Choosing beneficiaries for your retirement accounts is different from selecting beneficiaries for your other assets like life insurance. With retirement benefits, you must know the influence of estate tax and income tax laws in order to choose the suitable beneficiaries. Though, taxes should not be the only determining factor in naming your beneficiaries, as ignoring the influence of taxes could result in making a wrong choice.
Additionally, if you are married, designation of beneficiary might affect the size of required...
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Tag Archives: "Estate Planning Attorney"
13 Feb
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Potential Advantages and Disadvantages of Guardianship Proceedings
Guardianship is essential for adults who are unable to make decisions on their own behalf and do not have Powers of Attorney to avoid guardianship, and for some minors. Individuals under guardianship are called “wards”. The court will name a guardian for making decisions on the behalf of a ward and/or managing the finances of the ward. For children, a guardian is generally, but not always, a parent. For adults, a guardian might be a parent, spouse, child, friend...
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05 Feb
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The Importance of Using an Irrevocable Trust in Medicaid Planning
People often wonder about the importance of utilizing an Irrevocable Trust in Medicaid Planning. Undoubtedly, the gifting of assets can be done outright. So, why confuse things with a trust? The answer is that the gift transaction costs are only a portion of what needs to be considered. Many significant advantages that can result from gifting in trust are forfeited by the outright gifting. These advantages show the importance in utilizing Irrevocable Trusts in Medicaid and asset protection planning.
The...
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02 Feb
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Consult An Attorney If You Want to Modify Your Will
An attorney can help you to make a legally binding Will so you have control over who receives your assets when you pass away. Life happens and in some situations, you may wish to change beneficiaries, distribution amounts, or more. You are able to create as many Wills as you choose, but only the most recent Will prior to your death is valid. One must make sure they have identified the person whom you want to control the distribution...
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21 Nov
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When Do You Need An Estate Planning Attorney?
There is a good chance that you will require a proficient estate planning attorney at some point in your life. The problem could be recognizing when you have the need for an estate planning attorney because, like most people, you may not be familiar with the different types of legal matters we handle. Though it would be impossible to list every scenario in which you might need us, it is beneficial for you to read some common scenarios. Let’s...
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