Category: Beneficiary
“In February, Social Security officials calculated that a woman who was sent monthly checks for decades was 114 years old. The problem? The lifelong New Yorker died more than 40 years ago—and may never have seen a penny of her retirement checks totaling nearly a half-million dollars.” In one of the largest fraud cases of […]
“Estate planning can come in a variety of forms, from basic beneficiary designations when you open a bank or brokerage account to more complex and comprehensive plans.” The key reason for estate planning is to create a plan directing where your assets will go after you die. The ultimate goal is for wealth and real […]
“Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.” There are a few things all trusts have in common, explains the article “All trusts are not alike“, from the Times Herald-Record. They all […]
“When creating an estate plan, one important question to consider is how to handle the transfer of personal property, including your home. A Qualified Personal Residence Trust, or QPRT, is something you may decide to create to minimize gift and estate taxes associated for your heirs.” Qualified Personal Residence Trusts Attorney: What Is a QPRT? […]
“Creditors typically try to collect on unpaid debt, by going after the decedent’s estate during a process called probate.” When a person dies, it’s not unusual for them to leave behind some unpaid debt. What happens to that debt depends upon how their estate was organized, says the article “This is how your unpaid debts […]
“’Per stirpes’ vs. ‘per capita.’ Making the wrong choice could cause an estate planning disaster.” No one relishes the idea of planning for their own death, but the alternative of not planning and leaving your family members to sort out an expensive mess is a poor way to be remembered. According to a recent article […]
“Financial planning is an important part of life. Estate planning is one key aspect of planning for the future. It can feel daunting to take on the task, but once it’s done and your future is organized, it usually feels a lot better.” Estate planning means putting together a plan on paper, following the letter […]
“Having an estate plan can ensure that fiduciaries are identified to oversee and distribute your assets in the way you would have wanted. As a business owner, your ownership assets in your estate may require a more sophisticated level of planning.” Do you need an estate plan? If you have children, ownership shares in a […]
“One wrong decision can lead to expensive consequences, and good luck trying to persuade the IRS to give you a do-over.” For those who inherit IRAs, the intersection of taxes, estate law and financial planning can be a tricky place. There are many choices, maybe too many, and making the wrong choice can be costly, […]
“If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.” Neglecting to fund trusts is a surprisingly common mistake, and one that can undo the best estate and tax plans. Many people […]
