Pension and retirement accounts form a large portion of an individual’s wealth. Thus, make sure you account for them in your estate plan. If a retirement account holder completes a proper beneficiary designation, their account assets will bypass probate. Account holders often designate a surviving spouse or children as beneficiary, but they could also name a trust or a charity.
Category Archives: Uncategorized
11
Dec
Dec
People across the United States use Trust Protectors. Essentially, a trust protector is someone who serves as an appointed authority over a trust which will be in effect for a long period of time. Trust protectors ensure that trustees maintain the integrity of the trust. What’s more, they make solid distribution and investment decisions, and […]
02
Dec
Dec
For those who cherish experiences and the creation of lasting memories, it can be invaluable to incorporate clauses within your trust that allocate money specifically for ventures like traveling, exploring new places, or even family reunions and celebrations of important events. These provisions not only facilitate experiences but also foster a deeper connection, ensuring that your family bonds remain strong even in your absence.
17
Nov
Nov
Jimmy Buffett died on September 1, 2023, at age 76 after a diagnosis of Merkel cell carcinoma (skin cancer) four years earlier. He was a renowned singer-songwriter, film producer, businessman, novelist, and philanthropist. Buffett released his first album, Down to Earth, in 1970. By 2023, his net worth was $1 billion. This blog discusses the Jimmy Buffet estate.
24
Mar
Mar
Although gifts made within three years of your death are generally includible in your estate, an exception exists if a gift tax return was not required to be filed because the value of the gift was less than the annual exclusion amount. Transfers relating to life insurance policies, however, are an exception to this exception.
Celebrity Estates, Estate Planning, Probate, Uncategorized
Celebrity Estates: Lessons from Anne Heche
04
Nov
Nov
Normally, somebody in the will specifies an administrator (a person who oversees settling of the estate).
23
Sep
Sep
When choosing trusted decision makers, select individuals based on their strengths. In other words, consider which characteristics or traits each decision-making role requires.
12
Aug
Aug
Unfortunately, some trustees fail to comply to inform. This leaves beneficiaries in the dark about their trust. The reasons for this failure to communicate vary. Some trustees fail to understand their duties.
05
Aug
Aug
n willing (and able) to do what you are asking of them. A complete estate plan includes not only a first choice, but two backups for each of these positions.
17
Jun
Jun
About 80 percent of Americans carry some type of debt. This includes credit cards and student loans as well as mortgage debt and personal loans.