To create a successful estate plan that will truly accomplish everything you want it to, you will likely need to incorporate a wide range of interconnected estate planning tools and strategies into your plan. One of the most common additions to a comprehensive estate plan is a trust. There are several different categories of trusts and numerous specialized trusts within each category. An Annapolis … [Read more...] about How Can I Encourage a Beneficiary to Use an Inheritance the Right Way?
Have You Updated Your Beneficiaries Lately?
Hopefully, you understand how important it is to have a comprehensive estate plan in place as well as what that plan can do for you when it is working properly. Taking the time to create a well-thought-out estate plan, however, is only the first step toward protecting everyone and everything that matter to you. You must also keep that plan up to date for it to work as intended. For example, the … [Read more...] about Have You Updated Your Beneficiaries Lately?
Do You Know Who Your Designated Beneficiaries Are?
"Do You Know Who Your Designated Beneficiaries Are?" by Attorney Colleen Sinclair Prosser (Audio) It’s likely you already have a comprehensive estate plan in place and probably spent hours contemplating the decisions you made in your plan. You also placed a great deal of thought towards the distribution of your estate assets, your choice for Executor of your Will, Trustee of your Trust, and … [Read more...] about Do You Know Who Your Designated Beneficiaries Are?
Beneficiary Designations Aren’t a True Substitute for a Trust
"Beneficiary Designations Aren’t a True Substitute for a Trust" by Attorney Colleen Sinclair Prosser (Audio) Transfer on Death (TOD) designations, Payable on Death (POD) designations, and other beneficiary designations can be useful estate planning tools in the right circumstances. Each of these tools allows for an automatic transfer of an asset to the named beneficiary at the death of the … [Read more...] about Beneficiary Designations Aren’t a True Substitute for a Trust
Estate Planning for Maryland Motor Vehicles
"Estate Planing for Maryland Motor Vehicles" by Attorney Nicole Livingston One of the most frequent questions received during seminars and consultations is how should I title my Maryland motor vehicle. There are different options for you to consider. If the vehicle is titled in your name alone, then upon your death, the vehicle must go through the probate process for your executor to … [Read more...] about Estate Planning for Maryland Motor Vehicles
Why is the Titling of Assets So Important?
"Why is the Titling of Assets So Important?" by Attorney Jon J. Gasior In estate planning the titling of assets is often the most important consideration of how those assets will be distributed upon death. If you have not taken time lately to review how all of your assets are titled and how beneficiaries are designated, it can be a useful exercise. Let’s look at a few examples: Brother … [Read more...] about Why is the Titling of Assets So Important?
Important to Coordinate Beneficiary Designations in Estate Planning
"Important to Coordinate Beneficiary Designations in Estate Planning" by Attorney Nicole Livingston (Audio) Perhaps the most common mistake in estate planning is a lack of coordination. This is not where the client, attorney, or advisor cannot walk and chew gum at the same time. This is a failure to consider all the different aspects of a plan and how they may (or may not) work together. An … [Read more...] about Important to Coordinate Beneficiary Designations in Estate Planning
Do You Know Who Your Designated Beneficiaries Are?
It’s likely you already have a comprehensive estate plan in place and probably spent hours contemplating the decisions you made in your plan. You also placed a great deal of thought towards the distribution of your estate assets, your choice for executor of your Will, Trustee of your Trust, and guardian for your minor children. You covered everything right? Well maybe not. All too often, people … [Read more...] about Do You Know Who Your Designated Beneficiaries Are?
Do You Know Who Your Designated Beneficiaries Are? (Audio)
Do You Know Who Your Designated Beneficiaries Are? … [Read more...] about Do You Know Who Your Designated Beneficiaries Are? (Audio)
The Importance of Beneficiary Designations
If you have an employer sponsored retirement plan, a life insurance policy, an annuity, or other retirement accounts, you probably specified a beneficiary to inherit the proceeds upon your death. Beneficiaries can also be named on brokerage accounts, certificates of deposit, mutual fund accounts, and bank accounts. These accounts become known as payable on death or transfer on death accounts. … [Read more...] about The Importance of Beneficiary Designations
