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Retirement tip
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<blockquote data-quote="UPS Lifer" data-source="post: 254439" data-attributes="member: 9789"><p>Insurance is a good way to go to cover your spouse. The problem is getting your spouse to agree! There are a lot of packages out there so really look at your options. If you die and the insurance pays off there is no tax involved. </p><p></p><p>Besides the rules you have for each pension plan, you need to look at the state you are in also...OR the state you are going to spend your retirement in. </p><p></p><p>God help you, if you are from California like me! </p><p></p><p>In CA - If your spouse does not sign off - the default is 1/2 of your retirement at the going pension reduction rate. </p><p></p><p>If you have a trust and move out of CA and die - anything you own in the other state will have to go into probate and is not placed into the trust that was initiated in CA.</p><p></p><p>So, make sure you have your trust updated by a Trust Attorney in the state you are transitioning to.</p><p></p><p>I highly recommend that you get professional financial expert to help you with your estate planning which includes your pension. Start approx. 5 years prior to your estimated retirement to analyze your options. This makes an assumption that you already have a trust and some sort of insurance protection established. Continue to update your trust on a yearly basis. Laws and situations as well as your financial status change way to quickly and you need to continue to assess where you stand.</p></blockquote><p></p>
[QUOTE="UPS Lifer, post: 254439, member: 9789"] Insurance is a good way to go to cover your spouse. The problem is getting your spouse to agree! There are a lot of packages out there so really look at your options. If you die and the insurance pays off there is no tax involved. Besides the rules you have for each pension plan, you need to look at the state you are in also...OR the state you are going to spend your retirement in. God help you, if you are from California like me! In CA - If your spouse does not sign off - the default is 1/2 of your retirement at the going pension reduction rate. If you have a trust and move out of CA and die - anything you own in the other state will have to go into probate and is not placed into the trust that was initiated in CA. So, make sure you have your trust updated by a Trust Attorney in the state you are transitioning to. I highly recommend that you get professional financial expert to help you with your estate planning which includes your pension. Start approx. 5 years prior to your estimated retirement to analyze your options. This makes an assumption that you already have a trust and some sort of insurance protection established. Continue to update your trust on a yearly basis. Laws and situations as well as your financial status change way to quickly and you need to continue to assess where you stand. [/QUOTE]
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