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Death is never a good topic of discussion but it is an inevitable event in everyone’s life so you might as well be as prepared for it as possible.

The following is an excerpt from a blog post from Emerson Wiles, a prominent estate planning lawyer in Charleston that I have worked with in the past. I think he has some really good information that can be saved and retrieved for the time when it will be needed.

22 Things You Should Do Following the Death of a Loved One

When a loved one dies, whether expected or not, your life can become overturned. Suddenly you’re faced with questions about “What happens next?” from family and strangers alike. Often, the internal dialogue becomes simply – “What do I do now?” on a continuous loop. Our wills and trusts lawyers see this phenomenon every day. While we can’t take the pain away, we can offer some tips that can help you move through the “What happens next?”

Immediately After a Loved One Dies

After the death of a loved one, the most important piece of advice we can give is this – give yourself time. This can mean taking people’s offers of help. Delegating tasks can help alleviate feelings of overwhelm. Here are some things that should happen within the first couple of days:

1. Contact a Funeral Home – they can help you arrange for things like organ donation and disposition of your loved one’s remains. Be sure to check with your loved one’s will, advance directive, or other document designating their wishes.
2. Notify Immediate Family – Whether you do this one person at a time or arrange a Skype call to have everyone together, family dynamics will play a role in the decision. Consider allowing key family members to assist you in notifying additional family members so you can focus on other things.
3. Notify Close Friends and Other Family Members – again, allowing other close family members to assist in this task can reduce your stress and let you take time for your own grief.
4. Secure Property – Make sure your loved one’s home, car, and other valuable assets are locked and in a secure place. Arrange for pets to be taken care of.

Before the Funeral

Hopefully, your loved one spoke with you about his or her wishes for their end-of-life celebration, or wrote it down in an advance directive or other legal document. From there, you’ll want to take care of:

1. Making arrangements with the funeral home
2. Making special plans for veterans
3. Obtaining financial assistance for funeral and burial expenses
4. Arrange for headstones, caskets or urns
5. Prepare an obituary and submit to local paper
6. Plan a post-service gathering, if desired
7. Notify friends and family of important dates

Following the Funeral

After the funeral, things tend to quiet down, giving you an opportunity to focus on some of the more administrative matters surrounding settling the estate. Use this checklist to stay organized:

1. Identify last will and testament, trusts, and other legal documents
2. Obtain multiple certified copies of death certificates from the vital statistics office
3. Notify the Social Security Office
4. Notify Medicare, if applicable
5. Collect and sort mail – identify key pieces like bank and credit card statements, utilities, and other important documents
6. Make a list of bills and debts
7. Terminate insurance, utilities and other services no longer needed
8. Notify financial advisors of the death
9. Cancel driver’s license
10. Close down email, websites and social media accounts
11. Cancel memberships and subscriptions

Talk to a Wills and Trusts Attorney

No matter how prepared your loved one may have been, survivors often face complicated situations that could seem insurmountable. If this is the case, contact a Wills and Trusts attorney (estate planning attorney) to help you through this difficult time.

Wiles Law Firm, LLC helps clients with their estate planning needs in Charleston, South Carolina and the surrounding areas such as West Ashley, Summerville, North Charleston, Mount Pleasant, and John’s Island.

 

Joe Baker, CFP®
Baker Asset Management, LLC
joebaker@bakerassetmanagement.com

Well, here we are again.  The stock market is tanking this October.  All the financial news outlets are in hyper drive.  The talking heads sound like they are all on meth amphetamines, yelling so loud and fast about how low it is going to go and where to hide.

Let me give you a tip: turn all that stuff off.  Most of those people are talking about trading, not investing.  Traders hold stocks anywhere from a few seconds up to a few weeks.  Everybody else is an investor. So, all that media hypeness rarely applies to investors.

The interesting thing is that this is the third time this year that the market has dropped about 10%.  In February, it dipped 12% and then in April, it went down 9%. Yet, with those two dips and the current drop, most stock indexes are still positive for the year.  I’m pointing this out to let you know that stocks don’t always go up, especially in the short term.  Another point to note is that we are entering the best six months to be invested in stocks, November through April.

