Revisit your estate plan

« Back to Nearing Retirement

Legal provisions you established earlier in life may no longer apply-this is the time to review and revise your estate plan to ensure your wishes are carried out.

Update your will and trust documents

Everyone knows the importance of preparing and maintaining a will, yet many never write one or fail to update a will when circumstances change. Births, deaths, and divorce can dramatically alter your transfer plans, so it's important to ensure that your will and trusts reflect your intentions. Review these documents with your estate attorney, and consider any health issues that may warrant changes to your estate plan.

Read:

Estate planning checklist

What you need to know about your will

Births, deaths, and
divorce can dramatically
alter your wealth transfer
plans

Estate Tax Calculator

Estimate your potential estate tax liability

Protect your assets from tax liability

Consider trusts to reduce taxes: Careful planning may be especially important to conserve your assets and minimize the effects of taxes. For that reason, many people use trusts in their estate plans.

Follow the rules: IRS rules for calculating the required minimum distribution (RMD) from IRAs and qualified retirement plans offer some longer-term planning advantages. Keep in mind that if you or your heirs do not withdraw minimum amounts when required, taxes can take half of what should have been withdrawn.

Read:

Tax strategies for retirees

Open tax-advantaged accounts for grandchildren, nieces and nephews

Although 529 savings plans were developed as a college planning tool, the wealth transfer potential of these plans can be substantial: Contributions of up to $15,000 per child per year, or $75,000 in one five-year period, are not subject to gift taxes.Footnote ¹

Choose from two types of 529 plans: prepaid tuition plans, which let you lock in future tuition at today's rates; and college savings plans, which let you choose from a range of investments and offer greater return potential. Plans are sponsored by state governments, but you're not limited to your home state's plan (although participating in your home state's plan may have state income tax consequences).

Learn:

529 college savings plans

Read:

Using 529 plans to invest for college and manage wealth

Some 529 college
savings plans can
also have wealth
transfer potential

Charitable giving may
help you provide for
your heirs & contribute
to a nonprofit

Make philanthropy part of your estate plan

Charitable giving can create an opportunity to balance providing for your heirs with your interest in contributing to the future of a favorite organization or institution. One way to make an impact is through a donor-advised fund-a charitable giving vehicle established at a public charity that lets you make a charitable contribution, receive tax benefits, and then recommend grants from the fund over time.

Learn more:

Bank of America's Charitable Gift Funds

In Retirement

Ready to get started?

Open an account

888.637.3343

Call 24/7

Find a local Merrill
Financial Solutions Advisor

Looking for a different approach to investing?

Get a professionally managed portfolio aligned to your goals that's built, monitored and rebalanced by Merrill investment professionals with the option to work with a licensed advisor.

Learn more about Guided Investing

^$600

Get up to $600 when you invest in a new Merrill Edge^® Self-Directed account. How to qualify for up to $600 in a new Merrill Edge Self-Directed account

Footnote ¹ To be eligible for the favorable tax treatment afforded to any earnings portion of withdrawals for Section 529 accounts, withdrawals must be for "qualified higher-education expenses," as defined in the Internal Revenue Code.

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

2859131-EXP01292021

I'd Like to

Discover Merrill

Contact Us

888.637.3343

Representatives are available 24/7

Connect with us:

Unlimited $0 Trades

With Merrill Edge Self‑Directed, get unlimited free online stock, ETF and option trades with no trade or balance minimumsFootnote double asterisk **

Options contracts and other fees may applyFootnote asterisk *

Open an account

Learn about SEC Share Class Selection Disclosure Initiative

Footnote asterisk

Other fees may apply. Free and $0 means there is no commission charged for these trades. $0 option trades are subject to a $0.65 per-contract fee. Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs. To learn more about Merrill pricing, visit our Pricing page.

Footnote double asterisk

Merrill waives its commissions for all online stock, ETF and option trades placed in a Merrill Edge^® Self-Directed brokerage account. Brokerage fees associated with, but not limited to, margin transactions, special stock registration/gifting, account transfer and processing and termination apply. $0 option trades are subject to a $0.65 per-contract fee. Other fees and restrictions may apply. Pricing is subject to change without advance notice.

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.

The performance data contained herein represents past performance which does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance information current to the most recent month end, please contact us.

Net Asset Value (NAV) returns are based on the prior-day closing NAV value at 4 p.m. ET. NAV returns assume the reinvestment of all dividend and capital gain distributions at NAV when paid.

Market price returns are based on the prior-day closing market price, which is the average of the midpoint bid-ask prices at 4 p.m. ET. Market price returns do not represent the returns an investor would receive if shares were traded at other times.

Returns include fees and applicable loads. Since Inception returns are provided for funds with less than 10 years of history and are as of the fund's inception date. 10 year returns are provided for funds with greater than 10 years of history.

Before investing consider carefully the investment objectives, risks, and charges and expenses of the fund, including management fees, other expenses and special risks. This and other information may be found in each fund's prospectus or summary prospectus, if available. Always read the prospectus or summary prospectus carefully before you invest or send money. Prospectuses can be obtained by contacting us.

Expense Ratio – Gross Expense Ratio is the total annual operating expense (before waivers or reimbursements) from the fund's most recent prospectus. You should also review the fund's detailed annual fund operating expenses which are provided in the fund's prospectus.

This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Additional information is available in our Client Relationship Summary (PDF).

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, a registered investment adviser, Member Securities Investor Protection (SIPC) popup and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp").

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation ("BofA Corp.").

Merrill Lynch Life Agency Inc. (MLLA) is a licensed insurance agency and wholly owned subsidiary of BofA Corp.

Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:

Are Not FDIC Insured	Are Not Bank Guaranteed	May Lose Value
Are Not Deposits	Are Not Insured by Any Federal Government Agency	Are Not a Condition to Any Banking Service or Activity

Merrill A Bank of America Company Merrill A Bank of America Company

3019973

(JCA*******802)