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Mothers Retirement Planning

Talking About Your Estate

Many families don’t want to talk about sensitive subjects like inheritances, estate planning and final preparations on how monies will be divided upon their passing. However, giving clear directions to your family regarding your late retirement years and monies from your estate are key factors that will ensure your legacy will live on.

How Long Will It Take For Inheritance To Be Portioned Out?

Probate courts are notorious for taking 9 months to 2 years to process an estate. In addition, they take the first 6%-10% in fees,then payout all creditors or liens and attorney fees. After your estate has paid its taxes, creditors and fees, only then will your loved ones be able to claim their inheritance.

Can You Avoid Probate?

There are some ways to avoid your estate going through the probate process.

  1. Retain an estate attorney who can administer a living will or living trust.
  2. Opt for financial products, like life insurance, that are used as a tax- free death benefit to pay for probate or estate taxes.
  3. Opt for additional financial products, like a fixed index annuity with a properly designated beneficiary, that can benefit your loved ones directly because you have a contractual agreement with a large insurance company.
Freeman Owen, Jr - Host of "Safe Money Talk" on CBS Radio The Big Talker 1580AM For better money management and to plan more effectively for your retirement, download my free LIFE GUIDES- Managing an Inheritance.  Toll Free: 1-866-471-7233 | MD, VA & DC.