Even though many people think so, retirement accounts are not included in wills. A story in Forbes points out that who gets the money invested in a retirement account such as an IRA depends on who is named on the account’s beneficiary form. Lots of people make mistakes when it comes to retirement accounts. They […]
Read moreSome of your assets cannot be passed on to your heirs through your Last Will and Testament. Instead, some assets are passed on to a beneficiary who you designate under the terms of the agreement with the financial institution. For example, bank accounts, brokerage accounts, retirement plans, annuities and life insurance policies. A recent article […]
Read moreAs estate planning attorneys, we are often asked, “When should I do my estate plan?” The answer is: “Anyone who is over the age of 18.” Estate planning is critical to everyday living for adults over the age of 18, and should be one of the priorities regardless of your age or marital status. If […]
Read moreIn an ever-increasing paperless world, it is becoming more important to create a plan for your survivors to follow when navigating your online financial accounts. Prior to the digitalization of financial records, when a loved one passed on, organizing financial records was a fairly straight forward process consisting of gathering any bank statements or other […]
Read moreWhen the U.S. Supreme Court handed down their ruling last Wednesday, striking section 3 from the Defense of Marriage Act (DOMA) as unconstitutional, the Court radically changed the estate planning laws for many same-sex married couples. Not only are marriages of same-sex couples is now recognized as legal under federal law, but they can now […]
Read moreThere are many estate planning considerations that parents need to make. Although grim, parents need to consider and plan for the possibility that one or both parents may suddenly become unable to care for their minor children. A recent article discusses some of the estate planning considerations that parents should make. Parents need to first […]
Read moreWhen planning your estate, it is important to remember that communication with your loved ones and friends is vital to the success of your plan. A recent article discusses how best to can start an estate planning conversation. Schedule the conversation: By scheduling a time to speak about your estate plan with your family and […]
Read moreDomestic partners, even ones registered with a state, do not share the same rights as married couples. Therefore, domestic partners need to be extra careful when crafting their estate plans. A recent article describes several common pitfalls to avoid in domestic partner estate planning. The first pitfall occurs in gifting assets to a partner. Domestic […]
Read moreAs more and more American farmers reach the age of retirement, they sometimes feel that they are being forced to make decisions about what will happen to their farm after they pass on. Farmers typically have two options, (1) sell the farm, or (2) pass on the farm onto remaining family members or relatives. As […]
Read moreMany pet owners are refusing to leave the future of their pets to chance. As a recent article explains, devoted pet owners are providing for the care of their pets through wills, trusts, or other estate-planning provisions. As pet owner Carol Santora explained, “I got really nervous about it because I don’t think anyone in […]
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