Couples are marrying later in life, which means the merging two households.
A Spousal IRA is an IRA funded for a spouse with little or no income by a working spouse with income.
An ESA is another savings program for educational expenses which can be set up for kids under 18 years of age. The annual contribution limit is $2,000 per child.
Whenever there is a life event such as a marriage, divorce, death, or a birth you need to review and update the beneficiary designations on your various accounts.
When ESA’s were created they were named Educational IRAs and limited to a $500 contribution. With a name change they became the Coverdell Education Savings Accounts.
Whenever there is a life event such as a marriage, divorce, death, birth or a significant birthday you need to review and update the beneficiary designations on your various accounts.
Before you say “I do” again you need to start thinking like Donald Trump!