In October, National Estate Planning Awareness Month, I spoke with an estate planning attorney, Amanda Pyper Ruiz at Same Day Wills, who shared some great tips and things to think about when considering the will vs trust question or updating a trust. With her permission, I am including her helpful information below. You may find many of my free resources helpful in acting on her tips.

What Is a Revocable Living Trust?

A Revocable Living Trust (“RLT”) is a legal agreement that transfers ownership of your assets to a Trustee (initially you) to hold in trust for your benefit and then later for the benefit of your beneficiaries. The terms of the RLT are modifiable by you during your lifetime.

You maintain control of your assets as long as you are the Trustee, and you can dictate what happens to your assets once you pass away without court involvement. Assets that are owned by your RLT avoid the probate process and can be held or passed to your beneficiaries on your terms.

Below are 10 things to keep in mind when considering an RLT:

Do You Really Need One?

RLTs can be a great tool for individuals with minor children, individuals with family drama, and individuals who own property in states that do not have Transfer on Death deeds. However, it is possible to avoid probate without an RLT.

When you set up your RLT with your attorney, you will have to fund it, which includes re-titling your assets. It can be a paperwork intensive, expensive process, especially if your attorney and your Certified Financial Planner are not working together. This may not be something that you are ready for or do not need at all.

In some states, there are other tools that allow you to avoid the probate process. You may be able to record a beneficiary deed on your house so that it will pass to someone of your choice immediately upon your passing.

You may be able to set up the same type of transfer on your bank accounts, investment accounts, and vehicles. Additionally, your life insurance proceeds and retirement accounts will already pass outside of probate via the beneficiary designation on each one. Thus, having a basic will, up-to-date beneficiary designations, and beneficiary deeds can help you avoid probate without an RLT.

If you determine that an RLT is right for you, keep the considerations listed below in mind.

Make Sure to Fund Your RLT

Your attorney will draft your RLT and likely transfer your personal residence into your RLT. However, your attorney is unable to access your bank, investment, crypto, retirement, and other personal accounts to update the title holder information.

You will need to contact the account custodians to change your beneficiary designations and update the title holder of your accounts. Your attorney should give you a letter about how to move your assets into your RLT but will not be able to move most of them for you. You should take that letter to your Certified Financial Planner right away. You should also be sure to update your CPA about your RLT.

Put Your Team in Touch

Make sure to introduce your attorney to your CFP and your CPA. This way, your CFP and CPA can go directly to your attorney with questions when updating your investment accounts and preparing your taxes.

Include Any Business Interest in Your RLT

When you set up your RLT, you will assign your personal property to the RLT. However, you want to be sure to also assign any business interests you have so that your Trustee can help keep your business running smoothly during any transition period after your passing.

List Your Specific Assets in a Separate Attachment or Avoid Listing Them at All

RLT amendments are necessary for major life changes, but make sure that you are not making unnecessary amendments. Avoid listing your real property addresses or vehicle specifications in the RLT agreement if you are likely to sell those assets. Instead, either list them separately on an attachment like a Schedule A so when you sell or acquire an asset, you only have to update your Schedule A.

In the alternative, while specificity is typically encouraged in legal documents, avoid being too specific about property. You may consider general statements like “any of the collectible baseball cards I own at the time of my passing go to my grandson John Doe” rather than listing something that you may not own in 20 years.

Be Careful in Your Trustee Selection

Asking a family member to be the Successor Trustee of your RLT, especially RLTs that include subtrusts, is a big ask. Talk to your Successor Trustees to be sure that they know what is involved. Be sure to include a procedure for them to step down and include at least two Alternate Successor Trustees.

Finally, be aware that if you choose a corporate or private fiduciary as a Successor Trustee, there are costs involved and estate value minimums. Those Trustees also have specific language that must be in your RLT so make sure to include them in the drafting process with your attorney.

Set Your Successor Trustee Up for Success

Your Successor Trustees are only as good as the information they have. Thus, make it easy for them. Write down your passwords, assets, bill information, and insurance policy information. Keep the information in a safe place, but make sure they can fulfill their duties as Trustee by having access to the information they need.

You Need More Than an RLT for a Complete Estate Plan

The Trustee of your RLT only has control over assets that are in your RLT so you will also need to have a Pour Over Will in case any assets are outside of the RLT at the time of your passing. Additionally, you will want to have up-to-date Financial, Health Care, and Mental Health Care (in some states) Powers of Attorney and a Living Will.

