What is the difference between inheritance and estate taxes? Many active and retired military officers aren't sure of the difference. They're similar, but not the same.
A Trust based estate plan can be a good idea for military officers, especially those with rental property sprinkled around the country. If you do go this route, make sure you avoid these mistakes.
The military probably made sure you have a will. But if for some reason you don't have a will and you pass away, the state will distribute your assets in accordance with state law and it may be a whole lot different than what you think they would do.
At some point during or after your military career there is a chance you or someone in your family will inherit an IRA. These assets aren't necessarily protected from creditors...
There is a pretty good chance that at some point during or after your military career that you will inherit the family home. It is easy to think that the tax bill will be big when you sell it. That might not be the case.
Often times near retirement many military officers end up dealing with the passing of a parent. Dealing with the financial issues after death can be challenging, especially if you live far away from your parents, which is often the case. Here are some steps to help you.
The Survivor's Benefit Program (SBP) is an important benefit and should not be dismissed quickly by those retiring from the military. But what many don't know is that whether you're covered by SBP or not will affect your surviving spouse's access to the Federal Long-Term Care Insurance Program (FLTCIP)
Life Insurance is a critical part of a financial plan. It is important to understand the different "parties" to the contract in order to avoid problems with the insurance triangle.
Near the end of your career as a military officer or perhaps after you retire, you may inherit an IRA. The tax rules are complicated and a mistake can be very costly. Make sure you understand these four rules, as a minimum.
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