John is joined by Tim Nordgren, an attorney at Schell Bray in Chapel Hill who focuses on trusts and estates. We send people to Tim all the time and appreciate the work he does, which is why we wanted to have him explain estate documents a little further for us. He’ll walk us through the documents needed when doing testamentary planning or planning for incapacity and explain what each document covers.
Do I Need Life Insurance After I Retire?
The role of life insurance in retirement is something many people ask about. Do you still need to keep your policy now that your children are on their own and you’ve built a nice nest egg?
What do I do with an inherited IRA?
We’re in the middle of one of the largest wealth transfers in our country’s history as Baby Boomers and members of the Silent Generation pass on their estate to loved ones. And some of that money is coming in the form of an IRA.
Rules regarding inherited IRAs have changed in the past few years so we want to bring you up to speed on what’s new. Plus, we'll walk you through some of the decisions you’ll need to make with an inherited IRA, how it impacts certain beneficiaries differently, and explain the differences for Roth IRAs.
Changing Expenses in Retirement
Getting ready for retirement requires you to think through all the different changes that life has in store. That could mean lifestyle, where you live, how you spend your time, as well as other things. Like everything in life, there’s a financial consequence to our decisions, and we want to make sure everyone has a good grasp on what they’ll be spending.
In this episode, we’ll explore many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement.
Housing in Retirement
When you think about a family's assets in retirement, few are more important than the home. Not only is it typically the most expensive thing a person owns, but it also carries a lot of emotional attachment with it.
Once you reach retirement, you’re likely going to have a few things to consider with your home, and people often go in one of four different directions: stay in their home, move to a new home, become a renter, or buy a second home. Today we’ll talk through each option and what financial pros and cons you’ll need to consider before choosing where you plan to live.