The fact is, we were well overdue for a market dip and we just needed a catalyst to get it going (rising interest rates and/or tariffs possibly?).  Now, I don’t know if the markets will keep going down over the next few days, weeks, or even months. But, I can tell you with a good amount of certainty that stocks will be higher a few years from now and nobody will remember this market drop.  Knowing that, now is probably a good time to put some cash to work if you have been waiting on the sidelines for prices to come down. Investors that have a plan in place already know this and will quietly buy the shares of great companies at a bargain price from those investors that have no plan except to buy high and sell low (by the way, that is not a good plan).

The takeaway here is to stick to your investment plan and consider this dip an investment opportunity.  If you don’t have a plan, now is as good a time as any to get one.

Joe Baker, CFP®
Baker Asset Management, LLC
joebaker@bakerassetmanagement.com

The end of the year will be here before we know it and we all know how busy that time can get for us.  That’s why I wanted to mention a few items regarding IRAs that you’ll want to address before the holiday season is upon us.

Required Minimum Distributions (RMDs).

This is an annual IRA withdrawal requirement for all of us who have reached the seasoned age of 70 ½.  It also is a requirement if you inherited an IRA, regardless of your age. There are special IRS tables that are used to calculate the annual amount.  The good thing is that most brokers/custodians provide this service for you but you should verify the amount, especially if you have more than one IRA.  If you miss taking your RMD, you will get hit with a huge 50% penalty on any distribution amount that you should have taken. By the way, RMDs are not applicable for Roth IRAs, unless it is an inherited Roth IRA.

Roth Conversions

The biggest IRA planning change in the Tax Cuts and Jobs Act signed into law in 2017 was for Roth conversions. Beginning in 2018, conversions can no longer be reversed. They will be permanent and the tax will be due once the funds are converted. Roth conversions are still valuable in the right circumstances, but now any conversions contemplated for 2018 must be carefully planned and the tax bill accurately projected. Unlike an IRA contribution, which you can make until April 15th of the following year, to qualify for a Roth conversion this year the funds must leave your IRA by year’s end.

Check Withheld Taxes on RMDs

Make sure that you had enough money withheld to pay the taxes for your RMDs to avoid underpayment penalties by the IRS.  The tax withheld is deemed to be paid evenly throughout the year and satisfies the estimated tax payment timing requirements.  If RMDs are your main source of income, having taxes withheld each time you take a RMD is much easier than writing checks and mailing out estimated tax payments.

10% Penalty Exception

If you are under age 59 ½ and had to withdraw early from your IRA this year, you may qualify for an exception to the 10% penalty. If you do, the payment qualifying for the exception must be made in the same year as the IRA distribution. This is sometimes missed at year-end, which voids the exception and forces you into a 10% penalty that could have been avoided. This would likely affect those who needed the money and cannot afford that penalty on top of their tax bill.

Change Beneficiaries as Needed

It’s always a good idea to check your beneficiaries on your IRA accounts as well as any other retirement plans or life insurance policies that you may own.  I can’t tell you how many times I have reviewed beneficiary forms that have had deceased or divorced spouses on there as the primary beneficiary! Changing these after the fact are time consuming and costly, if they can be corrected at all.

Address this stuff now because time flies and we’ll be ringing in the new year before we know it.

Joe Baker, CFP®
Baker Asset Management, LLC
joebaker@bakerassetmanagement.com

Stocks ended up pretty much where they started off back on September 1st. September is historically a bad month for stocks so I consider it a win for investors this time. The S&P 500 is still up about 9.0% for 2018, which is a nice return based on current interest rates.

As you probably already know, the stock market is forward looking and is considered a leading indicator for the economy. So, when nothing unexpected occurs, the market can give you a good idea of how well our economy is going to be over the next six months or so. I mention this because the elections coming up in November may trigger some unexpected events to occur that the market hasn’t already priced in, which means that you want to have your portfolio positioned correctly if there are any surprises.

Bonds made some pretty big moves this September. Government bonds, like the 10 year treasury note, decreased in price as good numbers kept rolling in for the economy. This move pushed the yield up over 3% once again and this time, it might be for a while. By the way, Germany and Japan still have bonds that pay a negative interest rate, meaning you pay them to borrow your money!

Corporate bonds, both high quality and junk, actually moved up in price. This can be partially attributed to the good economy which correlates to the less likelihood of companies defaulting on their bonds.

As I mentioned previously, rising interest rates is the path of least resistance over the next several years so if you are investing in bonds, make sure their maturity is 3 years or less and expect to hold the bonds until maturity. Also, try to avoid investment vehicles that have no maturity constraints, such as bond mutual funds.

