Category: Beneficiary
With the traditional family on a downward trend, the modern family is raising some new questions for estate planning. The rising numbers of modern and blended families have created some challenges for estate planning, according to Forbes in “How Long Will Stepmom Live? And Other Vexing Estate Planning Questions for Modern Families“. An example is […]
Life insurance isn’t taxable to beneficiaries but there can still be a tax involved. An Irrevocable Life Insurance Trust or “ILIT” can be a key part of your overall estate plan, according to JD Supra in the article “Estate Planning: The Irrevocable Life Insurance Trust“. An ILIT can be used to take the life insurance […]
It sounds financial but it isn’t. It is all about the person’s behavior in the relationship. A fiduciary relationship is a legal relationship that includes responsibilities that can be enforced and it is important to look closely at it, according to the Denton Record-Chronicle What is the “F” word?“. In a fiduciary relationship, whether between […]
Want to become more in control? Get that estate plan in order. When it comes to investments, the risks involved can make us feel we are not in control. However, if you want to feel more in control, take a good look at your estate plan, according to the Daily Camera in “Freaked out about […]
The estate plan is a major tool to protect your family. Okay, you now have an estate plan. What’s the biggest mistake you can make? Not updating the plan as the years go by and life changes occur, according to the Times Herald in “Top six estate planning mistakes“. Another big mistake would be to […]
So, just what is going on with your life, the kids, your health, their health, their future plans? Don’t just ask for the proper documents to create an estate plan. Make sure that your attorney knows what is actually going on in your life, according to the Citizen Times in “Expert advice: 6 financial decisions […]
Designations can have major impact on your estate because of taxes. Naming the beneficiary of your retirement account needs special consideration when making your estate plan, according to Morningstar in “Do’s and Don’ts for Beneficiary Designations.” There are actually many things to consider when naming beneficiaries on retirement accounts. This is because different beneficiaries are […]
Failing to update retirement plans and insurance policies as well as other important papers often leads to problems when it comes to beneficiaries. A fairly common situation of inadvertently giving an ex-spouse money is highlighted in the USA Today “Your ex could get rich if you don’t update your beneficiaries” as it explains how unexpected […]
Alaska has long had an advantage as a preferred state for trusts but the decline of prices in the oil industry may weaken its position. One of the most popular trust haven states in the U.S has been Alaska as attorneys sought more friendly laws and taxes for their clients. Taxes were not the focus […]
Estate planning may sound like something that only fabulously wealthy people need to do, but nothing could be further from the truth. If you are an adult, you need an estate plan. If you have children, you really need an estate plan. And if you own something that you would like to give to someone […]
