I found this article about tips an adviser shares with his ultra wealthy clients. Each week I'll post about a tip and how it applies to regular people.
Tip #4 - Structure the Ownership of Assets
For the wealthy, this usually means trusts or similar to avoid probate and estate taxes, as well as limit liability. But for us regular folks, this can be as simple as having proper beneficiary designations on retirement accounts and life insurance policies.
For example, a number of clients had life insurance policies left to their estate, which makes those proceeds untouchable for 6-9 months whereas designating an actual beneficiary makes the money available right away.
Even regular bank accounts can be frozen if they are titled or handled properly. A local bank won't even let the spouse of an account holder touch money in the account until 30 days have passed - if the account wasn't titled properly.
Don't let this happen to you and your family.
