Emotions can run high at the death of a family member. If a family member is unhappy with the amount they received (or didn't receive) under a will, he or she may contest the will. Will contests can drag out for years, keeping all the heirs from getting what they are entitled to. It may be impossible to prevent relatives from fighting over your will entirely, but there are steps you can take to try to minimize squabbles and ensure your intentions are carried out. Your will can be contested if a family member believes you did not have the…
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One solution: Donating the principal to a nonprofit in the form of a "charitable gift annuity" in exchange for lifetime fixed annuity payments. Remember the good old days, you know, when you could invest in a certificate of deposit (CD) and the bank would actually pay you something called “interest” on your deposit? No, really, I kid you not. Obviously, I am being a bit factitious, but you get the point. It is hard enough to make money these days, let alone accumulate wealth. Let’s say you are retired and are looking for a place to put your money to…
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Choosing an executor can be a difficult task, and in no small part this is because it means finding someone you trust to do as you would do. Oftentimes it is gesture of trust and respect made to a friend or family member. Neither the estate planner nor the would-be executor ought to forget, however, that serving as executor can be a fairly difficult role to play. The Wall street Journal recently offered some practical insights and advice on the topic, noting that to be named executor is both “an honor… and a pain.” Simply put, the executor administers a…
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If you have substantial assets in an IRA – whether a Roth or a traditional IRA – you’re wise to pay attention to how those assets might pass to your spouse or other heirs in the event of your death. Christine Benz of Morningstar Advisors last week wrote a small cache of common wisdom on the subject in the forms of “do’s and don’ts.” What should you do with your IRA? Check with your estate planning attorney before naming your beneficiaries. Remember, your beneficiary designation(s) trump whatever might be in your will, so make sure your estate planning documents and…
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The tax cut extension package does dramatically change the game for everyone – married couples and singles alike – in terms of estate tax planning. In fact, that tidbit is probably the most important thing you should remember about the new legislation – it made significant changes to the estate tax law. The very fact that things have changed (again) means your estate planning probably should be reviewed.The federal estate tax exemption is now $5 million, with a 35 percent applicable tax rate on the remainder. This means that if you are a single person with an estate of less…
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I ran across an article at New Jersey online last week with advice about how to pick a team of professional financial advisors. I was pleased to see the writer included estate planning attorneys as part of your essential advisory team! I also thought some of their tips for choosing an attorney were worth passing along: Think about your needs and then find an attorney who specializes in meeting them. For example, if you have elder-care issues, or tax concerns, find an attorney who is experienced at resolving issues similar to yours. Visit the websites of some of the professional…
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