When my sister Angie and I started our financial services business, Genuine Financial Advisors, we did so because we discovered, through circumstances in our own family, that failing to plan can have devastating consequences, especially in retirement. Mistakes made in any phase of a person's financial life will almost certainly have a magnified impact once [...]
If you own bank accounts and want to reduce your exposure to probate with these assets the “payable on death” (POD) option may help you. This option offers an easy method to keep bank account out of probate court. All that is required is a form which most banks can supply naming whomever you want to inherit the money in your account at your death.
Need a reason to add an annuity to your retirement portfolio? Here are 10. Annuities aren’t for everyone; you have seen me write about that often. But when you are putting together your “bedrock” foundation for your retirement plan, they can be essential to that planning. Think of layering, this about safety and security as [...]
In the world of insurance, guarantees matter Consider the state of the insurance industry, what is guaranteed anymore? Care insurance premiums are not guaranteed, have a ticket or an accident and see what happens to your future premiums — the same with Liability policies, fire insurance and almost any other category of third-party [...]
Annuities are contracts with written contractual provisions which include benefits paid to a named beneficiary. In the event of the annuitant (a person) dies, the proceeds from an annuity are passed to the beneficiary. The beneficiary can be a person or persons, a trust or an organization. If the annuity names a beneficiary, the funds are paid without the need of probate.
Who should inherit your IRA or 401(k)? Your annuity? See that they do. Here’s a simple financial question: who is the beneficiary of your IRA? How about your 401(k), life insurance policy, or annuity? You may be able to answer such a question quickly and easily. Or you may be saying, “You know, I’m not [...]
Naming a beneficiary on an annuity can help lower probate expenses Annuities are contracts between an individual and an insurance company. Annuity contracts allow for the owner of the annuity to name a beneficiary so in the event of the death of the annuitant. Because this is a contract, the beneficiary will normally receive the [...]
In my line of work, I have the unfortunate job to deal with the passing of someone’s spouse, parent, or sibling. I see in these moments of grief I know how, if the details aren’t thought of ahead of time, the pain can be compounded with the frustration of trying to navigate through the messiness [...]
Longevity Risk, Investment Risk Withdrawal Options, IRS Life-Span, Assumed Growth, Payment Adjustments Control of Assets, Beneficiaries T.S.P Modernization Act of 2017 When you retire, there are some decisions to consider that will impact the financial quality of your future years. For Federal and USPS employees, nothing is more critical than managing your TSP funds properly. [...]