Are you sitting on a pile of cash, not earning interest (or very little) at the bank? The beginning of the year is a great time to set your intentions and establish good habits to ensure you save for your financial goals.
Before naming a trust as the beneficiary of an IRA, consider the pros, cons, and complexities of doing so. Trusts can provide control over your assets after death, but with a cost and legal complexities.
Relationships change over the years, and you may have forgotten to review your beneficiaries in light of new planning goals. A periodic review will help keep your beneficiary designations in alignment with your overall estate planning goals.
This new final ruling now requires annual distributions in addition to the 10-Year Rule for most non-spouse beneficiaries of qualified deferred compensation plans.