Suggestions
Add: Legacy planning
I’d like to include Legacy Planning as part of my Retirement Planning, especially since there are several considerations that can affect what happens to the benefactor (taxes, RMDs, etc.).
Would start by adding Beneficiaries to my account, be it people (like my children) or organizations (like a church, charity, library, etc.). Then would like to indicate for each of my accounts the beneficiary breakdown (who + how much %)…and indicate this for both Me, and My Spouse, with potential rule of if I pass before Spouse, or Spouse passes before Me.
Last would be a new view under my Plan (called Legacy?) that would show, by each benefactor, what they would get upon my (& my spouse) life expectancy milestones. This view would include any legal & tax implications they would have to adhere to (eg. when Required Minimum Distributions need to be taken). Showing tax impact that each benefactor will have is also helpful to understand my legacy planning.
I’d also love to be able to model me/spouse contributing to a Benefactor’s Roth IRA account. So from milestone (retirement) to milestone (benefactor hits age 60) then contribute (max out the contribution, set $ amount, etc), optionally specify which account funds this.
On my Plan, this is an ‘expense’ for each year as it comes out of my cash accounts. On the Legacy Plan, this is a ‘contribution’ to the Benefactors Roth IRA account, but happening prior to my (or my spouse) life expectancy milestone.
Some concept for other legacy-style investments…like UTMA (Uniform Transfers to Minors Act), 529’s for grand kids, etc.