Don’t Forget About Your RLT

Once you have set up your RLT, you must acquire all new property and accounts in the name of your RLT. Additionally, if you want to refinance your personal residence, many financial institutions will require you to take your property out of your RLT. Be sure to put your property back in your RLT after the refinance is complete.

Review and Update Regularly

It is good to review your estate plan every three years. However, life can change more often than that so be sure to update your RLT, Powers of Attorney, and your Schedule A when there is a birth, death, marriage, or divorce in the family.

Disclaimer: The information in this article does not constitute legal advice and does not create an attorney-client relationship.

Have you considered establishing a revocable trust? Would it work for you? Why or why not? What has your advisor said about an RLT?

In our ideal world, multifunctional products would dominate our daily beauty routine. We don’t know anyone who wouldn’t want to save time and money as they get ready each morning. You know the saying “kill two birds with one stone?” Well, what if we told you that there’s a tinted face sunscreen that can actually kill three? 

The sunscreen we’re talking about is EltaMD’s UV Daily Moisturizer, a hero product that acts as a sunscreen, moisturizer, and light tint all at once. It’s a favorite of none other than Hailey Bieber, who has some serious words of praise for the 3-in-1 essential. 

“A lot of sunscreens make my skin break out, and this one has been my Holy Grail,” she says in a YouTube video she did for Elle earlier this year

Now, these kind words are no shock. EltaMD is known for its effective sunscreens that fuse skincare and sun protection, but this formula takes it up a notch with the natural-looking tint. You can push your foundation with this 3-in-1 time and money saver. What’s even better is this product’s ability to combat visible signs of aging.

RELATED: What’s the Difference Between Physical and Chemical Sunscreens, Anyway? 

You know a product is worth it when it’s reached Holy Grail status for Hailey Bieber. Keep reading to hear more about how this sunscreen wears many hats and addresses a bunch of skin concerns all at once. Plus, it costs $32.50, which for sun protection, skincare, and light coverage, is quite the bargain.

Our mission at STYLECASTER is to bring style to the people, and we only feature products we think you’ll love as much as we do. Please note that if you purchase something by clicking on a link within this story, we may receive a small commission of the sale.

Courtesy of Amazon.

Let’s start with the obvious: sun protection. At its core, this product is a face sunscreen with an SPF of 40. Dermatologists tend to recommend you wear sunscreen with at least SPF 30 every single day. It provides UVA and UVB (a.k.a. broad spectrum) protection, which means it shields your skin from both types of UV light. UVA has everything to do with skin aging, while UVB deals with skin burning.

This tinted face sunscreen clearly checks off the box for sun protection, but what about its skincare benefits? The formula engages hyaluronic acid to moisturize your skin and help minimize the look of fine lines and wrinkles. Its sidekick ingredient, vitamin E, also plays a part in the sunscreen’s anti-aging powers by blocking your skin from free radicals. 

Last but not least, there’s a subtle, natural-looking tint to this sunscreen. You can wear it on its own or add more coverage with your fav foundation.

With a near-perfect rating on Amazon, thousands of reviewers share Bieber’s love for this multipurpose product. “My dermatologist recommended it and I love it,” wrote one shopper. “I use the tinted formula in the non-sun months to give my face a bit more color. I don’t buy any other kind for my face now.” 

Another shopper calls it the best sunscreen she’s ever applied, saying, “Most sunscreens I’ve used are thick and break me out. This sunscreen is lightweight and makes my skin feel soft.” She wears this tinted sunscreen with her usual concealer to create a natural everyday makeup look.

Music is a fantastic elixir for the soul and a powerful force in our lives. It has always been part of my story from when I was a kid playing the violin in retirement homes. And I’m sure you know very well firsthand how music can brighten your life and also the people around you.

But it’s more than just an entertaining activity. The power of music is widely documented in studies that show it reduces stress, anxiety, and depression while boosting self-confidence and mood.

Read on for four excellent benefits of music for older adults.

#1 Better Cognitive Function, Concentration, and Memory

Your brain is like a muscle. It works on the “use it or lose it principle.” And music is like taking your brain to the gym since it enables you to use both hemispheres simultaneously.

Engaging in musical activities is a great way to combat the aging brain. In fact, people who go through musical training have shown improved mental health and cognitive function (especially memory and concentration).

Even late-life bloomers’ cognitive functions develop as if they were lifelong musicians. So if you’re looking for a way to keep your brain sharp and active as you age, consider taking some music lessons.

#2 Improved Verbal Skills

As they say, music is the universal language. And research shows that it truly does have the power to improve your communication skills.

