News & Analysis as of September 21, 2024

Life Insurance

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

Remember to Adjust Your Estate Plan During or After a Divorce

Bowditch & Dewey on 8/23/2024

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

Importance of Beneficiary Designations in Estate Planning

Lasher Holzapfel Sperry & Ebberson PLLC on 8/13/2024

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

[Webinar] My Will and My Divorce: Protecting Your Assets From Your Ex - September 26th, 12:00 pm - 1:00 pm ET

Cohen Seglias Pallas Greenhall & Furman PC on 9/7/2023

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

Estate Planning Pitfall: You Haven’t Coordinated Beneficiary Designations With Your Will

Adler Pollock & Sheehan P.C. on 5/3/2023

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

Estate Planning During a Divorce: Four Key Considerations

Chambliss, Bahner & Stophel, P.C. on 12/11/2019

You have planned your life carefully. With your spouse you have drawn up a will and established trusts to organize your estate after your deaths. You have made decisions about the guardianship of your children should anything...more

Updating Your Estate Plan in the Event of Divorce

Burns & Levinson LLP on 11/14/2019

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

Getting Divorced? Don’t Forget to Update your Estate Plan

Jaburg Wilk on 7/24/2019

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

“Untying the Knot”: Practical Considerations for the Newly Divorced

Cozen O'Connor on 7/8/2019

I was asked recently by a financial advisor in New York, to review and comment on a chart he had put together which was designed to help newly-divorced people in get back on their feet. The draft document I received covered...more

Estate Planning After Divorce

Burns & Levinson LLP on 4/17/2019

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

Insight on Estate Planning - April/May 2019: A second walk down the aisle can complicate estate planning

Adler Pollock & Sheehan P.C. on 4/4/2019

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

Wealth Management Update - December 2018

Proskauer Rose LLP on 12/12/2018

December Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - Important federal interest rates continue to rise. The December applicable federal rate...more

Why Beneficiary Designations Should be Updated After Divorce

Jaburg Wilk on 7/24/2018

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

Don’t Let Time Run Out on Updating Your Life Insurance Beneficiaries

Downey Brand LLP on 7/2/2018

Your ex-spouse may take under your life insurance policy if you do not change your beneficiaries and there’s nothing a California probate court can do about it. So ruled the Court of Appeal last month in Estate of Post...more

Things To Do After Completing Your Divorce

Stange Law Firm, PC on 5/9/2018

After going through a divorce, many became so consumed about the divorce itself that it’s hard to know where to turn next. For many, it’s hard to finally accept that the divorce itself is done and now it’s time to move on and...more

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