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Mastering Retirement Journal

What We’re Reading – August Edition

1

https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary

  • A great recap from one of the largest asset managers in the world on how companies fared over last quarter’s earnings reports.

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Funding Your Trust – Don’t Forget to Fund It

Laptop computers beside pen and paper. InFocus Financial Advisors planning setting up trust fund.

2-minute read

It is often a savvy estate planning move to create a revocable trust to avoid the probate process and associated costs.  I see our clients do this quite frequently.  It is important, however, that the trusts get funded, and your assets titled into the name of the trust.  Failing to transfer all intended assets to your trust can lead to probate and defeat the purpose of establishing a trust. Regularly review your asset inventory and periodically update the funding of your trust to ensure its completeness and consistency.

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529 College Savings Plan Roth Conversions: Two Birds, One Stone

Caucasian mother and daughter with brown hair placing a coin inside of a pink piggy bank.

3-minute read

The SECURE Act 2.0 has been passed in 2022, bringing us new and exciting financial planning opportunities. The opportunity in question today; 529 Roth Conversions. Beginning in 2024, 529 plan assets will be allowed to roll over into Roth IRA accounts for a 529 beneficiary. So, what does this mean exactly? It means as a 529 plan owner you can make sure that funds in a 529 plan that aren’t used for education can be put to good use as a Roth IRA for the 529 beneficiary. This sounds good, but we have an idea that is even better. As a parent, you’ll be able to save for a loved one’s college education through preferable tax treatment but also assist in funding a loved one’s Roth IRA contribution for them the first 5 years of their working career. A classic “two birds one stone” situation. This of course would require some additional funding for a 529 plan, but first, we need to go over some rules. All of this sounds simple, but let’s run through the rule book first.

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