According to a Northwestern University study, music training is linked to enhanced verbal skills. Since you have to use multiple senses to learn music, it has a profound effect on your communication.

Not only does music improve speech fluidity, but it also brings us closer together. As Hans Christian Andersen said, “Where words fail, music speaks.”

Music is more than just a means of collective expression, it can also carry deep thoughts and emotions that would be difficult to put into words.

Which is exactly why the mood-altering effects of music come as no surprise to many.

#3 Boosts Mood

Have you ever listened to a song and gotten goosebumps? Neuroscience shows that musical chills boost the production of dopamine – the hormone responsible for regulating your mood and emotions.

Your favorite music triggers dopamine responses similar to getting a hug or even taking drugs. And it’s not just about the music genre – new research shows that even sad music can enhance your mood.

Music is even so powerful that it can eradicate stress and anxiety.

#4 Eliminates Stress and Anxiety

Most of modern society is dealing with increased levels of cortisol – the stress hormone. Thankfully, music has been shown to have beneficial effects on reducing anxiety and stress.

Stanford University researchers found that listening to music changed peoples’ neural activity in specific areas related to processing information. The study showed that music’s power can change brain functioning and reduce anxiety as much as medication.

Keep this in mind for the next time you feel stressed out.

Reap the Benefits of Music

The benefits of music are so real, that it’s become a proven form of therapy backed by science.

Try to incorporate more music into your daily routine. Whether it’s when you’re getting ready for your day or winding down for the night, music can really boost your happiness in retirement.

If you’re interested in rewiring your golden years to have more purpose and passion, Cyn helps older adults find clarity and reach their biggest retirement goals. Book a Free 1-On-1 Breakthrough Session with Cyn to see if you’re a good fit for joining her Rewire Your Retirement program.

How do you incorporate music into your daily life? Has music ever helped you through a tough time? What’s your favorite genre?

IRAs, or individual retirement accounts, are tax-deferred investment accounts. You can either fund them directly, assuming you otherwise qualify, or use them to rollover 401k/403b funds.

For this reason, these accounts have become a cornerstone of retirement planning, and there is enough complexity to create plenty of room for errors, which can be costly.

For the purposes of this article, IRAs will refer to traditional IRAs and Roth IRAs will be noted as such.

Like all things involving taxes, be sure to consult a qualified advisor on how these may apply to your own specific situation. As I like to say, tax rules even have exceptions to the exceptions.

Qualified Charitable Distributions

QCDs are an incredible benefit for people at least 70.5 years of age. A QCD allows you to donate money directly to a qualifying charity from your IRA. If you do this, then the distribution is excluded from your income, which can even be better than a deduction on your tax return.

This distribution can be counted towards your Required Minimum Distribution but must be coordinated with any IRA contributions made after 70.5. And yes, you actually have to be 70.5 to do this, not just in the calendar year you turn 70.5.

60-Day Rollovers

A 60-day rollover allows you to roll IRA funds back into an IRA after a distribution within 60 days. Additionally, only one 60-day rollover can happen within a 12-month period. Please note it is not calendar year based, but an actual 12-month period.

A 60-day rollover is in contrast to a “direct transfer” or “trustee-to-trustee” transfer. This type of transfer can happen as many times as you would like and is done by distributing money from an IRA or 401k directly to another IRA. This method mitigates some of the risk associated with a 60-day rollover.

Not Filing Form 8606 for Non-Deductible Contributions

You can make non-deductible contributions to an IRA. This generally happens if you earn too much income to make a deductible contribution. This can also be a part of a strategy broadly known as a “backdoor-Roth IRA.” In either scenario, a non-deductible contribution creates “basis” in your IRA.

This is important because one day the funds will be taken out. When that happens, you will owe tax on it again unless you properly tracked your basis, which is done by filing form 8606.

Your tax owed will now be calculated according to the “pro-rata rule,” which will be lower than if you had not properly tracked your basis. This applies to withdrawals and conversions.

Inheriting IRAs

The SECURE Act of 2019 created new distribution rules for beneficiaries of IRAs. While you should be aware of the new rules, this article will focus on spousal beneficiaries. When a spouse inherits an IRA from their deceased spouse, they have options.

They can treat the IRA as their own. This usually makes sense if you are over 59.5 or you are younger than your deceased spouse.

Spousal beneficiaries can also treat it as an inherited account, which would allow them to access the funds without a 10% penalty before 59.5. This can also make sense if you are older than your spouse, because the required minimum distributions will be lower with this option.

