How To Change Ownership on Stocks

Share Button

By Jon Stevenson

Transferring ownership on stocks will require the following steps:

  1. Obtain all the information relevant to your stock.

  2. Contact the transfer agent that holds your stock. If they have a form for the transfer, request they send you one. If not, draft a letter including number of shares, current holder, account number, certificate number and any other relevant information.

  3. Take the form or letter to your local bank or credit union and obtain a Medallion Signature Guarantee.

  4. Send in the transfer request form or letter (along with your stock certificate if you have one) to your transfer agent.

[Read more…]

Don’t let Retirement Benefits go down the drain!

Share Button

By Robin Crouch

If there is no beneficiary named on your retirement account, who inherits and how is the the required distribution calculated?

Unfortunately, there are cases where Dad died, Mom was the named beneficiary, but she predeceased him. OR, Mom inherited the IRA and died before naming her own beneficiary.

Each IRA has it’s own rules and each IRA custodian has their own agreement with language that will indicate who inherits the IRA when there are no named beneficiaries. Most agreements default to the estate of the deceased IRA owner.

A designated beneficiary is a living, breathing person who can stretch distributions over their own life expectancy and pay the income tax accordingly. Traditional IRAs are typically funded with pretax dollars. Distributions out of the account after age 59½ are taxed as ordinary income at each individual’s tax rate.

[Read more…]

We Live in a 401(k) World

Share Button

By Julian Guilfoyle

“We now live in a 401(k) world – a world of defined contributions, not defined benefits.”

-Thomas L. Friedman Op-Ed columnist for the NY Times and author of The World is Flat

In “It’s a 401(k) World”, author Thomas Friedman summarizes the great possibilities and degraded safety net now faced by Americans. He states, “If you are self-motivated, wow, this world is tailored for you. The boundaries are all gone. But if you’re not self-motivated, this world will be a challenge because the walls, ceilings and floors that protected people are also disappearing. That is what I mean when I say, “it is a 401(k) world.” He continues, “Government will do less for you. Companies will do less for you. Unions can do less for you. There will be fewer limits, but also fewer guarantees. Your specific contribution will define your specific benefits much more. Just showing up will not cut it.” [Read more…]

A Bird in the Hand is Worth Two In the Bush

Share Button

By Julian Guilfoyle

The belief that it is better to have a lesser certain benefit than the possibility of a greater one that may come to nothing is a decision increasing contemplated by today’s retiree. George Yacik outlines this decision that can have severe repercussions in the February issue of Financial Planning. In an article titled “Weighing a Pension Buyout”, Mr. Yacik discusses the complex decisions these retirees face when deciding between a lump sum disbursement versus a promised income stream for life. [Read more…]