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What Families Should Know About Retirement Account Beneficiary Designations
Retirement accounts come in different shapes and sizes. Estate planning for retirement accounts varies depending on the type of account. The most common kinds of retirement accounts include 401(k)s, pensions, and Individual Retirement Accounts, or “IRAs.”
Navigating family dynamics can often prove a difficult course to chart. We all experience the problems in solving even everyday issues in a harmonious way, like which new restaurant to try or which television program to watch. When the stakes are higher, involving potentially life changing inheritance decisions, a family may be well served by consulting with a trained mediator to help assure smooth sailing throughout the estate planning process.
In today's diverse society, the definition of a “typical” family has evolved far beyond the traditional model of two spouses and their joint children. Blended families, long-term partnerships with children from previous relationships, and single-by-choice parents are now common.
In the realm of estate planning, artists face unique challenges. Their estates often comprise not only tangible artwork, but also a complex bundle of intellectual property rights. Understanding and effectively planning for the management of these assets is critical in ensuring that an artist's legacy is preserved and protected in accordance with their wishes.
In the realm of estate planning, a Durable Power of Attorney (DPOA) stands as a crucial document, empowering a designated individual – the agent – to manage your financial and legal affairs.
Q: What is an Irrevocable Life Insurance Trust, and do I need one if I own a life insurance policy?
Question: What are the ways a Power of Attorney can help me?
Question: Will I get taxed on the inheritance I receive from my father?
Q: My grandparents on my mom’s side are leaving me their house in their will after they both pass away, will I be able to sell it right away?
Q: Are there any taxes or fees due if I transfer my house to my son instead of selling it to him?
Creating a will provides a semblance of control over the unknown and reassures us that our loved ones will be taken care of. If you executed your Wills in the 1990s, they would generally still hold validity today.
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Partner Britt Burner, Esq. explains how often to review your estate planning documents and the life changes that may prompt a review.
