Perhaps you drafted your will years ago and it references many of your existing assets, including retirement plan accounts and life insurance policies. But you also have paperwork on file with the applicable financial...more
5/3/2023
/ Beneficiaries ,
Beneficiary Designations ,
Divorce ,
Estate Planning ,
Life Insurance ,
Marriage ,
Power of Attorney ,
Retirement Plan ,
Spouses ,
Trusts ,
Wills
If you’re preparing to get remarried, your estate plan likely isn’t top of mind. However, depending on the state you live in, your spouse has property rights that apply regardless of the terms of your estate plan. These...more
Your will is the foundation of your estate plan. Notably, it provides for the disposition of your worldly possessions, including your house, investments and other property. These go to the beneficiaries named in your will. In...more
If your estate has to be probated, in a perfect world everything will go without a hitch and the assets are distributed to beneficiaries in a timely manner. Everyone is satisfied with their inheritance and family harmony is...more
You may spell out specific bequests in your will, such as giving your grandchild your prized collectibles or dividing up jewelry among nieces, nephews and other family members. But what about the rest of the “stuff” that’s...more
Let’s assume you have a legally valid will but you’ve decided that it should be revised because of a change in your family’s circumstances. Perhaps all you want to do is add a newborn grandchild to the list of beneficiaries...more
If you’re a small business owner, you probably don’t have a minute to spare in your busy workday, especially if you’re struggling to recover after a turbulent 2020. Estate planning may be one of the last things on your mind. ...more
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the biggest retirement planning law in decades. However, when all is said and done, the new law may have just as significant an impact on estate...more
7/29/2020
/ Beneficiary Designations ,
CARES Act ,
Charitable Remainder Trust ,
Coronavirus/COVID-19 ,
Employee Contributions ,
Estate Planning ,
Individual Retirement Account (IRA) ,
Qualified Charitable Distributions ,
Relief Measures ,
Required Minimum Distributions ,
Retirement Plan ,
SECURE Act ,
Tax Planning ,
Waivers
Typically, you arrange to leave most of your assets to various family members, including your spouse and children. These dispositions are spelled out in your will. But you don’t have to do what’s “expected” of you....more
According to literature, the “seven deadly sins” are lust, gluttony, greed, laziness, wrath, envy and pride. Although individuals may be guilty of these from time to time, other types of “sins” can be fatal to an estate plan...more
An estate planning rule of thumb is to review (and, if necessary, revise) one’s estate plan in light of major life events. Such events include a marriage, birth of a child and a divorce. A second marriage also calls for an...more
4/4/2019
/ Advanced Care Directives ,
Beneficiaries ,
Beneficiary Designations ,
Divorce ,
Estate Planning ,
Life Insurance ,
Marriage ,
Power of Attorney ,
Prenuptial Agreements ,
Prior Wills ,
Retirement Plan ,
Spouses ,
Surviving Spouse ,
Trusts ,
Wills
No estate plan is complete without a will. But what provisions should be included in it? This article explores the basic provisions of a will and how it should address estate taxes and specific bequests. A sidebar discusses...more
For those in the middle of a divorce, the last thing on their mind is a review of their estate plan. However, a major life change, such as a divorce, is a critical time to update an estate plan so that wishes are carried out...more
10/6/2017
/ Beneficiary Designations ,
Divorce ,
Estate Planning ,
Estate Tax ,
Irrevocable Life Insurance Trusts ,
Living Trust ,
Minor Children ,
QTIP Trusts ,
Revocable Trusts ,
Surviving Spouse ,
Tax Deductions ,
Trusts
Dynasty trusts have nothing to do with the popular soap opera from the 1980s, but everything to do with leaving a lasting legacy. Although this type of trust is often created to reduce estate taxes, it can also provide other...more
A “blended family” is more than just a staple of TV sitcoms. Today, it’s not unusual for a household to include children and even grandchildren from prior marriages, as well as adopted family members or same-sex couples....more
Typically, an estate plan includes accommodations for one’s spouse, children, grandchildren and even future generations. But some members of the family can be overlooked, such as parents or in-laws. This article offers a...more
To ensure that a person’s wealth is distributed according to his or her wishes, it’s important to designate both primary and secondary (or “contingent”) beneficiaries for a will, trusts, retirement plans and life insurance...more
In This Issue:
- Estate planning for personal property: Why you should sweat the small stuff
- How flexible is your estate plan?
- Avoid state income taxes with an incomplete nongrantor trust
- Estate...more