Even though we still think of them as children, under the law when a teen turns 18, they are considered an adult. Being an adult allows them to vote, serve in the military, serve on a jury, sign a contract and get married without your consent. This is a big change from when they were 17.

Why are beneficiary designations so important? While keeping your estate planning documents up-to-date, a lot of people overlook beneficiary designations.

What is tax efficiency? Generally speaking, tax efficiency is being able to pay the lowest amount in taxes. Since most people think of taxes as an annual engagement, it might make sense to think tax efficiency means simply paying as little as possible year over year.

With the SECURE Act changes, many people who stand to inherit IRAs are now subject to a 10-year rule, which requires a full withdrawal of the IRA balance over a 10-year period. Without proper tax planning, this can cause a significant tax impact to the beneficiary, particularly high-earning adult children who inherit large IRA balances.

Knowing the difference between 'per stirpes' and 'per capita' beneficiary designations can be the key to successful estate planning for your investment accounts. Learn more about those differences in this article.

While the coronavirus-related legislation allows for more leniency, there’s nothing new for most people. Even the rule that allows people to be taxed on their withdrawals over multiple years, or to put money back—that was designed specifically to provide flexibility to get through today’s tough times, nothing more.