Weekly Wednesday Wisdom Webinars May 5, 2021

Weekly Wednesday Wisdom Webinars May 5, 2021
Certified Elder Law Attorney and Financial Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1pm.

Want to join our live webinar? go to www.wisdomwebinar.com to register or give our office a call at 844-885-4200.

Want to book a 15-minute call with Chris Berry? Register at 15chris.com to book a schedule in his calendar.

Castle Wealth Group and Christopher Berry help families with estate planning, elder law, retirement planning, and tax planning from their offices in Brighton, Ann Arbor, Livonia, Bloomfield Hills, and Novi.

On this week’s webinar, attorney and advisor Chris Berry of www.castlewealthlegal.com answers the below questions.

01:32 1. All my assets list 2 beneficiaries, 50/50 and I have no will. When I pass, the financial institutions have to pay out when provided a death certificate? Who is responsible for any taxes and debt? Will probate be initiated?

06:57 2. Please elaborate on the Final Expense Trust and how to set it up, or is it a pre-paid funeral/burial contract offered by a funeral home?

12:33 (pop-in question) What about filling my tax return for the year especially if I owe taxes?

14:28 (pop-in question) If you are a beneficiary on an account such as a traditional IRA or money market, do you always have to pay tax, or are you exempt from paying tax if the accounts fall under a certain limit? Does the beneficiary still have to tell the IRS, about the inheritance if they’re under the allowable limit?

25:23 (pop-in questions) How long should it take to respond from the IRS regarding your tax return if you sent them in via mail? Signed onto IRS and got a response that they couldn’t find me. What should I do?

26:43 (pop-in question) What is the best way to put money away for grandchildren to use later as an adult? I’m not interested in a 529 as money could be used for something else.

29:30 (pop-in question) What if a beneficiary is a spouse? Upon death, can the beneficiary choose to roll over a traditional ora or money market into something to avoid gains growth or shift into a Roth so as not to pay tax again in the future?
30:28 (pop-in question) What is the proof of death required by NGL?

30:44 (pop-in question) How old can a person be and still get a large life insurance policy?

37:41 (pop-in question) Is it better to pay off our house with our 401k so we don’t carry a mortgage into retirement or let it stay? Are there tax benefits for either option to take into consideration?

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