AMJ Financial Blog

Tag Archive: estate planning

Estate Planning: Using Power of Attorney for an IRA

There may come a point in your life where you will need to select a loved one to make significant financial decisions on your behalf. This process is by no means easy, but in the event that you are unwilling or unable to manage your own finances, having someone assigned as a power of attorney… Read More

After the Diagnosis: Making a Plan for Alzheimer’s

In a 2002 interview with Mike Wallace, former First Lady Nancy Reagan said she often reread the love letters written by her husband, former President Ronald Reagan. The letters, which had sustained and enriched their relationship, helped Mrs. Reagan reconnect with her husband and remember the man he was before Alzheimer’s claimed him.1 An excerpt… Read More

Avoiding Spousal Beneficiary Mistakes

Spousal beneficiary mistakes are common, and making financial decisions in a time of grief can be especially challenging. Factors such as your age and income needs should be considered prior to making any changes to an inherited spousal IRA. For more key considerations, click here to download “Avoiding Spousal Beneficiary Mistakes in 5 Easy Steps”… Read More

Beneficiary Checklist

After working your entire life to build a legacy, ensuring that your estate is handled properly once you’re gone should be a key consideration as you develop your retirement plan. Beneficiary forms play a critical role in how your assets are handled, and if they are outdated or filled out incorrectly, your assets could be… Read More

Estate Planning: How Inherited IRA Trusts Work

Are you thinking of naming a trust as your IRA beneficiary? You might want to reconsider making this move, unless you’re doing it for the right reasons. While naming a trust as your IRA beneficiary can add protections and provisions for how your hard-earned money is used, it can also make things more complicated and… Read More

Calculating Non-Spouse Beneficiary Distributions

Have you recently inherited an IRA as a non-spouse beneficiary? If so, then you will soon be required to determine exactly how much will need to be taken as your first required minimum distribution. There are ways to “stretch” the tax benefits of these accounts by leaving them in an IRA as long as possible;… Read More