Clients spend lots of time, money, and energy planning their estates. Estate Planning attorneys help them by counseling these clients and preparing various documents to meet the goals of the client, such as a Will or Trust. An increasing part of American wealth is governed by beneficiary designations. According to Statista, Americans had over $32 trillion in retirement assets alone. That’s trillion with a “t.” This blog series focuses on beneficiary designations. Prior blogs examined the … [Read more...] about Beneficiary Designations and the SECURE Act: Prior Designations
Retirement Plans
Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Clients spend lots of time, money, and energy planning their estates. Estate Planning attorneys help them by counseling these clients and preparing various documents to meet the goals of the client, such as a Will or Trust. An increasing part of American wealth is governed by beneficiary designations. According to Statista, Americans had over $32 trillion in retirement assets alone. That’s trillion with a “t.” This blog series focuses on beneficiary designations. This blog examines “eligible … [Read more...] about Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries
Beneficiary Designations and the SECURE Act Basics
Clients spend lots of time, money, and energy planning their estates. Estate Planning attorneys help them by counseling these clients and preparing various documents to meet the goals of the client, such as a Will or Trust. An increasing part of American wealth is governed by beneficiary designations. According to Statista, Americans had over $32 trillion in retirement assets alone. That’s trillion with a “t.” This blog series focuses on beneficiary designations. This blog looks at the … [Read more...] about Beneficiary Designations and the SECURE Act Basics
Beneficiary Designations
Clients spend lots of time, money, and energy planning their estates. Estate Planning attorneys help them by counseling these clients and preparing various documents to meet the goals of the client, such as a Will or Trust. All too often a client forgets to mention and the attorney forgets to ask about assets that pass via beneficiary designations. This could be disastrous for all concerned. An increasing part of American wealth is governed by beneficiary designations. According to Statista, … [Read more...] about Beneficiary Designations
New Tax Proposal re: Retirement Savings
It seems there are often new tax proposals. In fact, a couple of prior articles this year examined other tax proposals, such as those from Senator Elizabeth Warren (D-MA) and Senator Bernie Sanders (I-VT). But, regardless of their merits, those proposals are not likely to go anywhere given they are opposed by most Republicans. However, unlike those earlier proposals, the Setting Every Community Up for Retirement Enhancement Act of 2019, or “SECURE Act,” seems to have bipartisan support. We’ll … [Read more...] about New Tax Proposal re: Retirement Savings
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
