You can take different tax-free lump sums from your pension pot depending on the type of protected allowances you hold. Generally, you can take a tax-free lump sum from your pension of 25% of your pension pot, up to a maximum across all your arrangements of £268,275. This is your lump sum allowance. Both are … Read more
When you die your spouse, civil partner or beneficiaries may be able to inherit your pension. The trustees of the pension plan will decide who gets the pension, but they will look at your expression of wish form. The exact rules for pension death benefits depend on the type of pension you have and how … Read more
Hey there! I’ve been deep diving into Social Security strategies lately (mostly because my wife and I are approaching that age where we need to make some serious decisions). The question of when my wife should claim her benefits has been keeping me up at night, and I’m guessing you might be wrestling with the … Read more
If you are a beneficiary of a loved ones 401(k), there are certain rules and tax implications you should know that can vary based on your relationship to the deceased, your age and other factors. Have you ever thought about what will happen to your hard-earned 401k savings when you die? Or maybe you’re the … Read more
Solicitors executors costs can often be confusing, especially when dealing with the administrative complexities of the probate process. These costs encompass various aspects related to the executor’s role, which includes managing and settling the estate, appraising assets, paying debts, and distributing assets as per the deceased’s wishes. Here’s a brief overview of what you need … Read more
Although many consider it an honour to be asked to act as an executor, the responsibilities involved can be complex and time consuming. Understanding them will assist you in choosing the person best suited to be your own executor, and ensure any decision you may make to act as an executor is an informed one. … Read more
There are a lot of Australians looking for ways to use their superannuation (super) to get into the real estate market and buy a home. But is it possible to buy a house with your super? The short answer is yes, but there are some big rules and restrictions that you need to follow. In … Read more
Being the child of an aging parent often comes with unexpected responsibilities and difficult decisions. Your roles start to change as you take on more caregiving responsibilities for your parent. You may also find yourself making decisions for your parent that they would normally make on their own. If the time comes when your parent … Read more
As you work on your estate plan, you will likely create a will. In your will, you determine how to divide your estate. You will also name beneficiaries, who are the people that receive your assets. It is also essential to appoint an executor. The executor of your will is the person who distributes the … Read more
It’s hard enough to deal with grief when a loved one dies without having to worry about their estate. People who are supposed to get an inheritance often ask, “When will I actually get my inheritance?” The answer isn’t always clear, and the time frame can change a lot depending on a number of factors. … Read more