Only two years after Congress gave us sweeping changes with the Tax Cuts and Jobs Act, we now have the "SECURE" Act. Passed and signed just days before Christmas, we find that there are some goodies, as well as some lumps of coal.
I was reminded recently why it’s so important to follow up on transactions to make sure instructions have been properly completed. I’m part of several professional forums where advisors can collaborate with each other, pose questions, etc.
While not the most exhilarating topic to think about, having a detailed list of what to do when a loved one passes can bring great comfort during a time of deep grief and stress. Also, this kind of checklist is also valuable during life as a guide for what things to keep up to date... just in case.
One of the largest obstacles financial advisors have is explaining what we do and how it benefits clients. Most of the advice that is delivered is intangible, making it difficult to quantify the value of that advice. Several recent studies, which attempt to provide more definition around this, have been summarized by Michael Kitces into the following one page summary.
After discussing the basics of beneficiary designations and then how to avoid common mistakes, we now turn to a less familiar form of beneficiary designation: the transfer on death (TOD) deed for real estate and vehicles.
This article is the second in a series about beneficiary designations. Our first article discussed the different types of beneficiary designations and provided basic information in regard to how they operate. This explains common beneficiary designation mistakes and how to avoid them.