Estate planning is a crucial financial and legal process that provides peace of mind, ensures the orderly distribution of assets, and minimizes potential complications for heirs. However, many people in Massachusetts often wonder when the ideal time is to embark on estate planning. This article will discuss the best age to start estate planning in… Read More »
Posts Categorized: Beneficiaries
Created A Will? Good! Don’t Stop There.
A will is a basic and very important component of your estate plan, but it is only the foundation. You may need other documents and strategies in place to help accomplish each of your estate planning goals. You probably created a will to ensure that guardianship of your minor children is addressed if applicable, or… Read More »
How Does a Beneficiary Get Money from a Payable on Death Bank Account?
There are many different options when it comes to passing on your estate assets and many people will look for the simplest way to pass on assets to their loved one. In these circumstances a payable on death bank account is one streamlined way to allow a beneficiary in your estate to claim funds quickly…. Read More »
How to Start Estate Planning with Beneficiaries and a Will
You might have already completed some of the estate planning process without realizing. If you have a retirement savings account or a 401(k), you’ve probably already established a beneficiary designation form. This gives instructions to the company about who is eligible to receive the assets inside this account if something happens to you. Beneficiary designations… Read More »
When Celebrities Get It Right: An Important Estate Planning Lesson from Burt Reynolds
Unfortunately, far too many celebrity estate planning mistakes were completely avoidable but became a matter of public record due to the way in which the celebrity planned or failed to plan for their future. Amy Winehouse, Prince, and Aretha Franklin are just a few examples of unfortunate estate planning failures. However, when Burt Reynolds passed… Read More »
What Are Executor Fees?
When establishing a person in the role of executor, it’s common to have questions about how this could impact the overall assets inside your estate. Executors are entitled to fees, and this could decrease the volume of assets available for beneficiaries after all estate payments are made. Executor fees are in place to compensate a… Read More »
Should You Name a Trust as a Beneficiary of Your IRA?
Inherited individual retirement accounts can be some of the most complex assets to deal with when someone is administering your estate. Federal law states that inherited IRAs for non-spouse beneficiaries are not necessarily protected from creditors, meaning that a beneficiary’s creditors could claim they have the rights to access these funds left behind by you,… Read More »
Are Your Beneficiary Designations All That Important?
Your beneficiary designations on items such as your individual retirement account or your life insurance policy are critically important for the company to determine who should receive your benefits if something happens to you. Even though this is a pertinent detail of your estate planning, many beneficiary designations are often forgotten, mishandled or overlooked. Many… Read More »
Death Taxes Not Quite So Dead
For the last few years, the rap on the estate tax is that unless you’re extremely wealthy, you don’t have to worry about it anymore. That’s true to some considerable extent. After all, the federal government has exempted most people making less than $5.43 million this year, and many states have gotten rid of or… Read More »
Don’t Assume Your Estate Plan is All Set
So, you have your estate plan in place. If you did it more than a few years ago, have you reviewed it? Does it still make sense for your needs? Are your accounts and beneficiary designations correct? Take some time to double-check and actually schedule a time to talk with your estate planning attorney to… Read More »