Short, simple action steps to help families like yours avoid probate, save on taxes, and be prepared when “the time” comes. It’s written with heart, a little humor, and zero fluff. If you want practical tips on being a good steward of your parents’ legacy (and your own), sign up here! MUST CONFIRM SUBSCRIPTION - CHECK SPAM FOLDER AFTER SUBSCRIBING FOR THE LINK!
Intentions, Wills, & the Beneficiary Form: A Love Triangle You Can Avoid
Welcome to the Fun Side of Finance!Navigating Your Financial Future Doesn't Have to be a Headache Hey there, What’s worse than a messy family drama? A messy beneficiary form, because unlike your parents, the IRS’s feelings for you are very conditional. Picture this: that 401(k) from 20 years ago that still lists Dad’s ex-wife as the beneficiary. Guess who gets the money? Yep. The ex. And no, you don’t even get to send the IRS a strongly worded text. It’s automatic. The will won’t save you. Your heartfelt “but that’s not what dad meant!” won’t save you. The beneficiary forms always win. Here’s your quick “uh‑oh, let’s fix this before Thanksgiving dinner gets weird” list of documents to check:
Even if your parents have a will or a trust, one outdated name can throw everything off. And good luck prying that money back from Cousin Jerry. He’ll be clicking “buy now” before you can even finish this sentence. Bottom line: Beneficiary forms are the easiest estate plan your parents already own. Let’s just make sure they aren’t accidentally leaving everything to an ex from decades ago. You know the one… the infamous double-dipper who ruined every family chip bowl! Want to be sure? Talk soon, |
The Formula Wealth Report
Short, simple action steps to help families like yours avoid probate, save on taxes, and be prepared when “the time” comes. It’s written with heart, a little humor, and zero fluff. If you want practical tips on being a good steward of your parents’ legacy (and your own), sign up here! MUST CONFIRM SUBSCRIPTION - CHECK SPAM FOLDER AFTER SUBSCRIBING FOR THE LINK!
Smart Money, Made Simple Navigating Your Financial Future Doesn't Have to be a Headache If your parents’ portfolio is stuffed with bonds and yours is riding the crypto rollercoaster… guess who’s grinning like your awkward uncle Jimmy as he helps himself to another giant serving of mashed potatoes this Thanksgiving? The IRS. Why? Because when family portfolios don’t coordinate, you end up serving Uncle Sam the biggest slice of pie—while your own plate looks suspiciously light. Bless your...
Smart Money, Made Simple Navigating Your Financial Future Doesn't Have to be a Headache Adding your name to your parents’ house sounds smart, right? Like, what could possibly go wrong? Oh, just little things like capital gains tax, gift tax, and Medicaid penalties. You know… the fun stuff. Here’s how to keep the family home from turning into a financial horror story: 🏡 Revocable Trust Keeps the house out of probate and under control—without waking the IRS. 📑 TOD Deed (Transfer on Death) Fast,...
Smart Money, Made Simple Navigating Your Financial Future Doesn't Have to be a Headache Hey there,Here’s something you don’t hear every day: long-term care costs can sometimes be tax-deductible. No, really! If you’re helping your parents with elder care, assisted living, or medical appointments, there’s a chance Uncle Sam might actually give you a little relief—if you know how to ask. What counts? Memory care In-home caregivers Assisted living (when it’s for medical need) Even mileage to...