There are other complexities as well, but the takeaway is that a spousal beneficiary has an important decision to make with regards to inheriting a retirement account and should consult a qualified advisor to see which makes the most sense to them given their unique situation.

You should also not ever feel pressured to act quickly. While I agree some things must be done timely after a spouse dies, making decisions on account types and how money should be invested is not one of them. This is how some people end up buying bad products they can’t get out of without stiff penalties.

Still Working at Age 72?

IRA owners must start Required Minimum Distributions at age 72 (this used to be 70.5). However, people are working past this age more and more, either out of choice or by necessity.

Funds in your current 401k are not required to be distributed at 72 if you are still working (provided you are not considered a 5% owner). You can avoid IRA RMDs by transferring IRA balances to your current 401k if you are still working as long as your plan allows.

Hopefully, knowing at least one of these strategies will benefit you in some way. If nothing else, it may have shown you that there are things you haven’t thought about yet or may not know.

Please carefully consider seeking advice from a qualified advisor before making decisions regarding your retirement accounts.

Download‌ ‌Robert’s‌ ‌e-book‌ ‌‌9‌ ‌Mistakes‌ ‌to‌ ‌Avoid‌ ‌When‌ ‌Retiring‌ ‌Solo‌‌ ‌for‌ ‌more‌ ‌retirement‌ ‌guidance‌ ‌from‌ ‌a‌ ‌‌Fee-Only‌‌ financial ‌advisor.‌

What is your experience with IRAs? What mistakes have you made where IRAs are concerned? How did you go about fixing those mistakes? Please share your story in the comments below.

In our ideal world, multifunctional products would dominate our daily beauty routine. We don’t know anyone who wouldn’t want to save time and money as they get ready each morning. You know the saying “kill two birds with one stone?” Well, what if we told you that there’s a tinted face sunscreen that can actually kill three? 

The sunscreen we’re talking about is EltaMD’s UV Daily Moisturizer, a hero product that acts as a sunscreen, moisturizer, and light tint all at once. It’s a favorite of none other than Hailey Bieber, who has some serious words of praise for the 3-in-1 essential. 

“A lot of sunscreens make my skin break out, and this one has been my Holy Grail,” she says in a YouTube video she did for Elle earlier this year

Now, these kind words are no shock. EltaMD is known for its effective sunscreens that fuse skincare and sun protection, but this formula takes it up a notch with the natural-looking tint. You can push your foundation with this 3-in-1 time and money saver. What’s even better is this product’s ability to combat visible signs of aging.

RELATED: What’s the Difference Between Physical and Chemical Sunscreens, Anyway? 

You know a product is worth it when it’s reached Holy Grail status for Hailey Bieber. Keep reading to hear more about how this sunscreen wears many hats and addresses a bunch of skin concerns all at once. Plus, it costs $32.50, which for sun protection, skincare, and light coverage, is quite the bargain.

Our mission at STYLECASTER is to bring style to the people, and we only feature products we think you’ll love as much as we do. Please note that if you purchase something by clicking on a link within this story, we may receive a small commission of the sale.

Courtesy of Amazon.

Let’s start with the obvious: sun protection. At its core, this product is a face sunscreen with an SPF of 40. Dermatologists tend to recommend you wear sunscreen with at least SPF 30 every single day. It provides UVA and UVB (a.k.a. broad spectrum) protection, which means it shields your skin from both types of UV light. UVA has everything to do with skin aging, while UVB deals with skin burning.

This tinted face sunscreen clearly checks off the box for sun protection, but what about its skincare benefits? The formula engages hyaluronic acid to moisturize your skin and help minimize the look of fine lines and wrinkles. Its sidekick ingredient, vitamin E, also plays a part in the sunscreen’s anti-aging powers by blocking your skin from free radicals. 

Last but not least, there’s a subtle, natural-looking tint to this sunscreen. You can wear it on its own or add more coverage with your fav foundation.

With a near-perfect rating on Amazon, thousands of reviewers share Bieber’s love for this multipurpose product. “My dermatologist recommended it and I love it,” wrote one shopper. “I use the tinted formula in the non-sun months to give my face a bit more color. I don’t buy any other kind for my face now.” 

Another shopper calls it the best sunscreen she’s ever applied, saying, “Most sunscreens I’ve used are thick and break me out. This sunscreen is lightweight and makes my skin feel soft.” She wears this tinted sunscreen with her usual concealer to create a natural everyday makeup look.