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Thanks to steady investing, a growing number of feds and federal couples now have 401(k) balances exceeding $1 million.

The vast majority did it the hard way. They started investing from day one, maxed out their contributions and rode out the market in good and bad times. The average Thrift Savings Plan millionaire is not a fat cat, but rather somebody who invested wisely and steadily for an average of 27.8 years.

Whatever you have, you may be worth a lot more than you think. So do you have an estate plan? Does it include beneficiary designations and property ownership arrangements? Do you know the difference between a will and a trust? And which is best for you, how about powers of attorney?

Tom O’Rourke, a Washington area estate and tax attorney and principal at Miles & Stockbridge, answered those questions when he joined host Mike Causey on this week’s Your Turn show.

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