Page 35 - AreaNewsletters "Nov'19" issue

F I NA NCE & B US I NE S S
Protect Your Legacy - B.O.S.S.
By Dan Maurer, CEO/Owner, DWM Family Wealth Ltd.
One of the most common nancial planning errors impacting families today is also a very simple one to x. This is the issue of incorrect bene ciary designations on nancial products, including mutual funds, retirement accounts, IRAs, life insurance and annuities. Such bene ciary designations errors can have severe, unanticipated
consequences, including needless expenses and taxes, potential to disinherit children or grandchildren and delays in providing for the nancial needs of loved ones. Unfortunately, most people do not realize they have a problem until it is too late.
An easy way to illustrate this issue is the acronym B.O.S.S. - Bene ciary, Owner, Spouse, Survivor. Estate-planning experts list two most common errors with B.O.S.S.:
1. Failing to update bene ciary designations 2. Not naming contingent bene ciaries
The three most important events that require review and updating occur when you have experienced one of the following:
1. Change in marital status 2. Birth of a child/grandchild 3. Death in the family
A prudent action step would be to gather all your pertinent nancial documents and review each with your nancial adviser to ensure that they are up-to-date, in proper order, and continue to ful ll the objectives of your overall plan.
Although a clear plan and good documentation may not solve all your family’s private and personal issues, a strong roadmap andorganizeddocumentationcanhelpensurethateveryoneisonthesamepagewithrespectto nancialfamilymatters. This canhelpnavigateimportant nancialandtaxhurdlesalongtheway. Contactmeifyou’dliketomeetforco eeandchat.
All nancial planning services are provided free of charge
to retired or active Police, Fire Fighters, Teachers and Military.
Investment Advisory Services o ered through DWM Family Wealth Ltd.
“Let me treat you to
A FREE CUP
OF COFFEE
and a second opinion.”
Aware Accessible Accountable
Architect Your Financial Future.
It is nice to understand your plan and the advice you receive.
Watch for Future Articles:
• Re ections of Castle Rock • A Look Ahead in 2020
• Live Long Term Smart
Dan Maurer, CEO/Owner Dan@DWMFamilyWealth.com 303-814-2349
35 Castle Rock “AreaNewsletters • November 2019