Since there are a lot of possible variables, here’s my situation. I’m not planning on dying, just trying to figure how much life insurance I should have and what I can do ahead of time.
Single. Live with both parents. No dependents.
10k student loans
10k ING savings
10k stocks
2k IRA
2k credit card debt
4k car in my name
So far I’ve learned on Sallie Mae.com that student loans are eligible for discharge upon death. Good reason not to pay them off when you have a nice 3% interest rate.
Now, I’d like my parents to be able to just take my car, savings/checking accounts (they have the same bank), Roth IRA, and stocks in the event of my death. How can I allow them to do that?
Which of my debts become null? And what accounts can they claim without any effort? What can I do to make things easier for them? Also, how do taxes come into effect.
I hope others may find your answers useful as well.
Sallie Mae website about loan discharge.
http://www.salliemae.com/after_graduation/manage_your_loans/borrower_responsibility/understanding/discharge.htm
I have a new retirement plan at the place where I work, therefore I closed my old personal IRA accounts. At that point I had less money in my Roth and Traditional IRA accounts then the amount that I contributed.Is it possible to deduct this loss since the money was transferred to a retirement account?I would really appreciate any help.
I am looking into investing in a second IRA, a CD Bank IRA, my question is this a good investment, will I make good returns from this, I dont think the rates are good for Bank IRAs but I can be sure I wont lose any money.
Note: I already have another retirement account through my employer.
Can I have multiple account of IRA roth with different institutions – actively contributing? what about is I stop contributing on the 1st account and open another account ?
1. In both cases I can invest only after tax money.
2. I can withdraw my money whenever I want in both cases.
3. I can only contribute $5,000 per year in the roth IRA while I can contribute how much I want with a normal investment account.
So why would I choose to open a roth IRA instead of a normal investment account where I can invest how much I want?
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