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Greetings! ,
Its hard to believe that once again schools are coming to an end for the summer and folks are packing up and heading out on that much needed vacation. It's all about spending some quality time with our loved ones.
It's also hard to believe that in six months, we will be celebrating Christmas and trying to find "the perfect gift" for those same loved ones. And although the perfect gift will ultimately be found, in time the "aha" moment will be forgotten.
With this is mind, now is a great time to make sure that your loved ones will always be taken care of the way you intended. How? By having a Beneficiary Check-Up.
Ask yourself.... Do I love them enough to take the time to make sure that my beneficiary designations are up to date? If there have been changes in your life and you haven't updated your beneficiary designations, plenty of "un-loving" consequences could occur.
Read through our Newsletter and make plans to get started on your Beneficiary Check-Up to make sure the "aha" moment will never be forgotten.
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| Have You Had a Beneficiary Check-Up Lately?
Don't unintentionally disinherit a loved one
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Because of an unfortunate event that we recently heard about it has come to our attention that many people have not had a recent (or if ever) beneficiary check-up with respect to their financial accounts. As a consequence, well meaning folks can unintentionally make mistakes with their accounts, especially in regards to beneficiary designations. For example, you could unintentionally disinherit a love one or your favorite charity. Here are a few common examples of what could happen:
- Disinheriting grandchildren if the grandchild's parent passes before you.
- Naming children or grandchildren by name, and excluding future children or grandchildren not yet born.
- Not naming a trust for the benefit of minor children.
- Naming individuals who are receiving government benefits directly, have special needs or spendthrifts, instead of putting the assets in a trust.
- Naming a trust as the primary beneficiary instead of a spouse on qualified accounts (IRA's, 401(k), etc.), life insurance, annuities or bank accounts where there is the ability to transfer assets through a beneficiary designation; and
- Not setting up contingent beneficiaries correctly.
A beneficiary consultation can ensure that those who you want to receive your assets will actually receive them. We can make sure that every single one of your beneficiary designations is precisely the way you want it, giving you added peace of mind. |
Beneficiary Check-Up Checklist
|  So how do you get started? First let's talk about the accounts you should have reviewed. They include: - IRA's 401(k) and any Other Retirement Accounts
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Life Insurance Policies
- Annuities
- Mutual Funds, Bonds, Brokerage Accounts
- Trusts
- Real Estate Holdings
- Bank Accounts, CD's, Savings Accounts, Checking & Money Market Accounts
- Safety Deposit Boxes
- Disability Insurance Policy
- 529 Plans
- Deferred Compensation Plans
Beneficiary Check-Up Questions - Have your family circumstances changed recently such as a birth of a child or grandchild, divorce, or death of parent, sibling or child?
- Have you purchased life insurance or annuity contracts that are more that three years old?
- Do you have a religious or non-profit organization that you feel strongly about?
- Has your safety deposit box remained unopened in the last few years? Do you know where the second key is and who has the right to access your box other than you? Do you have an inventory of everything in your safety deposit box(separate from the box?)
- Do you have savings or investments that may need attention upon your death or disability?
- Have you changed employment and not transferred or taken control of your retirement funds?
- Do you have a will or other legal documents that are more that 5 years old?
To start your comprehensive Beneficiary Check-Up, give us a call at 410-758-1680. Make sure you are not unintentionally disinheriting the ones you love. |
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Do You Know The Two Types
of Death Taxes in Maryland?
Inheritance tax Inheritance tax has been eliminated where the assets are passing from one member of the immediate family to another member. If the recipient of the assets passing upon death is more remotely related or a friend, the inheritance tax is 10%. Federal estate tax
Federal estate tax is not imposed unless the value of the decedent's estate is over $5 million dollars. Maryland estate tax is not imposed unless the value of the decedent's estate is over $1 million dollars.
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FOR OUR READERS
We have worked with the firm of Braden, Thompson and Poltrack, LLPfor many years for our clients that have needed Wills and Estate Planning. Where a client's estate does not exceed $1 million dollars, they will prepare a last will and testament, advance directive for medical matters and a durable power of attorney for business matters for $395 for individuals and $495 for couples. In many instances, even if a client's estate exceeds $1 million dollars, this fee schedule will apply. The firm is conveniently located in Chester, MD. You can reach Donald Braden at 410-643-4110. Make sure you tell Donald that Mike and Rebecca told you to call.
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Sincerely,
Mike Zimmer & Rebecca Thacker
Bay State Insurance Agency Limited
410-758-1680
1-877-411-3702
"Your Safe Money Team"
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This Is Not As Easy As It Looks
Pass this along to all your friends age 60 years and older & anyone else who could benefit.
CARDIOVASCULAR EXERCISE
The older we get the more important it is to incorporate exercise into our daily routine. This is necessary to maintain cardiovascular health and maintain muscle mass.
If you're over 60, you might want to take it easy at first, then do more repetitions as you become more proficient and build stamina.
Warning:
It may be too strenuous for some. Always consult your doctor before starting any exercise program!
SCROLL ALL THE WAY DOWN
TO THE BOTTOM OF THIS PAGE
AND CONTINUE!
KEEP GOING!!!!
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Quick Links
www.yoursafemoneyteam.com
Individual Medical Insurance
(under age 65)
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A Sliver Lining for Your Retirement Account
If you transfer your IRA's, Annuities, old 401(k)s, or any other retirement account to us, one of our major insurance carriers will guarantee you an immediate 8% premium bonus; $50,000 becomes $54,000, $100,000 becomes $108,000, $250,000 becomes $270,000.
Not only that, you will receive an immediate 8% premium bonus on all premium payments received during the first seven contract years.
In addition to your premium bonus, how would you like to learn how you can add an income rider with a guaranteed 6.50% income growth for up to 10 years? This is not a prediction, this is a guarantee. You simply need to take a lifetime income.
Isn't it time you stop gambling in the risky stock market and get a good night's sleep? If you would like to have guaranteed growth and an income you can count on, give us a call at 410-758-1680 to learn how to earn more.
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Thanks to those you have served,
who do serve, and
most of all,
to those who have made the ultimate
sacrifice in service to America.
Let Freedom Ring.
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Thanks to YOU the word is spreading. Thanks to all of our clients and friends who graciously referred us to their friends and neighbors last month! There's no question we have the BEST clients on the entire planet. Our business is built on word of mouth advertising and we would like to thank everyone who has been kind enough to recommend our services to their friends. We promise to treat your friends just like we treated you, with respect and understanding. We promise to always do what is right for our clients.
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The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described. For complete information, please contact our office at 410-758-1680 or 1-877-411-3702. _______________________________________ YOU DID IT!! NOW SCROLL UP! That's enough for the first day. Great job!! Have a Glass of Wine and enjoy
our Newsletter! |
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