On the savings side, rates continue to rise but at a nice, steady pace. I don’t like seeing any kind of interest rate changing too quickly. Slow and steady typically translates into a solid economy.

Currently, the average savings account is paying 0.09% and the average money market account is paying 0.20%.

The 1 year CD interest rate is now averaging 0.72% and the 5 year CD rate is at 1.29%.

Mortgage rates remain firmly above 4%, with the 30 year rate at 4.57%, up 0.10% from last month. These rates could accelerate higher if we start to see increased wage growth and consumer price inflation. Historically, rates are still extremely low but the path of least resistance is still up, for right now. Recently, there have been signs of downward pricing pressure in the housing industry, particularly in California and the New York Metropolitan area. This should help keep mortgage rates from rising too quickly.

Oil prices reversed once again and headed higher, rising almost 5% in September. Price per barrel ended July at $73.20, up about $5 from a month ago.

Oil prices have risen 42% so far this year, which is a pretty big move even with the economy doing so well.

Nationally, gasoline prices are averaging about $2.89 per gallon.  FYI, a year ago, we were paying $2.54.  Baton Rouge, LA has the cheapest gas in the country at $2.52.

Check out the prices at the pump in your area: Gas Buddy.

Outlook

Events on the horizon that could move the markets in the near term:

• Russian Investigation: So far, 37 people have been charged in connection with this investigation; 8 have pleaded guilty and 6 have agreed to cooperate. There will probably be nothing major coming out of Mueller’s office until after the November elections, so as not to influence the elections.

• Trade Wars: There’s some good news as a result of the trade wars: domestic metal producers are doing better. However, this won’t be able to offset the layoffs and price increases that the tariffs are causing. I’m still hoping cooler heads will prevail and we can negotiate some nice trade deals, especially with China.

 

Joe Baker, CFP®
Baker Asset Management, LLC
joebaker@bakerassetmanagement.com

If you are not always 100% invested, meaning you have some cash in your account, is that considered an investment?  You bet it is.

I always try to maintain some cash on hand in my clients’ accounts.  That is part of our basic strategy. We know that stocks, bonds, etc. don’t always go up, so we want to be able to make some purchases when prices come down: the first part of the buy low, sell high routine.  In order to do that, we need to have cash available so we can make those purchases when the time is right.

In order to generate that cash, we like to sell when our investments have gone up in price (sell high).  You should have a strategy in place for when you want to sell so you can take the emotion out of your decision making process.  This strategy could be as simple as selling 10% of your investment once the price goes up 25%. Remember, you always want to sell when you want to, not when you have to.  

Now, I’m not telling you to sell everything all at once and then try to time the market to jump back in.  Nobody has ever been a successful investor trying to buy at the low point and sell at the high point. That is a fool’s game that you’re just not going to win.  However, if you buy a little at a time and then sell a little when prices have gone up, you can lock in your profit and can now be ready to buy back in if prices drop.

The stock market right now is at a great point to take some profit.  It’s due for a breather and just needs a catalyst (November elections?).  How much you take off the table should be a part of your strategy. And if the market keeps going up, you’re still mostly invested and participating in those gains.  If it dips, you’re now ready to buy some quality investments on the cheap.

Joe Baker, CFP®
Baker Asset Management, LLC
joebaker@bakerassetmanagement.com

 

As I sit here today watching the the excruciatingly slow approach of Hurricane Florence towards the east coast, I thought it might be apropos to talk about what we should do to prepare for a natural disaster from a financial perspective.

Of course, preparing is much more than having an evacuation route and buying a case of bottled water.
The aftermath of a natural disaster can be financially devastating, especially if you have not taken the time to prepare.  That’s why I like to say that planning for the worst and hoping for the best is always a sound strategy when prepping for the wrath of Mother Nature.

Here are six things to do to ensure that you and your family will be financially ready in the event of a natural disaster.

1.  Have cash in your pocket.
Natural disasters often take out power to a large swath of land, which means you’re stuck paying cash for anything that you need if stores are open in the area. It’s a good idea to have enough cash on hand to buy necessities until power is restored.  $300 is a good amount and keep it in small denominations in case stores can’t make change.

