In the movies, this advice is generally given by a doctor after delivering grave news to a patient. Fortunately, you probably have more than a few months to live, but the advice is still sound.
With Roth IRAs you’re able to direct after-tax savings to this investment account, where it’ll grow tax-free and can be withdrawn tax-free in retirement. So now, more than ever, it might be a good opportunity to evaluate whether Roth IRAs might fit into your financial plan from a tax or estate planning standpoint.
There are many decisions that come into play when planning for a disabled loved one. One solution that can help is a Special or Supplemental Needs Trust (SNT).
Learn about the benefits of Inherited IRAs.
All of the various forms of life insurance – whole life, term life, variable life, universal life, and the dozens of variations of each – can be distilled down to just two types: Term and Permanent.