A DOZEN DOCUMENTS YOU NEED BEFORE YOU DIE It is no longer enough to just sign some papers establishing an estate plan. You also have to make your heirs aware of your estate plan and advise them where the documents can be located. Also some of the country’s largest insurers are failing to pay out
ESTATE PLANNING FOR SECOND MARRIAGES In our world of ever-changing laws, estate planning has become increasingly complex. This is especially true in the context of second marriages. Children from a prior marriage, strained family relationships and rights and restrictions imposed by law illustrate why the complexity of estate planning for second marriages is never simple.
It is not enough simply to just sign a bunch of papers establishing an estate plan and other end-of-life instructions. You also have to make your heirs aware of your estate plan and leave the documents where they can be found. Also consider, at least 10 states have been investigating whether some of the country’s
The general rule governing the proceeds of any life insurance contract insuring the life of an individual is that the proceeds are not taxable, so long as the proceeds are payable to one or more named beneficiaries and not the estate. Some other principals regarding life insurance are: The proceeds are also non-taxable if paid
If you are still unsure as to whether a trust is for you, there’s one simple question to answer: Is your net worth $100,000 or more? If it is, now is the time to talk to your estate planning attorney. There are a few other things to consider, of course, and there are many, many
When was the last time your reviewed the beneficiary designation form from your retirement plan, IRA, life insurance policies or annuities? If your answer is typical, you don’t remember. A recent U.S. Supreme Court decision should motivate some people to move this overlooked step higher on their priority list. This particular ruling involved a 401(k)
Postpone making any changes in your life – i.e., selling your house for one year. Give yourself some time to regain emotional equilibrium; do not do anything “out of character”. Collect the documentation needed to settle your spouse’s estate. This includes bank statements, current tax information, insurance policies, investment records, property deeds, and the will.
A truly effective estate plan is one that is reviewed and updated regularly. Because of the tax law changes of the past years, now may be an especially good time to review your plan. The following questions can help you determine whether or not it is time to review your estate plan, and if so,