Two financial advisers from Shoemaker Financial shared tips on money planning at the monthly luncheon Wednesday (10.24.18) for the Lakeland Chamber of Commerce.
Frank Allen and David Rochester were guests at the meeting at Stonebridge Golf Club in Lakeland.
Mr. Rochester listed four documents in dealing with financial planning: a will; living will/health care directive; power of attorney; and financial power of attorney.
“When you die without a will, the government has a will for you,” he said. It’s called intestate.
He also discussed revocable living trusts which provide flexibility for goals but the trust has to own the assets before the owner of the assets dies.
For families with college-aged children, he suggested setting up financial and health power of attorney documents. For example, if an adult child is in an accident, HIPAA laws could prevent parents from making health care directives or even getting information without the proper documents.
He reviewed RMD (Required Minimum Distributions) from IRA and 401K plans for those over 70 ½. Federal law requires a percentage withdrawal every year. If the money is not needed, federal tax can be avoided by having the money sent directly to a charity.
… Photo by Anna Stonestreet Smith of Anna Stonestreet Photography
