Tag Archives | estate planning

Is My Will Enough?

This isn’t a post about willpower and accomplishing one’s goals. It’s about the essential estate planning document known as a will. Everyone should have these three key estate planning documents:

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Estate Planning Checklist

As we get closer to the 4th quarter of 2017, it is a great time to start thinking about updating our estate plans. A carefully crafted estate plan can be one of the greatest gifts you can give to your loved ones.

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Choosing an IRA Beneficiary? Choose Wisely…

Your choice of beneficiary(s) for your IRA can have major tax consequences. Choose wisely with your advisor’s counsel. Leaving your IRA to an individual is a simple and flexible solution. Leaving your IRA to a trust is more complex and requires the advice of an experienced estate attorney.

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What Happens to My IRA When I Die?

Most people’s wills do not specify or control what happens to their IRAs. That’s because an IRA has its own distribution schedule that operates independently of a person’s will. IRAs have beneficiary designations that are created when the IRA is opened. These beneficiary designations should be reviewed on a regular basis and can be changed with written notice at any time prior to one’s death. Most people name their spouse as their primary beneficiary and then their children as contingent beneficiaries, with the children splitting their shares equally.

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Key Estate Planning Documents

Estate planning is a vital component of every financial plan, regardless of the size of the estate. Unfortunately, it’s also an area that is commonly overlooked. This often results in wasted dollars and emotional hardship that could otherwise be minimized with proper advance planning and action.

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My Son’s Surprise 18th Birthday Present: Not What He Expected, But It Will Keep On Giving

Key Takeaways Once your child turns 18, the law prevents you from making certain important financial decisions on his or her behalf. Purchase basic estate documents for your child: will, durable POA, healthcare POA. Help your child select a credit card (with reasonable limits and rates) to establish a credit history. I wrote this blog […]

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A Checklist for Your Loved Ones

Now is the time of year that many of us are updating (or procrastinating about) our estate plans.  A carefully crafted estate plan can be one of the greatest gifts you can give to your loved ones. Leaving behind a plan that clearly indicates where your important documents are kept can make it easier for […]

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