In a continuation of our Why series – if you want to see the entire series just scroll down to the right side of our blog site and change the category to “Why” – there are some neat ideas in our opinion….
And a topic that came up this week with much discussions, once again giving us a subject matter to share…
In a preview article to a more detailed Newsletter article that goes well with our Institutional Trustee article….
Why you should carefully choose your Beneficiaries
The most important point to remember is that whatever your account title (IRA, Trust, TOD – transfer on death) documentation has deemed a beneficiary, that is where the funds will go, without regard to what your Will or even what Trust documentation may say…
Making sure all of your title documents send fund to where/whom you currently desire….
Want some examples we have seen over the last three decades:
- Currently married – maybe for a while – but a Parent is still your beneficiary (Easy fix, frequent occurrence)
- Minor child is the beneficiary – this will not work- courts will end up deciding
- Ex Spouse – yikes -there are some relief with divorce decrees, but sloppy
- Sibling that for whatever reason you no longer desire to be a beneficiary
- Two of your three grown children – by accident, forgetting the third
Don’t let an accidental oversight in your Beneficiary designation slip through the cracks – Review occasionally, and you will be in good shape!
Have a Great “NOT forgotten Beneficiary” Day!
John A. Kvale CFA, CFP
June 2015 Financial Planning Tip, Capital Market Review (Video)
Welcome to our monthly Economic, Capital Market, and Financial Planning tip of the month.
Once again a special thanks to all of YOU … the best clients and friends as your experiences have again given us the subject matter for our Financial Planning Tip of the Month.
For those new to our writings, we touch on the most pertinent Financial “stuff” along with a video of my mug that has even more specialized details of the latest month as well as this post.
Ok…let’s go!
VIDEO
You Tube Direct Link or Vimeo Direct Link
TOD/POD Transfer/Payable on death – Another great Financial Planning Tip:
While similar to our recent tip concerning Joint Tenants with Rights of Survivorship (JTWROS), we find this tip is actually forgotten about rather than accidentally used. Never by us … Give us a call if you have any confusion/questions!
China, Greece, Puerto Rico and Summer
With slowing earnings growth here in the USA and frothy capital markets, it did not take much to put fear into participants. Combine the trifecta (China, Greece, Puerto Rico) of events and summer doldrums and you get a dicey market.
China:
That’s a pretty scary 20%+ negative move by the China market … Until you take a longer view.
With eyes of a wider spectrum, looks like to us a much needed breather. No matter, the weight of all at once, Greece, China and Puerto Rico have been too great for markets to maintain a positive attitude, thus far.
John A. Kvale CFA, CFP
http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225
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Posted in Economy, General Financial Planning, Investing/Financial Planning, Market Comments, Video, World Political
Tagged China, Greece, Joint Tenants, JTWROS, Payable on Death, POD, Puerto Rico, TOD, Transsfer of Death