tips on how to have that conversation!
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