You go to your bank, credit union or broker to open up a new account. You are encouraged to name beneficiaries or joint owners because if something happens to you (i.e. you die), the account “will avoid probate”. You are …
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Your Trust As Your IRA Beneficiary
Although I have written about it on many occasions, I am still often questioned by financial advisors, banks and insurance agents if I meant to name a trust as primary beneficiary of retirement accounts. Yes, I meant to do that! …
Probate Avoidance 101
I regularly have people come into my office and say “My estate is simple” and think that not much work will be involved in planning their estate. Their estate plan is usually anything but simple. What you may think is …
Top Estate Planning Misconceptions
As you go through life, you probably have found that there is no shortage of people who want to give you estate planning advice. This may include your family and friends. Very often, estate planning matters are the subject of …
Trust Your Trust
The use of trusts as an estate planning tool has become more prevalent over the last few years. There are, however, still many misconceptions about the use of trusts. Many believe that trusts should only be used if taxpayers have …
EP Drafting State & EP Docs When You Move
You may spend your summers in Michigan. In the colder months, you then head south to a warmer state such as Arizona or Florida. You have your will, financial power of attorney, healthcare power of attorney and maybe a trust. …
Inherited IRAs Reachable by Creditors
Have you tried to do your own mini-estate plan and named your children or other loved ones as beneficiaries of your IRA? If you did, you may end up giving that IRA to the beneficiaries’ creditors. Under both Federal and …
Giving the Gift of Life
How would you like to save someone’s life? You can and it is not difficult. You can become an organ and tissue donor. You as an individual organ and tissue donor can save the lives of eight people and enhance …
Your Most Important Assets
What are your most important assets? What assets do you want to leave your children or other beneficiaries that they can have and use the rest of their lives? How do you want to be remembered? What will be your …
Do It Yourself Plans & Bad Advice Can Wreak Havoc
If you are like 70% of Americans, you have no formal estate plan. However, after receiving free advice from others, you may have attempted a do-it-yourself estate plan using joint ownership, beneficiary designations and/or quit claim deeds. Although this advice …