Naming your partner as the pay-on-death (POD) or transfer-on-death (TOD) beneficiary often leads to pitfalls. Some of these occur when you name them on beneficiary designation forms. The POD or TOD option allows you to maintain control of the account during your lifetime.
Category Archives: Assets
12
Mar
Mar
An important first step for creating an estate plan? Take an inventory of your money and property. Regardless of your wealth or financial struggles, everything you own is part of your estate and should be listed–or at least accounted for– in your inventory.
05
Mar
Mar
Many parents express concern their in-laws becoming outlaws. Their children may divorce. In this case, a divorcing spouse could seize their children’s inherited money and property .
Assets, Estate Planning, Heirs, Life Changes, Trusts, Uncategorized
Inventory: Treasure Map Your Estate
26
Feb
Feb
Distressed children often call estate planning attorneys. Their deceased parents wrote a will or a trust without itemizing an inventory. So the kids have no idea which accounts, insurance policies, or items of real and personal property their parent owned.
29
Jan
Jan
Keep a majority of the details private until your death, Start the conversation with successor trustees.
08
Jan
Jan
Name someone to serve with you. This familiarizes your co-trustee with your trust. It also teaches your partner about the way you want the trust to operate. What’s more, it lets you evaluate your co-trustee’s abilities.
Assets, California Law, Estate Planning, Trusts, Uncategorized
Domestic Asset Protection Trusts Explained
02
Oct
Oct
DAPT laws vary significantly by state. Residency requirements vary from state to state, as does the required connection of the grantor with the DAPT state.
19
Sep
Sep
Lawyers create testamentary trusts in a will. They write this type of trust upon the individual’s death. Therefore, they do so to protect the money and property on behalf of a beneficiary.
21
Aug
Aug
Your attorney can design the trust to pay the grantor a stream of income at least annually and over a specific term of years. At the end of the specified term, payments end.
Assets, Estate Planning, Heirs, Trusts, Wills
Why Your Heirs May Receive a Smaller Inheritance Than They Expect
14
Aug
Aug
Often, family members “lawyer up” and settle in for a long, drawn-out court battle. In such cases, attorney fees often spiral into the tens and even hundreds of thousands of dollars.