Category: Beneficiary
The Town of Snowflake received a windfall a decade ago in the form of payment of life insurance proceeds from a former employee, but the insurer now says that was an error and repayment is sought. The Arizona Journal reported the story in an article titled “Bequest To Town Was Made In Error, Says Insurer.” […]
The United Jewish Appeal claims it was supposed to get the remainder of a trust set up by building mogul Bill Gottlieb, who died in 1999, according to a filing in Manhattan Surrogate’s Court. Gottlieb’s late sister’s husband, Irving Bender, eventually became the beneficiary of the trust, and allegedly blew $3.5 million meant for the […]
The dictionary defines beneficiary as “the recipient of funds” — from a will, trust, retirement plan or life insurance. But that doesn’t begin to cover the details and the differences. Here are five things you need to know. The term “beneficiary” involves receiving assets from a wide variety of legal instruments, and many people get […]
People in their 20s often do not think that they need to worry about estate planning. They plan to live much longer, so they believe there will be time to get an estate plan later. However, you never know when tragedy can strike, so it is important that 20-somethings get estate plans. Younger adults normally […]
While the contemplation of your eventual demise is never at the top of anyone’s list, there is satisfaction from the feeling that you have taken care of issues and provided for those you love. But unwitting mistakes can wreck your careful planning and even lead to family fighting and estrangement of the very people you […]
A proper Caregiver Agreement is essential when a loved one or friend wants to pay you to provide assistance and care for them. Here is a link to an article in which Michael J. Amoruso, Esq., Managing Partner of Amoruso & Amoruso LLP in Westchester County, NY and Howard S. Krooks, Esq., Of Counsel to […]
The most common and basic estate planning vehicles are wills and living trusts. Everybody should have a will or a living trust, but which one? Should you have a living trust? To clarify what this type of trust is, a living trust is created by placing some or all of your estate into a trust […]
We say it over and over again. Check your beneficiary forms! Don’t let your retirement funds go down the drain. Anything involving the court system is rarely quick and painless (probate anyone?). Fortunately, IRAs can easily be transferred to your loved ones outside of probate simply by completing a beneficiary designation form. But what if […]
If your beneficiaries are out-of-date, when you die, your assets could go [to] the wrong people – a former spouse, for example – no matter what your will says. Often, the biggest mistakes we can make when it comes to our estate planning are also some of the easiest to prevent. For example, the consequences […]
A will may say to divide an estate equally among three children. But if a particular account is titled to pass to just one, only that beneficiary will get the account. Your Last Will and Testament is the legal document to put your wishes in writing and get it all straight, right? Not necessarily. The […]
