I hope you found last week’s blog, “Show Me The
Money” interesting. I am looking
forward to hearing some stories as you try your luck in the government gold
mine.
Back again with more thoughts on Estate Planning
after completing your divorce, but now I want to talk to you about retirement
assets. Technically, these are not
in your Estate Plan, but they must be dealt with correctly in your estate
planning.
You have completed your divorce, and you have life
insurance, a pension, a 401K, an IRA, an Annuity, a Health Savings Account or
some type of retirement/death benefit, you probably designated your ex as the
beneficiary or trustee for the benefit of your children. Good chance you haven’t changed that
designation yet, or simply forgot to.
Guess what I just reminded you to do? We need to make sure that these beneficiary name changes
happen, after your divorce is final, which means Judgment in hand and in conjunction with your Estate Plan.
One thing I believe in, is having the right team of
professionals to help you move forward in life. Hire experts and follow their advise. No one is a master of all aspects of Estate Planning. My job would be to advise you and
develop your Estate Planning documents.
You may need a Financial Advisor to help you with these retirement
investments. You may need an Insurance
Broker to make sure you have the right type of insurance investment or
annuity. You may need a personal
banker to assit you with the proper controlling accounts. You may need an Accountant to help
maximize your tax planning or even lifetime gifting. You may need a Property or Mortgage Specialist if you are
fortunate enough to have a home or investment property. These and others are your Estate
Planning team. Each of them will
have something to contribute to your decision making for these special assets
that go outside your Estate Plan, but are an important part of your Estate Planning.
In the days that follow, I will give you more
reasons to create, review and revise your Estate Plan. However, if you are
interested in learning more about an Estate Plan, Wills, Trusts, Advanced
Healthcare Directives, or Divorce, Custody, Visitation, Child Support, Spousal
Support, Property Division, Modifications, Remarriage, or Pre-Nuptial
Agreements, and you live in Santa Clara County or thereabout, please contact me at fbegun@gmail.com, or through my other websites at www.fcbegun.com, or at www.linkedin.com for Fred Begun
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