Legacy Planning

Enhanced Death Benefits

RetireWell will assist in keeping wealth for your future generations.  Furthermore, our products have a number of options and significant flexibility in how the transfer of assets are setup

So, what is an “Enhanced Death Benefit”?  This is a “rider” offered on many financial products that increase the death benefit to the beneficiary.  Some companies charge a fee for this benefit, while others offer it across all of their products or policies

How much benefit and how they are structured vary from company to company.  In conclusion, Let RetireWell assist with your legacy planning efforts

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IRA Stretching

Interestingly, the IRS rule that allowed you to stretch out distributions of your IRA to your beneficiaries used to be much more favorable.  In addition, it is no longer a lifetime stretch, it is limited to 10 years

Taking only the Required Minimum Distribution (RMD) from your IRA may protect you from a sizeable tax liability, but potentially not for your loved ones.

Read about income planning by RetireWell

Beneficiary Form Mistakes

  • Firstly, naming your estate and not an individual or a trust as the beneficiary of your life insurance subjects it to probate.

  • Prevent kids from a first marriage from being cut out with designations on assets that carry no spousal or joint ownership constraints.  As such, houses and bank accounts go right to the co-owner

  • Estate laws favor spouses. Therefore, payable- or transferable-on-death accounts automatically go to the closest living relative unless designated otherwise

  • If you wish to leave retirement money to someone other than your spouse, he/she must sign a written waiver, or else the deal is off

  • Don’t take it on faith that a form you filed 30 years ago is still in some bank’s file. Therefore, get copies from every bank, fund, and insurance company.

  • Finally, Make copies and tell your executor and loved ones where your documents are kept

Contact Us

Please use this form to drop us a note or to start a conversation.  We will be sure to reply as soon as possible.  Alternately, you are welcome to call us at 561-208-3743, or chat using the module on the lower right.