Should You Name Your Minor Child as Beneficiary of Your 401(K)?

QUESTION Q: Can I leave my 401(k) to my minor children when I die? -Pondering Parent ANSWER ______________________________________________________________________________ A: Dear Pondering: Though you are technically allowed to name a minor child as beneficiary of your 401(k), IRA, or other employment-sponsored retirement account, it’s never a good idea. Minor children cannot inherit the account until they […]

How to Avoid Being Placed under the Care of a Professional Guardian

Q & A: How can I avoid being placed under the care of a professional guardian? ______________________________________________________________________________ Q: How can I avoid being placed under the care of a professional guardian? —Senior Planner ANSWER ______________________________________________________________________________ A: Dear Planner: Should you become incapacitated without any planning in place, your family would have to petition the court […]

Don’t Send Your Kids Off to College without These!

Q & A: Q:What estate planning documents should my son, who just turned 18 and is planning to attend college in the fall, have in place? -Prudent Papa ANSWER A: Dear Prudent: At age 18, your son is now an adult in the eyes of the law. This means you no longer have the authority […]

6 Ways The American Rescue Plan Can Boost Your Family’s Finances—Part 2

Signed into law on March 11th, President Biden’s $1.9 trillion American Rescue Plan Act of 2021 (ARP) is the largest direct-to-taxpayer stimulus legislation ever passed, and it came just in time to save millions of Americans whose unemployment benefits were about to expire. In addition to extending unemployment relief, the ARP provides individual taxpayers and […]