This article discusses some common mistakes people make when leaving tax deferred retirement assets to their heirs. These costly errors can reduce your client’s legacy and prevent their wishes from being carried out.
We recently had a discussion with a client about their loved family members, their dogs. They are married with no children and love their pets as much as they would as children. They have also served as foster parents to several dogs over the years. Part of their estate plan was to provide their pets with consistent care and security beyond their lives. Just like a lamp is a piece of personal property, pets are considered personal property under state law. You can’t leave property to property. So how can you ensure that your pet is taken care of if you are disabled or die?
IRS rules are so stringent that virtually any proposed transaction between a family foundation and a disqualified person should be considered a potential act of self-dealing which can lead to an ugly audit and potential fines.
Did you know that a 529 College Savings Plan can transfer to other beneficiaries while avoiding tax penalties? This way, you can contribute to the education costs for multiple generations.
The LPL Research Retirement Environment Index is a state by state holistic view into the pre-retiree landscape that provides depth and balance in six broad categories that reflect retiree desirability on housing, healthcare, housing, quality of life, education and wellness.