Keep your money intact...

Since Dayna and I now have children, it's more important than ever to ensure we have our will in order.  Not only do I need to spell out the details of our life insurance and investments, but I owe it to Dayna and Morgan to lay out as much detail as possible regarding how to wisely handle the proceeds of the life insurance policy and my retirement funds ( i.e. 401K and Roth IRA ).  Below are a few things I've learned that will help families keep as much money intact as possible such that the government does not strip it away through taxes.

life insurance proceeds are tax-free

estates with a net worth under $2 million are exempt from federal estate taxes

record value of inheritance on date of benefactor's death ( for tax purposes )

Roth IRA proceeds can be inherited tax-free

if you are not the spouse, get professional advice regarding 401K fund inheritance

if you are designated as beneficiary, you should not have legal issues accessing funds

inheriting a traditional IRA will probably require some professional advice

avoid emotional purchases immediately after acquiring money ( wait 6 month to a year )

Next time, I want to try include specifics about how/where to move money from the benefactor's accounts to your own.