When you fill out important forms with your IRA, 401(k) or your life insurance policy, you may be asked to distinguish between a primary and a contingency or secondary beneficiary. Your primary beneficiary is the individual who is first in line to receive any account assets after you pass away. The secondary or the contingent [...]
A new study conducted by Ameriprise determined that financial discussions within families generally go more smoothly than anticipated, however, there are unclear inheritance expectations that ultimately cause tension or even family drama. Up to 19% of American adults across the United States feel that it is uncomfortable or inappropriate to discuss estate planning with their [...]
Your estate planning documents will put together numerous roles where other individuals will step in and have responsibilities on your behalf. One of these is the executor. The executor is responsible for the gathering of information regarding your assets after you pass away, handling all tax responsibilities and then distributing those assets for you. Besides [...]
Consulting with an experienced business succession planning attorney is strongly recommended in the event that you have connections to another company. If you want to transfer your business to a successor or if you are getting ready to retire or slow down, it is important to identify the appropriate business succession planning process to make [...]
When you set up a custodial account for your child under the Uniform Transfers to Minors Act, you may have the best of intentions that this will ultimately benefit your loved one well into the future. Unfortunately, however, some people are realizing that this was a mistake later on. This is why some estate planning [...]
Once you know that you need a solid estate plan to help you accomplish your goals, the next step is to conduct an inventory. You have to know what you have and what might be included in your estate before you attend a meeting with your estate planning lawyer. Many people find themselves overwhelmed by [...]
Without any advanced planning, your retirement assets do give you some protection against creditors, but it’s not comprehensive. If you want to increase your overall asset protection, you need to consult with an attorney to figure out how to boost the protection of the personal assets you have worked so hard to build. A qualified [...]
Without any advanced planning, your retirement assets do give you some protection against creditors, but it’s not comprehensive. If you want to increase your overall asset protection, you need to consult with an attorney to figure out how to boost the protection of the personal assets you have worked so hard to build. A qualified [...]
Most parents of special needs children understand that taking action steps to plan for the future is imperative. One of the most common ways to do this is by working with an experienced estate planning lawyer to put together a special needs trust. Beyond the basic terms of the trust, designed to protect a loved [...]
Approaching the topic of death is never easy, but it might help to reframe the estate planning process by viewing it as your way to leave behind a legacy and a love note for your family. The truth is that you may get more peace of mind from knowing that you have taken the right [...]
