facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog external search brokercheck brokercheck Play Pause
6 Reasons Estate Planning is Fluid in Railroad Retirement Thumbnail

6 Reasons Estate Planning is Fluid in Railroad Retirement

Retirement Financial Planning Estate Planning


Why you don't want to set it and forget it when it comes to estate planning in railroad.

Welcome everyone to another edition of the Highball Advisors railroad retirement whiteboard. My name is John McNamara of Highball Advisors. And today I want to give you six reasons why you should be updating and changing your estate plan constantly. Right? So a lot of you might have a state plans and say, Oh yeah, I did that. It's somewhere in a drawer. I gotta find it. You know, may I did it 20 years ago? Well, there's a lot going on in life because that's life that definition thereof. So you have to be on top of it when it comes to an Estate plan. So let me walk through some six reasons and maybe this will give you, you say, Oh yeah, that might have happened to me. Oh, I got to do that. Right. So maybe you'll get something out of this, so let's go through it.

So the first one, right. Beneficiaries and fiduciaries. Okay. Well, you might have had, you know, somebody in charge of your will you know that lawyer down the road? Well, he might be retired or he might be gone. So he's not a fiduciary anymore. Right? Is he correct? Is he there? Check that out, right? How about beneficiaries? Unfortunately, sometimes your beneficiary might pass away or something, right? Got to update that updated, right? Or maybe you say, you know what, when I, when something happens, I want to give a lot of money to charity. Well, may the charity dissolved and now where's the money going? Well, you know, the government knows what they're doing with it. Right? Life comes up, things are different than they were 15, 20 years ago. You might've just changed your mind and you need to update it. Right. So that's a fluidity that I'm talking about right now. Next thing, family changes. I know my family is changing. Right? All families change and you might have a new child or a grandchild come in. You want to make sure that maybe they updated on the beneficiary list.

Maybe your child turns 18 right now they're adults. And you'd want to change that. Right? How, how does that, right? You don't need anybody to look after them, their 18th, maybe your adult, child matures, you know? Right. You know, finally they say, you know, I think they can handle some money. Now if I pass along something to them. So I might want to update that on the adult child, may, there's a new marriage in your life. Right. That's important. Right. Or there's a divorce, you know, you got to update those beneficiaries, make sure those are all up to date properly. Right. So that's the family changes part. Right? So as you can see there's stuff going on, you know, you're like, Oh yeah, this is my life too. Right.

So now maybe you're retired now you're moving. Right. Well, your will might be in one state and another state might have another set of laws. Right? So your, your will could be out of state. That's got to get updated. That's kind of look at it. Right. And it also comes to power of attorneys and advanced directives, medical, advanced directives. And then once again, always look at those beneficiaries, you know, each state might have different rules, so right. You're moving a lot of people, you know, retire to different States. So you got, keep an eye on that. And then also you might have some inheritances, right? So maybe you'll say may a parent pass away, you might inherit a house. Right? You have a deeds there. Right. So those are gotta be moved around, protected, put into trust. So all those types of things, you might inherit, somebody's retirement funds, right? Non beneficiary, retirement assets. Right. How do you handle those very, very important stuff, right? Because now you have new accounts, you got to update beneficiaries on those. Who do you want to be beneficiary on those and other important things.

How about, you know, you're buying a home, got to update the insurances on that. Right. That's important. All right. I put the new home in a trust in case something happens. You want the trust to go in, right? How are you going to divide up the house and the property in an Estate. Right. So that's the new home. You gotta, you gotta update that. That's very, very important. So as you can see, you know, we're working through things here, if you really sat down and thought about it and go, yeah. You know, I got that finally health care changes, right. Maybe, you know, what's my, a healthcare situation. It probably looks a little different as you're getting closer into retirement. So you've got to make sure you have the healthcare directive. Right. Is that up to date? Is everything there, the right. The medical power of attorney and unfortunately right. Even mental competence. Right. Sometimes you're not always gonna be you know, on top of your game, so to speak. So there might be changes there. Who's going to help you change the you know, your state planning properly. If something unfortunately might happen to you on a mental capacity. Right.

So all these things have to be put into into your Estate planning. All right. Very, very important, you know Highball Advisors. Yeah. Okay. We do investments and it's important, right? You want to grow the money. Everybody wants to do this, but this is just as important. Right. I put this right up here. I mean, you work your whole life and everything goes out the window. That's what was that all about? Right. So you want to make sure this part is just, you know, cross the T's dot the I's and you're in good shape. All right. But you got to keep looking at it, gotta keep looking at it. So I hope you found this helpful reach out to me. If you have any questions this was once again, part of the boarding for railroad retirement process, you know, it's not just investments, we're doing estate planning, we're doing tax planning, all these things are, they all come together. So very important. So reach out, sign up for that. I think you'll get a lot of good, useful information out of that. As always, please subscribe to my YouTube channel. Growing. Love it. Love to say it. Sign up for the notifications. When I put out new videos, in the meantime, everyone, please stay safe, stay on track and take care, so long. BYE

Get Free Railroad Retirement Assessment

Disclaimer: This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. Highball Advisors encourages you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Highball Advisors, and all rights are reserved.from Highball Advisors, and all rights are reserved.