Monthly Archives: May 2013
Estate Planning and Beloved Pets
Many people consider pets to be members of their family. They want to ensure that their pets are cared for after their death. A direct gift of money or other property to an animal is not recognized, however, since a pet is considered property under the law. Thus, a deceased individual’s attempt to make a […]
Benefits of Creating a Charitable Trust
Charitable trusts enable a person to donate generously to charity while receiving several tax advantages. There are different types of charitable trusts, but the most common one is called a charitable remainder trust. To establish a charitable trust, a person transfers the property he or she would like to donate into the trust through a […]
Estate Planning 101
Proper estate planning is crucial to ensuring a deceased individual’s financial goals are met after death. Ideally, an estate plan determines a multitude of issues. These may include the inheritance of assets, tax liability, and the appointment of someone to handle an individual’s financial and medical affairs if the person becomes incapacitated. There are countless […]
Inheriting IRAs: The Importance of Beneficiary Forms
For many people, an Individual Retirement Account (IRA) is one of their largest assets. It is important to note that the beneficiary form on file with the custodian of an IRA, not a will, controls who inherits it. Therefore, it is crucial to file the beneficiary form and keep the designated beneficiary current. Often an […]
Identify Your Assets to Develop an Ideal Estate Plan
Preparing for an estate planning discussion with your attorney by diligently inventorying all of your assets beforehand can greatly improve the estate planning experience and make the process more efficient. CNN Money advises a list of actions that should be taken as an individual enters the estate planning process: List all your assets. These include […]