101: Year-end planning: RMDs and Estate Plan

Continuing on with the year-end planning tips & tricks to get your finances in order, today I want to talk about two not so sexy topics.

Required Minimum Distributions- those of you who are who turn 70.5 by the end of 2016 need to review your retirement accounts such as 401ks & IRAs and begin taking minimum distributions. You’ve been saving for a long time and deferring taxes and now our government wants their cut. If you miss your distribution, there will be a penalty of 50% of balance required to take. So pay special attention.

Estate planning - another not so exciting topic, but let’s face it. More than 50% of the population doesn't have a will in place. I want to give you a different perspective about this. Don’t overcomplicate and overthink it. All you need to do is put your wishes in writing (formal writing) about how you want your affairs to be handled to make sure that it’s very clear and straightforward for you family. You love them, don’t you? That’s it! Trust the process and let the professionals do their job, it’s actually not as bad as you think.

 
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