2.  Fully fund your emergency cash reserves.
This is the money that you have stashed in a savings or checking account that is immediately available in case of …..emergency.  If you have damage to your home or car or are unable to return to work immediately after a natural disaster, you will need to live on something while you are waiting for your insurance.
Having money available that you can use while you’re cleaning up can mean the difference between feeling as though you’re getting your life back quickly and feeling stuck in no man’s land.

3.  Check your property insurance for the proper coverage.

This should be an annual review for everyone to make sure they are covered for life’s curve balls.  Make sure that you have the necessary coverage and the financial ability to cover the deductibles before the insurance kicks in, particularly for earthquake and wind/hail deductibles.  Also, understand that your homeowners insurance will not cover water damage due to flooding. So, if you are in a flood zone, make sure that you have flood insurance (https://www.floodsmart.gov/).

4.  Document your belongings in your home.
Doing a simple video by walking around your house and narrating what you have and approximate purchase date and price can help you get the proper reimbursement from your insurance company when disaster strikes.

Upload the video to your insurance company’s website and/or save it digitally, preferably in cloud storage, so your claim can be processed quickly.

5.  Maintain physical and cloud storage of important documents.
For hard copies, you can use a fire and waterproof safe or you can use a safe deposit box at your bank.  For cloud storage, there are several resources: Google, Apple, your email provider, your mobile phone service, etc.

6.  Set up automatic bill pay for your recurring expenses.

Take advantage of direct deposit and automatic bill pay so you can focus on getting your life back together instead of paying bills.  It will be one less thing to stress out about.

In summary, putting a plan in place to be prepared for a natural disaster is never on anyone’s urgent to-do list.  But it’s well worth the time and effort to get everything squared away before the mandatory evacuation is announced or the tornado siren sounds.

Please let me know if you have any questions.

Joe Baker, CFP®
Baker Asset Management, LLC
joebaker@bakerassetmanagement.com

Stocks continued their march higher, ending the month of August up a little over 3%.  This has been one of the better summers for stocks that I have seen in awhile. The S&P 500 is now up about 9% for the year and is at all-time highs.

As I mentioned last month, this stock market is resilient to say the least, especially with what’s going on in DC and the trade wars.  This stuff creates a lot of worry for investors, but as they say on Wall Street, markets climb a wall of worry. It’s when everyone thinks the storm has passed that stocks take a hit.  That is why it is always prudent to monitor your investments regularly to ensure that you are properly diversified for any unseen events.

We’re now done with the dog days, school is back in session, football’s starting up, and the senators and reps should be getting back to “work” in Washington.  Historically, September is the worst month for stocks but if any market can buck that trend, this market can. We shall see.

Bonds reversed course and headed higher in August as investors became more wary of the trade wars and headed for safe havens.

The yield on the benchmark 10 year US Treasury note fell back below 3% to 2.86%.  This compares to a 2% yield for the S&P 500. This narrow spread keeps me invested in stocks.  I’d rather invest in stocks of high quality companies that pay a decent dividend than in government bonds.  However, I would consider those bonds if the 10 year Treasury yield went above 4%. This yield is important because investors consider it the risk free rate and it is used to compare risk with other investments, such as stocks.  When this rate rises to a point where it isn’t worth the risk to own stocks, investors sell stocks and buy treasuries.

As I mentioned previously, rising interest rates is the path of least resistance over the next several years so if you are investing in bonds, make sure their maturity is 3 years or less and expect to hold the bonds until maturity.  Also, try to avoid investment vehicles that do not have an actual maturity date, such as bond mutual funds.

On the savings side, rates for savings, checking, and money market still stink but CD rates are bumping up nicely.

Currently, the average savings account is paying 0.09% and the average money market account is paying 0.20%, both unchanged from last month.

The 1 year CD interest rate is now averaging 2.49% (up from 2.41% last month) and the 5 year CD rate is at 2.85%(up from 2.77% last month).

Mortgage rates stayed pretty much flat this past month.  The 30 year rate is 4.41%, down slightly from 4.47% from last month.  Home sales have dropped a little bit over the summer but research shows that it’s mostly due to lack of inventory.  This subsequently reduces demand for mortgages and should keep a lid on rates for a little bit.

Historically, rates are still extremely low but the path of least resistance is still up, for right now.

Oil prices stopped their free fall in August, finishing the month up 1.6% at $69.88.

We’re heading into the meat of the hurricane season and we usually see a spike in oil prices when one forms in the Gulf of Mexico, but so far, we’re clear skies (knock on wood).

