Using payable on death (POD) accounts can be an efficient way to ensure the money you have in your personal bank accounts is immediately transferred to a beneficiary of your choosing when you die.
Building a diversified real estate portfolio follows many of the same principles required to build a diversified stock portfolio. Pursuing low correlations across assets and choosing from different assets are all meant to help manage the portfolio’s overall risk — a goal of diversification.
The 1099-R Form is used to record retirement distributions. This doesn’t mean you have to be in retirement to take a distribution. A distribution can occur before retirement, but there are consequences for early withdrawals. Regardless, a 1099-R form is used in both cases. One of those cases is called Code 1. In this article, we’ll discuss what these various codes mean.
No one at all goes into a marriage with the idea that it will end in separation or divorce. But it happens. According to the Center for Disease Control and Protection’s National Center for Health Statistics, the average rate of U.S. divorces and annulments in 2020 was 2.3 per 1,000 total population (45 states reporting). While definitely a decline from the 4.0 per 1,000 reported in 2000, divorce and annulments happen.
Creating and maintaining an estate to pass on to others requires thought and the assistance of accountants and attorneys. Also important is creating and maintaining a will to ensure that designated beneficiaries can receive the estate.
We’ve written a great deal about financial planning, especially regarding retirement. Many financial planners are dedicated to retirement strategies, helping you save money and accumulate assets so you can enjoy a comfortable lifestyle after receiving that final paycheck.