Monthly Archives: August 2020

3 Reasons to Create Special Trusts

Trusts are one of the most popular estate planning tools because they can accomplish very specific goals. You’ve probably heard of revocable and irrevocable trusts, which are the most common. There are actually many other types of trusts that can be created to handle special circumstances. Here are a few potential reasons to create special […]

Tax Implications of Inherited 401(k) Accounts

Tax laws for retirement accounts can be very complex. When you start receiving distributions, how much you receive and for how long are important factors. When 401(k) accounts are inherited, the rules are somewhat different. Understanding the tax implications of inherited 401(k) accounts can help you minimize tax burdens. Payout Options At Death of Account […]

401(k) Beneficiary Rules Based on Marital Status

401(k) accounts are among the few non-probate assets where beneficiaries must be directly named on the account rather than through other estate planning documents. Naming a beneficiary is extremely important, but there are also some rules to be aware of. Here’s what you should know about 401(k) beneficiary rules based on marital status. Single Account […]