Military Finances 101: What Is a Living Trust?
As your life and assets grow more complex, you might want to consider a Trust-based estate plan which probably includes a Living Trust. Here is a primer on what it is.
As your life and assets grow more complex, you might want to consider a Trust-based estate plan which probably includes a Living Trust. Here is a primer on what it is.
When you were on Active Duty, you probably completed your estate planning at the JAG office (or the deployment line). Now that you're retired, you might want to take another look at it. Look out for these 8 myths as you come up with your plan.
You've figured out the GI Bill and your kid is headed off to college, have you gone over the "what if" scenarios with them? In case of emergency, you and your college student will want to have this paperwork filled out ahead.
The SECURE Act significantly changed how IRAs inherited by someone other than your spouse are treated. The end result is the tax burden could be considerably higher than under the old law. While not perfect, you can get close to similar results as under the old law by naming a CRUT as the beneficiary of your IRA.
Preserving wealth you accumulate during Active Duty and your second career is a lofty goal. But keeping it for generations to come is no easy feat, but there are some assumptions that just aren't true.
If you're an Active Duty or retired Senior Military Officer or NCO, you've probably bought a house or two. How much thought did you put into titling it? If you're like many, probably not much. You might want to.
Currently, the estate tax isn't a huge concern for most retired Senior Military Officers and NCOs. That could change. And, if you have large insurance policies those who survive you could be subject to estate tax. ILITs can help you legally avoid those taxes.
Estimating your tax rate in retirement is crucial to determine if you should do a Roth conversion. But it is only half the problem. What will taxes look like for a surviving spouse?
If you go to Facebook or LinkedIn and look a bit you'll find threads talking about SBP. There are always people that say SBP is too expensive. I wonder how they came to that conclusion. Here is my analysis.
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