Who can you trust? Well, for starters, a competent, educated financial advisor, a trusted attorney or a CPA. The benefit to having educated professionals on your side will be very apparent after reading the latest Retirement Fears story.
“Sylvia” and “Robert”, a married couple of almost 50 years, waited a long time to start their financial planning. A recent health scare put their advanced age in perspective and moved a sound financial plan to the top of their priority list.
They met with an attorney and agreed on a plan to each establish their own will, power of attorneys, living wills, and living trust. The attorney reminded them - famous and costly last words - that “your living trusts only work if you fund them.” Following the orders of a trained professional, the married couple re-titled all of their assets, including both IRAs.
At tax time they soon discovered that both of their IRAs had been entirely distributed! What happened?
CLICK HERE TO FIND OUT THE MAJOR MISTAKE MADE AND HOW YOU CAN AVOID ENDING UP LIKE SYLVIA AND ROBERT.