 How can you protect your children?
As a mother, I would love to be able to protect my children from everything. Matthew, who is in 7th grade, has been begging me to let him play football for at least 5 years now. I have been telling him no, because all the people I know who are my age who played football have bad knees or bad backs from the sport. I also recently read a study that if a football player gets a concussion in high school or college, they are more likely to develop dementia in their old age.
Brad, who is in 9th grade, wisely told me, “Mom, you can’t just wrap him in bubble wrap for the rest of his life.” I honestly thought for a moment, “I would if I could.” I realized how important it was to Matthew to play football and agreed to let him play this year.
Read more about how you can protect your children on her blog.
#9 Estate Planning Mistake - Not Preserving Tax Deferral Benefits of Retirement Plans
Most likely, your retirement accounts are the largest assets you will leave your children. Since this money is taxed when you withdraw it, it is going to be the last money you spend. So at your death, it is very likely to be your largest asset.
When a retirement account is inherited by a beneficiary who is not your spouse, that beneficiary can take the account out over his or her lifetime. The problem is most beneficiaries do not realize that this tax benefit exists, and they make the mistake of withdrawing the entire account immediately.
To learn more about avoiding this mistake, please visit our blog.
Thank you for the referrals!
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