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Inheritance and Financial/Estate Planning Something that routinely comes up in financial and estate planning discussions—how to plan for an anticipated inheritance? It can be tough to discuss, but we encourage all clients to have a plan in place for when (and if) an inheritance comes their way. Here’s some high-level guidance: If your anticipated inheritance is years away, plan and…
Estate Planning Mistakes Failing to include power of attorney – A power of attorney names someone you trust who can act in your stead should you become medically incapable of making important financial, legal, and/or medical decisions. Misunderstanding your estate plan It’s critical you take the time to read through and understand the plan, what it entails, and what will happen when it…
The 4 Pillars of Estate Planning 1. Beneficiary Designations and Updates Make sure your beneficiaries are up to date on your financial accounts. These can include brokerage accounts, IRAs, life insurance policies, bank accounts, and more. Consult with your attorney about ways to transfer accounts to your beneficiaries (known as TOD – Transfer on Death) – this could enable funds to skip…
Beneficiaries – What You Should Know Beneficiaries come into play when thinking about the future and who your assets will go to–things such as money in the bank, retirement accounts, investments, and life insurance policies. Put simply; a beneficiary is the person (or people) you name to inherit what you leave behind. So how do you choose the proper beneficiary, and…
Estate Planning Post-Divorce There’s no question that navigating a divorce can be extremely difficult; there are a handful of important considerations to keep in mind as the dust settles–one of them being your estate plan. We thought we’d share some insights on a few of the steps to take regarding estate planning after divorce papers have been finalized. 1. Update…
October is Estate Planning Month It’s hard to believe that 2022 will be coming to a close in just a few short months. October is National Estate Planning Month, and with 67% of Americans having no will or trust, I can’t think of a better time to revisit, or maybe for the first time, pull together an estate plan. Don’t let another year go…
Types of Power of Attorney We want to share some info on power of attorney (POA) documents with you. POA is a legal document that allows an individual (referred to as the principal) to give someone else (an agent or attorney-in-fact) the authority to handle their affairs. There are several different types of POA, distinguished by the amount of power granted to…