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“It is surprisingly easy and common to make mistakes when designating beneficiaries on retirement and investment accounts.” A designated beneficiary is the person named on a retirement or investment account to inherit the asset if you die. That’s the simple part. What gets complicated is when people don’t think it’s such a big deal, says […]
“Do you have accounts, records or information that are accessed using your mobile phone, through an internet connection, or by using a keyboard or through a touch-screen or tablet?” Today’s estate plan needs to expressly declare an “agent” or a “fiduciary” to gain access and control of “digital assets” in case of incapacity or death. […]
“Your real estate holdings, life insurance, bank accounts and retirement savings won’t magically flow into your trust.” Failing to put assets into trusts creates headaches for heirs and probate hassles, says the article “Once You Create a Living Trust, Don’t Forget to Fund It” from Kiplinger. It’s the last step of creating an estate plan […]
“Estate planning generally focuses primarily on lifetime protection and post-death distribution of assets. Special needs planning focuses primarily on the individual beneficiary’s lifestyle and care needs.” Special needs planning is far more detailed than estate planning, although both require regular reviews and updates to be effective. For creating a wholly new plan or reviewing an […]
Can Someone Inherit a House With a Mortgage? Understanding Your Inherited Property taxes “What happens if you inherit your loved one’s home? What if they still have payments to make on their mortgage?” When a loved one dies, there are always questions about wills, inheritances and how to manage all of their legal and financial […]
The Food and Drug Administration (FDA) has approved a drug purported to slow the progress of Alzheimer’s disease. However, the decision is not without controversy. A recent article by AARP explores this subject in some detail. Here is a synopsis. The drug, Aducanumab (brand name Aduhelm), was approved on June 7th. While it does not cure Alzheimer’s, […]
“This fall, older savers who are feeling generous may want to consider using their individual retirement account to help fund their favorite charities.” Here’s a generous incentive for older Americans who want to help their favorite charities: by giving generously from the right asset source, they could manage their Medicare premiums for 2022. The details […]
“It’s hard to plan for next week, let alone the future, when our environment, the advice from the experts and indeed the outbreak itself, seems to change on a daily basis.” The fear of the unknown and a sense of loss of control is sending many people to estate planning attorney’s offices to have wills, […]
“A trustee is a manager of assets in a trust. The grantor creates the trust and appoints the trustee. A trustee has a ‘fiduciary duty’ to serve the grantor and not benefit personally.” Before accepting the role of a trustee, it is important to have a thorough understanding of what you will need to do […]
“When dealing with the emotional pain of the loss of a loved one, family members also have to address daunting administrative tasks.” For most families, the process of estate administration or the probate of a will starts weeks after the death of a loved one. However, before that time, there are certain steps that need […]