Typically, oil prices tend to peak in August/September so we’ll see if this seasonal trend holds true this year.

Nationally, gasoline prices are averaging about $2.84 per gallon.  These are the highest gas prices for the Labor Day weekend since 2014.  FYI, a year ago, we were paying $2.58. Spartanburg, SC has the cheapest gas in the country for a third month in a row at $2.46.

Check out the prices at the pump in your area: Gas Buddy.

Outlook

Events on the horizon that could move the markets in the near term:

• Russian Investigation: Two of the big players in this case had major activity on August 22nd: Paul Manafort was found guilty on a bunch of charges and Michael Cohen plead guilty on a bunch of charges.  Amazingly, the markets were not impressed and shrugged off the news. It appears the markets had already priced in guilty verdicts for these two. The markets will move when something unexpected comes out.  For now, it seems like everybody is in wait and see mode to find out if there is some major corruption, obstruction, collusion, etc. Regardless, the odds are very low of Trump being indicted while he is in office.
• Trade Wars: This war is in full swing now and we’ll start to see its effect with prices rising for nearly all consumer goods.  With regards to investments, you’ll probably won’t see the tariffs reflected in a company’s financials until after the end of this year.  Domestic steel and aluminum producers are definitely going to benefit but that’s about it in the short term. Unfortunately, the same can’t be said for our farmers, especially soybean producers.  They are taking it on the chin, bad enough that the government has started to bail them out to a tune of $6 billion. I’m still hopeful we can negotiate some good trade deals so we can end this trade war asap.
• Mid-Term Elections: The results of these elections will have huge ramifications if there is proof of involvement of Trump.  There could be a potential for impeachment proceedings to begin if the democrats take control of Congress.  I don’t know if that would be good or bad for investors. I do know it would be a short term market mover either way.

Joe Baker, CFP®

Baker Asset Management, LLC

joebaker@bakerassetmanagement.com

 

Planning for retirement has become more and more complex over the years.  It used to be that you worked until age 65 or so, retire and live off a pension and social security until you died about 10 years later.  Now, many people have the ability to retire closer to age 60 and are living to age 90 or more. Along with that shift in retirement goals, many rules are now in place that have created retirement milestones that you need to be aware of so you can plan appropriately.

Here are the most important milestones to know about when planning your retirement:

Age 50: This is the age that you can start putting away even more money to your retirement plan.  With “catch-up” contributions, workers 50 and older can contribute and additional $6,000 to their 401k or 403b plan.  Those with SIMPLE IRAs can contribute an extra $3,000 and those with traditional or Roth IRAs can contribute an extra $1,000.

Age 55: If you’re 55 or older and you retire, quit or get laid off, you can take a withdrawal from your 401(k) in that same calendar year without having to pay the 10% early withdrawal penalty, but only from the account associated with the job you most recently left. This little known rule can be useful if you need money immediately after you leave your job and your retirement account is your only source for cash.

Age 59½: The 10% early withdrawal penalty on retirement account distributions goes away once you reach 59½. Keep in mind, though, that you’ll still have to pay income tax on traditional 401(k) and IRA withdrawals.

Age 62: You’re now eligible to take Social Security, albeit at a reduced amount from your payment when you reach your normal retirement age, which is 67 if you were born after 1959.

Age 65: You’ll become eligible for Medicare at 65 and can sign up as early as three months before your 65th birthday.  There’s a downside if you don’t sign up on time: Your Medicare Part B and D premiums could permanently increase, and you could be denied supplemental coverage. If you expect to keep working, talk to someone in human resources about how this affects your group health plan.

Age 66: If you were born between 1943 and 1954, you’re eligible to take full Social Security payments when you turn 66, your normal retirement age.  Those born between 1955 and 1959 will have to wait a few months longer. If you postpone collecting your payments, they’ll continue to increase by 8% every year you wait until age 70.

Age 67: If you were born in 1960 or later, this is your normal retirement age and will be eligible for full Social Security payments.

Age 70: If you haven’t started taking your Social Security payments, do it now.  There’s no more benefit in waiting past age 70.

Age 70½: Distributions from traditional IRAs and 401(k) accounts become required after age 70½, and you must pay income tax on each withdrawal.  These are known as required minimum distributions, or RMDs. If you fail to withdraw the correct amount, the tax penalty is steep: 50% of the amount you should have withdrawn.  These are not applicable for Roth IRAs. However, RMDs are required by the beneficiary after you die.

