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It isn’t a surprise to anyone that those typically motivated to do estate planning are those that have their mortality staring back at them. Examples include clients preparing for travel, life challenging illnesses or individuals in advancing years.
I don’t need to remind anyone that life can be cut short since all of us have been affected by a passing that came too soon and too fast. In my practice, I’ve had parents pass without making their choice be known for a guardian of their children and recently an individual passed and because she didn’t have a will, it passed to an individual that the rest of the family kept shaking their heads saying “she must be turning in her grave that so-and-so inherited her estate.”
Sure, very few of us like planning for our passing. But often, it is the things we least want to face that end up giving us the greatest peace once faced, tackled and then resolved.
Give us a call and we will be happy to assist you with the process, make the planning and implementation of your estate plan as simple as possible and will guarantee that the burden that gets lifted off your shoulders will give you great satisfaction.
Self directed IRAs (SDIRA) have been around since the early 1970s. In spite of their history, they haven’t been all the rage until more recently thanks to media attention. The biggest press was on former Republican candidate Mitt Romney’s SDIRA. It shouldn’t be believed that only the most wealthy can use SDIRA as part of their total retirement financial and estate planning.
SDIRA give everyone more control and investment options vs. regular IRAs. This is due to the individual being able to control the investments instead of a brokerage firm or bank. More than just being in control of the IRA, the SDIRA permits a whole lot of investments options instead of just traded securities. Examples include real estate, private equities, precious metals, and much more.
Not all is rosy with SDIRA. The assumption is that the manager of the IRA, the individual investor him or herself, needs to have some experience in the investments they are managing. Too often a manager or adviser is hired to assist the individual on the investments. This is an added cost.
Further drawbacks on tax and legal regulations. Provisions against self-dealing and avoiding too much involvement in the operation of a business are just a couple of the potential pitfalls.
SDIRA can be a part of a person’s financial and estate planning but care should be taken before taking hold of the wheels of this type of IRA.