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In 20 years or so, I'm hoping, but it could be sooner. I'm 63. Dad lived to be 78, Mom 91. Neither smoked. I did until ten years ago.
What does that have to do with it? If I croak before the five years is up that I have to hold the money, my daughter can't get it for ten years after that? That is the question. I just found that odd.
Oh, OK. I thought that's what it might be, but I read it through a few times, and it wasn't clear to me. Thank you.
It changed January 1, 2020. It used to be that a non spouse receiving an IRA or 401k through inheritance could spread the distributions out over their own life expectancy. Now it's reduced to 10 years (which could mean a lot higher taxes for whoever the beneficiary is).
Right now I would choose to leave my 401k mostly to a 501(c)(3) charity because they are not required to pay taxes on it. I would leave my high income family member the house because they get the stepped up basis to Fair Market Value around my date of death.
My money goes further after death if I take into consideration tax impacts.
It changed January 1, 2020. It used to be that a non spouse receiving an IRA or 401k through inheritance could spread the distributions out over their own life expectancy. Now it's reduced to 10 years (which could mean a lot higher taxes for whoever the beneficiary is).
Right now I would choose to leave my 401k mostly to a 501(c)(3) charity because they are not required to pay taxes on it. I would leave my high income family member the house because they get the stepped up basis to Fair Market Value around my date of death.
My money goes further after death if I take into consideration tax impacts.
Well, hopefully I will live to spend it. But with the parade of dead family and friends that have marched by over the past two years, I know easy it could be to unexpectedly fall in step behind them.
Well, hopefully I will live to spend it. But with the parade of dead family and friends that have marched by over the past two years, I know easy it could be to unexpectedly fall in step behind them.
Plan for the worst; hope for the best...
We lost our eldest sister last year and the reason I have not lost more is because I lost a lot more a lot sooner in life. So, I get your mindset on the matter. In my will I have it set so there are 3 entities to receive 33.3 each (a much younger friend, a younger family member and a charity). So, if 1-2 of those entities is no longer in the picture then the remaining percentages accrue to the 1-2 entities that are remaining. There is always one remaining entity due to the charity.
Hang onto life as long as possible and at the same time do not fear death. ... It's a hard thing to do to be able to make your peace with death (or it was for me and it was quite a protracted process). But, now I am able to make plans for the disposition of my body without flinching... It was worth working through the process and being at peace with it (at the same time a very strong will to keep surviving all of it as long as is naturally possible). I am not sure it will always be easy to feel that way as I am sure I will hit more bumps in the road (so, I could see myself reverting (but, at the same time I had too much of my life tied up in mourning due to early childhood parental loss so I have done more than my fair share already).
We lost our eldest sister last year and the reason I have not lost more is because I lost a lot more a lot sooner in life. So, I get your mindset on the matter. In my will I have it set so there are 3 entities to receive 33.3 each (a much younger friend, a younger family member and a charity). So, if 1-2 of those entities is no longer in the picture then the remaining percentages accrue to the 1-2 entities that are remaining. There is always one remaining entity due to the charity.
Hang onto life as long as possible and at the same time do not fear death. ... It's a hard thing to do to be able to make your peace with death (or it was for me and it was quite a protracted process). But, now I am able to make plans for the disposition of my body without flinching... It was worth working through the process and being at peace with it (at the same time a very strong will to keep surviving all of it as long as is naturally possible). I am not sure it will always be easy to feel that way as I am sure I will hit more bumps in the road (so, I could see myself reverting (but, at the same time I had too much of my life tied up in mourning due to early childhood parental loss so I have done more than my fair share already).
Thanks for sharing. I am not really afraid of death. Not that I wouldn't feel fear if I saw a train coming at me or received a terminal diagnosis. I believe I used up most of my life supply of fear on September 21, 2001. Ever since that day, most of my anxiety about death just went away. I think it had something to do with being in the vicinity if mass death, my own life in danger, but surviving. My brain knows it's all right there next to us.
But I know I have to make practical preparation for. Death in the 21st century requires paperwork.
It doesn’t keen up with inflation but beats the heck out of CDs.
Dominion Energy Reliability Investment earns a variable rate, currently 1.25% for $50k & over. Access any time, no fees. I’ve had an account with them for over 3 years (started at 3% back then) Super safe, but NOT FDIC insured. Write checks off it or get cash transfers in 2 business days. Always beats any savings account.
It is a shame chase offers nothing to existing customers and we have chase private client too . We use them as our main bank.
Ha. Yeah. I feel like Chase is making the decision for me to get all excess funds out of our account there!
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