One of the most valuable assets people often want to pass down to loved ones is a tax deferred retirement account. The most common way to pass assets down is via the beneficiary designations on IRAs, 401Ks, life insurance, and annuities. On the face of it, the intent is good; but the strategy is flawed…. Read More »
Posts Categorized: Beneficiaries
Deaths of Bourdain, Spade Offer Cautionary Tales
When fashion designer Kate Spade and chef/author/storyteller Anthony Bourdain each committed suicide in early June, they left behind grieving family and fans from around the world. They also left behind complicated estates. Both Spade and Bourdain were separated from their spouses, and at least in Bourdain’s case it was a permanent separation, according to a… Read More »
Do Trustees Have a Duty to Decant?
The irrevocable trust is a powerful protection tool. If written properly by an experienced estate planning attorney, it can secure your wealth and property for intended loved ones for generations to come. But you can’t anticipate everything – including whether an heir will divorce and possibly expose a large portion of trust assets to an… Read More »
The Recession, Financially Troubled Beneficiaries and Your Client’s IRAs
As our struggling economy tries to sputter back to life, we still see its impact on our clients’ families. The stress of the real estate market crash and the wreckage of the lingering recession has left deep financial scars. There is still a desire by better off (note, not well off) grandparents and parents to… Read More »