The Importance of Beneficiary Designations
The Secret Child
Estate Planning 101: The Five Most Important Clauses for Wills and Trusts
Ruder Ware's Elder Law Team Recognizes National Special Needs Law Month - Part 2
Everything You Need to Know About Beneficiary Designations
The Wonder Years - Rediscovering the Magic of Split Dollar Life Insurance
Married couples often have wills naming one another as their primary beneficiary. People also often name their spouse as beneficiary of retirement accounts and life insurance policies. Upon commencing a divorce action,...more
As a bit of background, there is a distinction between probate assets and non-probate assets. Probate assets are distributed according to your will during a probate administration whereas non-probate assets are distributed...more
Divorce can be a challenging and emotionally draining experience, leaving individuals with numerous legal and personal matters to resolve. Amidst all the turmoil, it is vital for people to understand the significance of...more
During the divorce process, one often overlooked area is updating your estate plan. Divorce can impact beneficiary designations on life insurance policies, retirement accounts, and other assets and can also have tax...more
In this episode of “Splitting Heirs,” Warren K. Racusin, partner and Chair of Lowenstein’s Trusts & Estates practice, speaks with Sharon L. Klein, EVP, President - Family Wealth, Eastern U.S. Region & Head of National Divorce...more
I received a call recently from a colleague looking to refer a client for a divorce. Our firm had done estate planning for the client and spouse, thus we were not eligible to represent either party in a marital break up as...more
One of the most common questions we receive in our Estate Planning practice is “when do I need a personalized estate plan?” While there are many factors to consider, you will want a personalized estate plan when there is a...more
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
Beneficiary designations are a critical component of the estate planning process that often is not given proper attention. Beneficiary designations exist as part of certain financial and other asset ownership...more
After a party completes their divorce, there are often many things that they need to do to finalize matters. However, one item that many overlook is changing their beneficiary designations after divorce to remove their...more
Forgive the title but this is written amidst the Eagles-Vikings game and on the same date as Queen Elizabeth’s funeral. Commentators noted that the Queen’s final event was more than a generation in the planning and was...more
As an attorney who prepares comprehensive estate plans and administers wills and trusts after death, I see questions arise at all phases as to who beneficiaries of accounts are and who they should be in a comprehensive estate...more
Contrary to popular belief, truly effective estate planning entails all parts of your life, not just the end of it. The process requires reflection on deeply held beliefs about what is important to you, your expectations for...more
When you’re in the throes of a separation or divorce, it is easy to forget the importance of updating your will and your estate plan. With so much happening in the here and now, things like beneficiary designations and...more
The increase in divorce rates in the U.S. has resulted in a greater number of blended families. Blended families tend to give rise to unique estate planning circumstances and opportunities. The following should be considered...more
We all love our in-laws, right? (wink, wink) Shielding your hard-earned assets from a child’s spouse in the event of divorce is a critical component of your estate plan. Perhaps you love your son-in-law, but would prefer to...more
If you find yourself lucky in love after a divorce, you have myriad considerations when deciding whether to remarry. If you have children from your prior marriage that you would like to provide for, I recommend that updating...more
It’s advisable to review and update your estate plan with any change in personal circumstances, financial circumstances, changes in the law, or just the passage of an extended time. But if you’re in the midst of a divorce, or...more
If you are getting divorced, you may find that your marital assets include interests in one or more trusts. It could be that you and your spouse established the trusts during your lifetime, or perhaps a family member created...more
People often ask “Why do I need a trust?” Some folks think they can get by with a simple will. Here is why you probably need more than that...more
Why do estate planning documents need to be updated when a couple is getting divorced? This simple story illustrates one of the key reasons. An Arizona couple had been married for several years and during their marriage had...more
Three best practices for plan administration that often fall by the wayside include: (1) regularly reminding participants to review and update their beneficiary designations; (2) checking recordkeeping practices to avoid loss...more
Divorce attorneys saw a wave of divorces last year due to the changes in the tax laws that took effect on January 1, 2019. If you were one of the masses whose divorce was finalized in 2018, now is the time to revise your...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
While in the process of divorcing, your attorney will remind you that you cannot change beneficiary designations on your accounts until the divorce is finalized. It is not uncommon to want to put the divorce out of your...more