When you go to set up a retirement account or get your life insurance in place, you have to designate who your beneficiaries will be. This seems like a simple enough task until changes in your life take place. You may have kids, get married, get divorced, or any other number of things, which will all require you to revisit your beneficiaries. When you step into the space of estate planning you have to understand that there are a myriad of considerations to make as well as several t's to cross and i's to dot. You need to make sure that you leave a legacy in the way that you want, and that requires proper beneficiary designations. Today, we will discuss:
1. What beneficiaries are
2. How to set your beneficiary choices
3. How beneficiary designations stand up to a will/trust
4. How your beneficiaries may have tax implications
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Don’t forget to like, subscribe, and leave comments below as I would love your feedback. Be sure to check out my website (www.mnowithdylan.com) where you can get more information on my financial coaching services and more, the podcast of these shows if you are more of a listener than a watcher, and follow the show on any social media outlet (FB, Twitter, & Instagram) @mnowithdylan (Money’s No Object with Dylan Howell) [All links in description]. Tune in tomorrow to discuss taxes on inherited money and the implications of receiving an inheritance. Don’t forget to check-in every weekday (Monday-Friday) for new videos which will be uploaded each day at 6 a.m. CDT. Thank you, guys, for tuning into this episode of Money’s No Object. I’m Dylan Howell. God Bless!
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(Please keep in mind that I am not a financial advisor. I create these videos for educational purposes only. You and only you are responsible for the investment decisions that you make.)