March 2021
"Gimme the Box" |
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Your monthly look at the world of estate organizing and administration... plus random thoughts on international travel, craft beer, and businesses we love. Submit feedback to eileen@legacyestateorganizing.com |
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You've heard it said: "One man's trash is another man's treasure." But in the case of estate administration, it can be both! If you have lost someone in the past year or two, and you are responsible for taking care of their estate, you may well have a box of documents that you pulled from your loved one's home. You mean to go through the financial documents, do some online research, make phone calls to the various companies... but life keeps getting in the way. You KNOW you should take care of these financial "loose ends," but you just can't bring yourself to focus on the task. Gimme the box! I can tease out whether the accounts are still active, which policies are still in force, where forgotten moneys might be held. Don't go it alone when there is a nerd professional just waiting to help. |
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Change to Inherited IRA Distributions If you are planning to leave your IRA to a beneficiary other than a spouse, please note an important rule change under the SECURE Act. The law eliminated "stretch" provisions for most inherited IRAs if the account owner died on/after Jan. 1, 2020. Previously, a beneficiary who inherited an IRA could take required minimum distributions (RMDs) over their life expectancy. The new rules require the beneficiary to withdraw all of the money within ten years. Although spending down an inherited IRA may sound like a good problem to have, limiting the withdrawal period to 10 years could have a major impact on the beneficiary's taxes. Speak with an estate-planning professional to discuss any potential tax implications for your heirs, and make changes accordingly. |
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Craft Beer Corner If you find yourself in Rockland County, NY, I recommend a meal and a beer at Gentle Giant Brewing Company in Pearl River. An unassuming storefront, the location opens up -- Harry Potter-style -- into an expansive drinking and dining space. We were happy to see patrons of many age groups enjoying the craft beers and barbecue put out by the friendly staff. A creature of habit, I was immediately drawn to the Raptor Imperial Stout. (Imperial is code for "high alcohol.") I was torn when I saw that there was also a Black Lager on the board; that will require another visit, another time. My husband Eddie was seduced into ordering a Double Bock after the waiter described it as "sort of a medieval beer, like they might drink on Game of Thrones." Our friends enjoyed their Paleolithic Pils so much that they went two rounds. We dined on chicken-wing apps, pulled pork, and fish tacos. Once sated, we happily waddled out smelling of smoke and brew! |
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