Plus, there’s the federal government to consider. After all, no one wants the government getting any more money than is legally required. Some think they have knowledge of investments like IRAs and Roth IRAs, but even distributions from these accounts can be problematic if the aim is to “stretch” payments out to beneficiaries, tax deferred or tax free, for as long as possible.
To see what is involved, attorneys and tax advisors can help set up an estate plan. Plus, there are online resources like Fidelity’s Estate Planning Overview. Fidelity customers also have access to its new Estate Planner to more thoroughly prepare and educate themselves for a meeting, right down to details like organizing documents and choosing lawyers. While it’s scary to think about life without family members and what that life may look like, ultimately it’s better to have a conversation and get a plan in place. Like the Boy Scouts, it pays to be prepared.
This article was originally published in newsusa.com
