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Your Heirs Will Lose Money If You Don't Take These Steps Now
Your Heirs Will Lose Money If You Don't Take These Steps Now

If your spouse and or other heirs cannot quickly figure out your financial affairs after you pass away or become incapacitated, you won't just leave them frustrated you might leave them with less money. Accounts and other assets could be overlooked ... and financial penalties could be incurred, such as those for not taking required distributions from tax-deferred retirement accounts.

Donor-Advised Funds
Donor-Advised Funds

Establishing a donor-advised fund can be an effective vehicle for your charitable dollars while allowing you to delay the decision making process until you have more time to determine which charities you would like to be the beneficiaries of your charitable dollars.

The Hardest Conversation
The Hardest Conversation

It all started with a conversation. Early Retiree told his father August, “Dad, your sister Joy wrecked her car.” August was headed to the mailbox and stopped and turned, “What happened?” Early continued, “It seems she ran the car alongside a lamppost in a parking lot, and the car has a large scrape down the length of the passenger side.”

Lyn Dippel
Don't Leave Your Spouse Cashless

Poor retirement planning can leave a recent widow or widower with no cash at a time they may need it most.

Until the estate is settled -- a process that can take months -- the bereaved spouse or partner won't have access to accounts that were held in one name only, unless the account owner took special care to resolve that problem.

Don't dismiss this as a retirement issue that is limited to very old-fashioned and conservative couples who kept all the family finances in the husband's name, says financial planner Lyn Dippel, principal with FAI Wealth Management in Columbia, Md.

To see this article on Bankrate's website, please Click Here.

Lyn Dippel
Divorce, Remarriage Can Make Estate Planning Especially Challenging

After 15 years in their second marriage, the husband was preparing to retire with $1 million in his IRA, and the wife, who had been a stay-at-home mom, was shocked to learn she had no ownership rights to the account. "She was devastated," said Lyn Dippel, a lawyer and financial planner at Financial Advantage in Baltimore. "She had raised the kids all this time and had no money to leave her two kids from a former marriage."

To read the complete artcile, please click on the link below.