This is another in a series of blogs on the basics of estate planning. IRAs are one the trickiest assets for estate planning attorneys to handle for many reasons. First, they often are overlooked in the estate planning process because they cannot be transferred during lifetime. This asset, like some other assets, are controlled by beneficiary designation. While the client might remember a large IRA, they often forget smaller IRAs. As a result, beneficiary designations often are left … [Read more...] about Basics of Estate Planning: IRAs
IRAs
Basics of Estate Planning: IRAs, Retirement Plans, and Trusts
This is another in the series of blogs on the basics of estate planning. In the last blog in the series, we looked at how trusts can be used to help with Medicaid planning. In this blog, we’ll see how trusts may be used with retirement plans and IRAs. A retirement plan (like a 401(k)) or an IRA may name an individual, a trust, or something else as the beneficiary of the benefits. If an individual is named, that individual’s life expectancy is used. You’d use the single life table which can be … [Read more...] about Basics of Estate Planning: IRAs, Retirement Plans, and Trusts
Learning Never Stops
I just returned from the American Academy’s Spring Summit event in Louisville, Kentucky. It was great to see old friends and to make new ones! At the Summit event in Louisville, I was particularly impressed by all the learning going on. Members were learning substantive law, practice management, marketing, ethics, and many other topics. Learning really is a lifelong process. At the Academy we recognize this and help to keep the learning going all year long! In addition to the semi-annual … [Read more...] about Learning Never Stops
Back from South Carolina
Last week it was my privilege to make two presentations at the annual state meeting and retreat of the South Carolina chapter of the National Academy of Elder Law Attorneys. The first presentation I gave discussed the ins and outs of trusts as beneficiaries of IRAs and retirement plans. Trusts can be used to protect the assets from various risks, such as creditors, divorce, the beneficiary’s own mismanagement, and even Medicaid (by using a Special Needs Trust). If a trust is structured properly, … [Read more...] about Back from South Carolina
