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…
Many people own property without truly understanding how they hold title to it – or the ramifications of the title that they hold. Not fully understanding your property ownership can have some dire consequences for your estate. As a lesson take a recent case out of Greenwich, CT, featured in an article here, and the dangers of tenants-in-common. Owning property with someone else is fairly common, and understanding how you own it is an important aspect of your estate planning. If you own property with someone else as tenants-in-common, when one of the tenants dies, their ownership interest passes on…
Still, for all [women] have achieved — with our careers, managing our finances, sharing child rearing and other household responsibilities — we’re not as savvy about estate planning as we ought to be.
What is the quickest way to un-do an otherwise carefully planned estate? Open a bank account, brokerage or retirement account. Why? Because the beneficiary designations on these accounts override your will. Yes, it’s true – the beneficiary designation is the estate planning trump card. And many an estate plan has come undone because of carelessly named beneficiaries. The Wall Street Journal last week issued a warning in an article entitled Beware the Beneficiary Form. “People don’t realize the importance of this,” says Martin Shenkman, an estate planning lawyer in Paramus, NJ. A carelessly named beneficiary on a financial account can…
Life insurance can be a powerful estate planning tool, but paying for it doesn’t necessarily guarantee your heirs will receive the benefit – not if the policy gets lost in the shuffle of life. Remember, your heirs may have to specifically approach the insurance company with their claim in order to receive any benefits. In fact, New York’s Attorney General’s office is investigating nine leading life insurers to see whether they have done enough to identify beneficiaries of life insurance policies. Do your heirs know the particulars of your life insurance, or where to find the paperwork? As recently explained…
The economy is starting to show some life in a number of sectors but, unfortunately for many, the housing market is not one of them. The good news for the crafty estate planner is that the poor housing market coupled with the tax laws that went into effect with last December’s compromise offer a rather unique opportunity, one that may very well rate amongst the smartest estate planning moves one will ever make, according to Forbes columnist Rob Clarfeld. Now might be time to give away the house. The poor housing market remains perhaps the largest unhealed wound of the…
If you’re a member of the Baby Boomer generation, there’s a good chance you have not done even the most basic of estate planning. In fact, only 56 percent of you have a will, according to a 2011 survey by Rocket Lawyer. So, if you have covered that base, give yourself a well-deserved pat on the back … but not too heartily. As SmartMoney recently pointed out, most people overlook another crucial element in their estate plan: a letter of final instruction. The letter of final instruction is a non-legal document that guides your family through important tasks after your…
Over the next quarter century, the number of older Americans is projected to grow from 12 percent to 20 percent of the total population, and various estimates indicate that lesbian, gay, bisexual, and transgendered individuals will comprise 7–10 percent of that older population. By the year 2030, the LGBT community age 65 and above is expected to almost double, from 2.5 million to as many as 4.7 million. In honor of Gay and Lesbian Pride Month, AARP has launched a new portal within their website dedicated to LGBT elders. The portal is designed to accommodate and offer advice on the…
Marriage is a tricky institution, enough so to feed a thriving business for therapists and prime-time sitcoms alike. Re-marriage can be even trickier, especially when it comes to your estate planning. If you are considering re-marriage, you may be well advised to also consider a prenuptial agreement. Though it may not seem the most romantic gesture, a prenuptial agreement is simply an honest disclosure of both parties’ assets and agreement as to their distribution should the union dissolve, or at the death of either spouse. Enter re-marriage without one at your own risk – or that of your estate. Without…
Do you own a vacation home in Mexico? Have a bank account in Hong Kong? Has your spouse retained Canadian citizenship? Are you a long-term U.S. resident who was born in the U.K.? Is your brother-in-law, who is a citizen and resident of Ireland, the successor trustee of your revocable trust? Each of these scenarios raises complex tax issues that, without proper planning, could easily have disastrous and costly consequences. The fact is that we live in a globalized world: technology and commerce allow us to move about as we please, even across several continents. But remember that technology…
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