John 14:2 says, “In my Father’s house are many mansions: if it were not so, I would have told you. I go to prepare a place for you.” Jesus isn’t just winging it, he has a plan for you and your estate. You shouldn’t wing it with your estate either. Having a plan in place and properly set up will save your family the frustration, confusion, and sadness of having to figure out your estate in their time of grief.
This week, Robby talks about his own personal situation regarding estate planning. His father is in his final stages of life, and Robby is going through and organizing this estate. Robby mentions he recently found out his father has an IRA, but he doesn’t know who the beneficiary is. Hans mentions that the listed IRA beneficiary will trump whatever is in the Will. This means that if the IRA has Robby’s deceased stepmother listed as the IRA beneficiary, it will have to go into her estate and they will have to figure it out from there. This can be a very time consuming process. If there is a contingent beneficiary listed, then it will go to this person instead of the stepmother’s estates. This all gets really complicated, especially for your family trying to figure this out after you might be gone. Getting this sorted as soon as you can, and keeping up with it every few years, can really be beneficial for you and your family in the long run.
Hans and Robby also talk about life insurance, and how this money comes quickly and tax free. This is a great policy to have in place so your family is taken care of while the rest of your money, such as IRA money, is going through the estate.
How can you set up an estate so that your house does have many mansions? Proper planning is the answer. Don’t forget, this probably involves talking to a professional.
Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on CardinalGuide.com for free!
You can contact Hans and Cardinal by emailing firstname.lastname@example.org or calling 919-535-8261. Learn more at CardinalGuide.com.