Disclaimers can be a good way of getting assets where you want them to go. If the disclaimer is a “qualified disclaimer,” the client isn’t treated as having made a taxable gift. This can be a great result for the client in the right circumstances. by Steve Hartnett It’s difficult to even think that someone might not want to accept inherited assets. But sometimes clients don’t need any more assets and a newfound inheritance simply may compound their estate tax issues. This is the first of … [Read more...] about Using Disclaimers to Achieve Client Goals
Beneficiary Designations and the SECURE Act: Prior Designations
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article examines how beneficiary designations done prior to the SECURE Act might not have the intended consequences today. by Steve Hartnett Clients spend lots of time, money, and energy … [Read more...] about Beneficiary Designations and the SECURE Act: Prior Designations
Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article focuses on beneficiaries who don’t fall under the standard 10-year payout of the SECURE Act. by Steve Hartnett Clients spend lots of time, money, and energy planning their estates. … [Read more...] about Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
“Last Will and Testament” Origin
by Steve Hartnett Why do you have a “Last Will and Testament.” Even Estate Planning attorneys are unlikely to know the etymology of the term. It was the subject of a recent question on “Jeopardy.” Have you ever wondered why the dispositive instrument in which you express your wishes is called a “Last Will and Testament?” Few people, including Estate Planning attorneys, know the reason. In fact, the history is a little muddy. Occasionally, clients will ask this question. Now you’ll know … [Read more...] about “Last Will and Testament” Origin
Beneficiary Designations
Beneficiary designations can be deceptively simple. You simply designate the person to whom you want the assets to go. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. by Steve Hartnett Clients spend lots of time, money, and energy planning their estates. Estate Planning attorneys help them by counseling these clients and preparing various documents to meet the goals of the client, such as a Will or … [Read more...] about Beneficiary Designations
Beneficiary Designations and the SECURE Act Basics
Beneficiary designations can be deceptively simple. But their simplicity is sort of like an iceberg. Danger lurks beneath those tranquil waters, both for the client and the attorney. Designations for IRAs and retirement plans can be particularly complicated, especially after the SECURE Act. This article focuses on the basics of the SECURE Act. by Steve Hartnett Clients spend lots of time, money, and energy planning their estates. Estate Planning attorneys help them by counseling … [Read more...] about Beneficiary Designations and the SECURE Act Basics
Updating Your Plan Part 3: Beneficiary Designations
Now is a good time to think about updating your plan. This includes your entire plan, including beneficiary designations. Beneficiary designations may control a large part of your assets and it’s important to be sure your plan is coordinated to consider these. by Steve Hartnett This is a bonus part of a series of articles on updating your plan. The first article examined the importance of updating your Powers of Attorney, both Financial and Medical. The second part of the series looked … [Read more...] about Updating Your Plan Part 3: Beneficiary Designations
Updating Your Plan Part 2: Your Trust or Will
As we begin a new year, it’s a good time to think about updating your plan. This includes your entire plan, including your primary vehicle, such as a trust or will. by Steve Hartnett This is the second in a two-part series of articles on updating your plan. This first article examined the importance of updating the Powers of Attorney, both Financial and Medical. This second part of the series looks at the importance of updating your primary estate planning document, such as your trust or … [Read more...] about Updating Your Plan Part 2: Your Trust or Will
Updating Your Plan Part 1: Powers of Attorney
As we begin a new year, it’s a good time to think about updating your plan. This includes your entire plan, including Powers of Attorney. Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. It’s important to consider whether you need to update either of these powers. by Steve Hartnett This is the first in a two-part series of articles on … [Read more...] about Updating Your Plan Part 1: Powers of Attorney
Joint Tenancy Problems in Estate Planning
by Steve Hartnett Sometimes people use Joint Tenancy as a simple way to do Estate Planning. This can have drawbacks, sometimes serious and unexpected. First, why is Joint Tenancy a simple way to do Estate Planning? At the death of a joint tenant, the property automatically transfers by operation of law to the remaining joint tenant(s). This can be attractive because it bypasses the probate process and all it entails. Probate is the process that moves property titled in the name of … [Read more...] about Joint Tenancy Problems in Estate Planning
