The following is adapted from Inheriting Chaos with Compassion. When a loved one passes away, there are two major roles involved in the handling of their estate. There’s the executor, whose job is to make sure an estate is divided and distributed properly in accordance with how the will states things should be. Then there’s the beneficiaries: the recipients of assets from a will, trust, retirement account, or insurance policy. Upon a person’s death, beneficiaries named on their accounts become the automatic owners of those assets. In this article, we’ll look at how both roles play into the process of…
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Interested in Growing Your Wealth with Bonds? Here’s How They Work
The following is adapted from Inheriting Chaos with Compassion. When it comes to investing, most of us are familiar with stocks—an ownership share in a company—but you might be left wondering what a bond is and how it works. Let’s look at what a bond is and how it can be used to grow wealth. What is a Bond? A bond is a loan to a company or institution. The investor purchases the bond at face value, and they receive a fixed interest rate on the loan. Interest payments are typically issued annually or broken into two payments per year….
If You Inherit an Employer-Sponsored Retirement Account or an Annuity, Here’s What You Need to Know
The following is adapted from Inheriting Chaos with Compassion. Oftentimes, when a loved one passes away, we end up inheriting assets we’re not equipped to handle. For most people, a perfect example of that truth would be inheriting an employer-sponsored retirement account of an annuity from the deceased. Not only were those retirement vehicles designed for your loved one—not you—they’re going to difficult to understand unless you’ve invested in these vehicles yourself. In this article, we’ll look at the different types of empower-sponsored retirement accounts, define what an annuity is, and look at distribution rules for each. Employer-Sponsored Retirement Accounts…
Looking to Your Financial Future Starts with Knowing Where You Are
The following is adapted from Inheriting Chaos with Compassion. Many people resist seeing a financial advisor because they feel that every time they walk in, they’ll be told what they’re not doing right. It’s like discovering a cavity each time you visit the dentist. No one wants a lecture on flossing properly with every visit. A good financial advisor will help you get a clearer picture of your financial future, which starts with figuring out where you are and what you can spend right now. Many people don’t have a clear picture of how much money they spend in a…
After the Loss of Loved One, Your Mindset Around Money Might Shift
The following is adapted from Inheriting Chaos with Compassion. When a loved one passes away, the last thing you want to think about is money. The unfortunate reality is that life moves on, and sooner or later, you’re going to be faced with the task of assessing your finances and re-evaluating your money mindset. Let me share a story about one of my clients, Angela, that illustrates this process. Angela came to me a year and a half before her husband died. George had Parkinson’s, and when I met them, George still held his job at a local hardware store…
