Recent Blog Posts
How to Protect Your Estate from Unintended Heirs
Disinheriting a child as an heir happens for a variety of reasons. There may have been a long-running dispute, estrangement over a lifestyle choice, or not wanting to give assets to a child who squanders money. What happens when a will or trust has left a child without an inheritance is examined in an… Read More »
What Do I Look for in a Trustee?
The trustee is tasked with caring for the assets in the trust for one or more beneficiaries. It is the trustee who handles all the necessary paperwork and sees that tax returns are filed. FedWeek’s recent article entitled “Your Options for Selecting a Trustee” explains that probate and trust law creates a fiduciary responsibility,… Read More »
What If a Sole Beneficiary Wants to Share?
That doesn’t sound like a bad idea, right? However, Morningstar’s recent article entitled “3 Strategies to Consider When Sole Beneficiaries Want to Share the Wealth” says that there are a few hurdles to clear, such as the IRA administrator’s policies, income tax consequences, transfer tax consequences and the terms of the decedent’s will. Here’s… Read More »
How 401(K) Beneficiaries Work with Your Estate Plan
For anyone who thinks that their will or trust can be used to distribute assets in a 401(k) after they pass, think again. The beneficiaries listed in a 401(k), insurance policy or any account with the option to name a beneficiary supersede whatever directions are placed in a will or a trust. If you’re… Read More »
Do I Have to Accept an Inheritance?
If you do not want to accept an inheritance, you have to disclaim. For most, this is not often done because they are not able to disclaim an item in the hopes that they can chose a comparable item. More importantly, they cannot direct or decide who gets their disclaimed asset. MarketWatch’s recent article… Read More »
How Do I Keep My Assets from the Nursing Home?
If you don’t have a plan for your assets when it comes time for nursing home care, they can be at risk. Begin planning now for the expenses of senior living. The first step is to consider the role of Medicaid in paying for nursing home services. WRCB’s recent article entitled “How to Protect… Read More »
Is It Time for a Pre-‘Check-out’ Checkup?
Federal News Network’s recent article entitled “Divorced, kids grown, moving? Time for a pre-checkout checkup!” says life changes mean changes for your estate plan, like when your children grow up and leave the home. Let’s review some of the key components of a complete estate plan. A basic estate plan includes powers or attorney… Read More »
Estate Planning for Asset Distribution
Without proper planning, your will determines who inherits your property—everything from your home, car, bank accounts and personal possessions. Your spouse may not necessarily be your heir—and that’s just one of many reasons to have an estate plan. An estate plan avoids a “default” distribution of your possessions, says the recent article “Asset distribution… Read More »
What are Power of Attorney Options?
FedWeek’s recent article entitled “The Options in Granting Powers of Attorney” explains that a power of attorney designates someone else to handle your affairs, if you can’t. Here are the major types: Limited power of attorney. This allows an agent to act on your behalf under specific circumstances, like a home sale closing that… Read More »
Estate Planning Needs for Every Stage
Many people decide they need an estate plan when they reach a certain age, but when an estate plan is needed is less about age than it is about stages in life, explains a recent article “Life stages dictate estate planning needs” from The News-Enterprise. Life’s stages can be broken into four groups, young… Read More »