Age 85: If you don’t want to pay taxes on RMDs at age 70½ or don’t need RMDs for
income until later, you have the option of deferring a portion of your RMDs as late as
age 85 with a qualifying longevity annuity contract (QLAC). A QLAC is a special
type of qualified deferred income annuity that guarantees lifetime income but
gives the flexibility to delay receiving payments until up to age 85.  You can’t put more than $130,000 into a QLAC.
Please let me know if you have any questions.

Joe Baker, CFP®
Baker Asset Management, LLC
joebaker@bakerassetmanagement.com

The Tax Cuts and Jobs Act is in the midst of its first full year in service and I figured the dog days of summer are as good a time as any to take a look how it will affect us when we file this April.

The biggest changes are summarized here:

• Lower tax rates across the board.  Here’s a table that shows the changes:

Income Tax Rate		Income Levels for Those Filing As:
2017	2018-2025	Single	Married-Joint
10%	10%	$0-$9,525	$0-$19,050
15%	12%	$9,525-$38,700	$19,050-$77,400
25%	22%	$38,700-$82,500	$77,400-$165,000
28%	24%	$82,500-$157,500	$165,000-$315,000
33%	32%	$157,500-$200,000	$315,000-$400,000
33%-35%	35%	$200,000-$500,000	$400,000-$600,000
39.6%	37%	$500,000+	$600,000+

• Standard deduction has nearly doubled, which will allow more people to take this deduction versus itemizing deductions.  Much simpler and less paperwork.
• The personal exemption of $4,050 for yourself and each family member listed on your return is eliminated.  Depending on income, this hurts families with a lot of dependents, aka children.
• Mortgage interest deduction is capped at the first $750,000 of the mortgage loan.  This isn’t too big a deal because if you can afford a mortgage bigger than that, you’ll survive.
• The new code eliminates interest deduction on new home equity loans/HELOCS if it is not used for improving your home or if it causes the total amount of loans on your home to exceed $750,000.  The good news is that any existing mortgages and home equity loans in place before 2018 are not affected by this change.
• Capped the state and local income tax (SALT) deduction at $10,000.  This hurts people in high-tax states like NY and CA.
• Some other notable deductions that are no longer allowed (these used to be allowed if they exceeded 2% of your income):
  • Moving expenses
  • Tax preparation fees
  • Investment advisory fees

You’ll definitely want to meet with your tax preparer prior to the end of the year to see what extra planning, if any, is needed to minimize your taxes under the new tax code.

Please let me know if you have any questions.

Joe Baker, CFP®
Baker Asset Management, LLC
joebaker@bakerassetmanagement.com

Revocable trusts are a great for a number of reasons:

• consolidating assets in one place.
• providing explicit directions upon your death to distribute those assets.
• avoiding the hassles of probate (a lot of time and expenses for your estate executors).

However, there are situations where trusts may not be the best option for you. One instance where they could cause some trouble is when a trust is designated as the beneficiary of your IRA. You see, when someone dies, their IRA is distributed to the designated beneficiaries, who then have to start taking required minimum distributions (RMD) from them. The older the beneficiary is, the larger the amount of the RMD.
So, if you have a standard revocable living trust as your IRA beneficiary and you pass away, your IRA will go to the beneficiaries of your trust. However, the RMD will be based on the age of the oldest beneficiary of that trust. That means that your grandson Johnny, age 14, will have the same RMD as your oldest daughter from your first marriage, Ann, age 48. This can cause a real tax headache for Johnny and his parents plus it prevents Johnny from taking advantage of “stretching” his inherited IRA out over a longer period of time with tax deferral.

There are several ways to avoid this situation. The easiest being assigning actual individuals, instead of a trust, as the beneficiaries of your IRA. That way, the RMD for each beneficiary will be based on their own age.
There are also different types of trusts that are specifically designed to address this issue but are very complicated. Depending on your situation, this may be the best route to go but you will certainly need an estate planning attorney to get this done correctly.

In any case, review your IRA beneficiaries, and if you have a trust, make sure you are setting it up to make the most of your IRA for your heirs.

Please let me know if you have any questions.

Joe Baker, CFP®
Baker Asset Management, LLC
joebaker@bakerassetmanagement.com