beneficiary Tag

The Burden of Inheritance

Many people mistakenly believe that inheriting a large estate is some wondrous thing akin to winning the lottery. All of sudden, you are presented with access to vast sums of money, large pieces of property, etc. Such assets can completely change your standard of living. Nevertheless, there are numerous “burdens” associated with inheritance. One of the biggest burdens is the emotional trauma associated with inheritance. We must not forget that someone died in order for an estate to be distributed. Along with the emotional toll of inheritance is the large amount of time and work that must go into properly distributing a...

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Savings Bonds – A Hidden Gem in Your Estate?

Over $9 billion worth of savings bonds and $200 million in registered Treasury securities have stopped earning interest, but haven't been cashed in by the owners,according to treasurydirect.com. Why is so much money simply in limbo? Well, the truth is that when many people hear the term “savings bonds” they conjure an image of their grandparent giving them a piece of paper for a nominal amount of money and being told to “hold onto this since it may be valuable someday.”  Savings bonds are simply not considered “sexy” investments and therefore get tossed aside and forgotten by the purchasers and/or...

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3 Common Mistakes Executors Make and How to Avoid Them

Many people are suddenly thrust into the position of being the executor of a loved one’s estate, and have no idea what to do or how to best proceed. It can be overwhelming. I want to share with you some common mistakes that I’ve encountered with executors in the hopes that you can learn what not to do. Please note, the concerns below are for people that have not done proper trust based planning. Properly drafted and maintained trust based planning (which we recommend for all of our clients) avoids many of the pitfalls below by allowing your trustees to...

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How to Plan Your Estate When Married to a Noncitizen Spouse

If your spouse does not possess U.S. citizenship, estate planning becomes somewhat complicated. A unique set of rules applies for noncitizens to inherit property so you should really take the time to sit down with an experienced estate planning attorney to discuss your options. But take comfort in knowing that noncitizen spouses and loved one can inherit your property. So when you draft your will or name beneficiaries for your retirement accounts, you are free to name your noncitizen spouse as a beneficiary. Here’s the rub - for tax purposes, non-citizens who are permanent U.S. residents are categorized as “resident...

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