Year-end financial planning: Why beneficiary reviews and long-term care matter

SAVANNAH, Ga. (WTOC) - As the end of the year approaches, a Savannah financial professional says reviewing beneficiaries and planning for long-term care are two steps families should consider.Vann Doubleday of Thrivent Financial joined WTOC+’s Mike Cihla for the second part of a conversation about year-end financial planning. In the first part, they discussed required minimum distributions, charitable giving and Roth conversions.Review your beneficiariesDoubleday said people should check their beneficiary designations at least once a year. Those designations can be found on life insurance policies, retirement accounts, investment accounts and bank accounts with transfer-on-death or payable-on-death provisions.Life events such as divorce, remarriage or the death of a family member can make an existing designation outdated, he said.“It’s very important regularly, at least once a year, just to make sure, go through all of your contracts and just double check and make sure they’re set up c