fitness
44
NeighborhoodNews
Inside North Ranch
December
Financial
fitness
Could Your Ex Get Your IRA Or Your Life Insurance When You Die? By Rocky Mills, North Ranch Resident
It’s been known to happen. Here’s how.
You got divorced. In your settlement, certain assets were shifted and perhaps re-titled in or out of your name. Perfect – each of you now owns what you’ve agreed on. But ownership isn’t the only thing that needs to be reviewed. You also need to examine who gets the asset after your death. For assets held in a trust, the trust language will spell out exactly who gets the asset when you die. Same for assets held
Stocks can be good*
*except in down markets
Of course – everyone knows that. But if this is such common knowledge, how many investors (or their advisors) have a plan that seeks to lower stock exposure during down markets? I have such a plan. Your exposure to stocks is adjusted as market conditions dictate: Just data, no emotions. It’s a plan designed for millionaires who don’t want to become thousandaires — financially successful folks like you who enjoy their current lifestyle and want to keep it. My family and I have been in the neighborhood for over 30 years. My office has been at the corner of Westlake & Thousand Oaks boulevards for ages — we’re just down the block. Let’s talk. Let’s make sure you have a plan. Robert A. “Rocky” Mills Senior Vice President Financial Advisor Portfolio Management Director
The Mills Team at Morgan Stanley 100 North Westlake Boulevard, Suite 200 Westlake Village, CA 91362 805-374-8118 [email protected] www.morganstanleyFA.com/millsteam
in joint tenancy – the document establishing that entity (as well as state law) will dictate who gets the assets upon your death. And your will takes care of directing any assets held in your single name (though it might be wise to execute a “Transfer on Death” instruction to avoid probate). But what about your IRA? Or 401(k)? Or profit sharing plan? Or an annuity or life insurance policy? Instructions at death for these assets are not governed by your trust or will or joint tenancy agreement. Instead, each account is governed by its own beneficiary statement. On this form, you indicate your primary beneficiaries and the percentage given to each. You should also indicate contingent beneficiaries – those that will receive the assets if the primary beneficiaries pre-decease you (or you die together). The beneficiary can be a trust, but chat with your estate attorney first to make sure the trust has the right language for this purpose. After a divorce, it’s up to you to update your beneficiary statements. In fact, every five years or so you should review all your beneficiary statements to make sure they’re still set up the way you want them.
Robert A. “Rocky” Mills is a Financial Advisor with the Global Wealth Management DiviThe strategiesand/or investments discussed in this material may not be suitable for all investors. The sion LPL of Morgan Stanley in Westlake Village. The Investment information advice contained in thisthrough article is Robertappropriateness A. "Rocky" isinvestment a registered withindividual and securities Financial, Member FINRA/SIPC. offered of aMills particular or strategyrepresentative will depend on an investor’s circumstancesoffered through Westlake Investment registered and LPL Financial.Investing involves risks. The views expressed herein may not necessarnot a solicitation. Barney LLC.investment Member SIPC advisor CRC 1149798 3/15separate entity from and objectives. ©2015Advisors, Morgan StanleyaSmith ily reflect the views of Morgan Stanley Smith Barney LLC, Member SIPC, or its affiliates.
The information contained in this article is not a solicitation. Investing involves risks including loss of principal.
NeighborhoodNews
Inside North Ranch
December
Financial
fitness
Could Your Ex Get Your IRA Or Your Life Insurance When You Die? By Rocky Mills, North Ranch Resident
It’s been known to happen. Here’s how.
You got divorced. In your settlement, certain assets were shifted and perhaps re-titled in or out of your name. Perfect – each of you now owns what you’ve agreed on. But ownership isn’t the only thing that needs to be reviewed. You also need to examine who gets the asset after your death. For assets held in a trust, the trust language will spell out exactly who gets the asset when you die. Same for assets held
Stocks can be good*
*except in down markets
Of course – everyone knows that. But if this is such common knowledge, how many investors (or their advisors) have a plan that seeks to lower stock exposure during down markets? I have such a plan. Your exposure to stocks is adjusted as market conditions dictate: Just data, no emotions. It’s a plan designed for millionaires who don’t want to become thousandaires — financially successful folks like you who enjoy their current lifestyle and want to keep it. My family and I have been in the neighborhood for over 30 years. My office has been at the corner of Westlake & Thousand Oaks boulevards for ages — we’re just down the block. Let’s talk. Let’s make sure you have a plan. Robert A. “Rocky” Mills Senior Vice President Financial Advisor Portfolio Management Director
The Mills Team at Morgan Stanley 100 North Westlake Boulevard, Suite 200 Westlake Village, CA 91362 805-374-8118 [email protected] www.morganstanleyFA.com/millsteam
in joint tenancy – the document establishing that entity (as well as state law) will dictate who gets the assets upon your death. And your will takes care of directing any assets held in your single name (though it might be wise to execute a “Transfer on Death” instruction to avoid probate). But what about your IRA? Or 401(k)? Or profit sharing plan? Or an annuity or life insurance policy? Instructions at death for these assets are not governed by your trust or will or joint tenancy agreement. Instead, each account is governed by its own beneficiary statement. On this form, you indicate your primary beneficiaries and the percentage given to each. You should also indicate contingent beneficiaries – those that will receive the assets if the primary beneficiaries pre-decease you (or you die together). The beneficiary can be a trust, but chat with your estate attorney first to make sure the trust has the right language for this purpose. After a divorce, it’s up to you to update your beneficiary statements. In fact, every five years or so you should review all your beneficiary statements to make sure they’re still set up the way you want them.
Robert A. “Rocky” Mills is a Financial Advisor with the Global Wealth Management DiviThe strategiesand/or investments discussed in this material may not be suitable for all investors. The sion LPL of Morgan Stanley in Westlake Village. The Investment information advice contained in thisthrough article is Robertappropriateness A. "Rocky" isinvestment a registered withindividual and securities Financial, Member FINRA/SIPC. offered of aMills particular or strategyrepresentative will depend on an investor’s circumstancesoffered through Westlake Investment registered and LPL Financial.Investing involves risks. The views expressed herein may not necessarnot a solicitation. Barney LLC.investment Member SIPC advisor CRC 1149798 3/15separate entity from and objectives. ©2015Advisors, Morgan StanleyaSmith ily reflect the views of Morgan Stanley Smith Barney LLC, Member SIPC, or its affiliates.
The information contained in this article is not a solicitation. Investing involves risks including loss of principal.
