Few Tips For Leaving Behind A Legacy To Remember
Clarity On Your Home and Personal Possessions
A lot of families have lots of conflict over who gets what. It’s important to leave a list in your will on who gets what. Anything with sentimental or monetary value should be included in this list.
Make Your Child A Beneficiary In Your IRA
A couple ways to leave behind your inheritance to your child is making a conventional Individual Retirement Account (IRA) or creating a Roth IRA account. It is said that the best option for child inheritance is creating a Roth IRA account so that when it comes time to distribute, it will be tax-free. This is only beneficial if you hold the account for at least 5 years. If you're setting up a beneficiary IRA, then you can name multiple beneficiaries.
Make Your Child A Beneficiary for Annuities
An annuity slightly resembles a beneficiary IRA, meaning you can make your child a beneficiary. Once the donor passes, the child or beneficiary will have income from the annuity stream of payments over their lifetime. If the child is very young then the stream of income will be a larger amount than if it was compared to an adult.