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Q&A: Can I leave my 401(k) to my minor children when I die?

QUESTION

Q: Can I leave my 401(k) to my minor children when I die?

–Pondering Parent

 

ANSWER

A: Dear Pondering:

Though you can technically name a minor child as a beneficiary of your 401(k), IRA, or other employment-sponsored retirement accounts, it’s never a good idea. Minor children cannot inherit the account until they reach the age of majority—which can be as old as 21 in some states.

If a minor is listed as the beneficiary, upon your death, your retirement account would be distributed to a court-appointed custodian, who will manage the funds (often for a fee) until the age of majority. If you want your child to inherit your retirement account, you should set up a trust to receive those assets instead.

You can then name a trustee to manage the account until your child comes of age. By doing so, you get to choose not only who would manage your child’s money, but within the trust’s terms, you can stipulate how and when the account’s funds...

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How Estate Planning Can Reduce The High Cost Of Dying—Part 2

Despite the fact that it happens to every single one of us and is as every bit as natural as birth, very few among us are properly prepared for death—whether our own death or the death of a loved one. 

 

Yet the pandemic might be changing this.

 

According to Census figures, the pandemic caused the U.S. death rate to spike by nearly 20% between 2019 and 2020, the largest increase in American mortality in 100 years. More than two years and 1 million deaths later, it's more clear than ever that death is not only ever-present, but a central and inevitable part of all our lives.  

Yet, some in the end-of-life industry believe the pandemic’s massive loss of life has also created an opportunity to transform the way we face death, grief, and all of the other issues that arise when we lose someone we love dearly. In fact, this sentiment is the mission of the new startup Empathy, an AI-based platform designed to help families navigate the logistical and...

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How Estate Planning Can Reduce The High Cost Of Dying—Part 1

Despite the fact that it happens to every single one of us and is as every bit as natural as birth, very few among us are properly prepared for death—whether our own death or the death of a loved one. 

 

Yet the pandemic might be changing this.

 

According to Census figures, the pandemic caused the U.S. death rate to spike by nearly 20% between 2019 and 2020, the largest increase in American mortality in 100 years. More than two years and 1 million deaths later, it's more clear than ever that death is not only ever-present, but a central and inevitable part of all our lives.

 

Yet, in what may be one of its few positive outcomes, some in the end-of-life industry believe that the pandemic’s massive loss of life has created an opportunity to transform the way we face death, grief, and all of the other issues that arise when we lose someone we love dearly. In fact, this sentiment is the mission of the new startup Empathy, an AI-based platform designed to...

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Purchasing Life Insurance For Your Family: What You Need To Know

Life insurance is a key component of your family’s estate plan, offering those who depend on you for their financial security a safety net in the event of your death. Whether those dependents include your spouse, children, aging parents, business associates, or all of the above, investing in life insurance is a way to say “I love you” and make certain that when you pass away, the people you love will have a reliable source of financial support to count on.

 

Although purchasing life insurance may seem fairly straightforward, it can actually be quite complex, especially given all of the different types of coverage available. Plus, because insurance agents often earn hefty commissions on the policies they sell, it can be challenging to determine exactly how much coverage (and what type of insurance) you actually need—and who you can trust to give you objective and accurate advice about that coverage.

 

With this in mind, we’ll break down the...

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