The SECURE Act (Setting Every Community Up for Retirement Enhancement) was signed into law by President Trump and went into effect on January 1, 2020. The legislation included some significant changes including distribution rules for inherited retirements plans. Inherited Retirement Accounts Maximum Ten Year Withdrawal An important item to note is that the SECURE ActRead more
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Designating one or more beneficiaries for your retirement and investment accounts, insurance policies, and bank accounts is an important part of your estate plan. Beneficiary designations are not done with your attorney. It is your responsibility to specify the beneficiaries when you create an account or new policy, and you have the option to changeRead more
Many people have heard that they should avoid probate at all costs but have misconceptions about what that means. It’s true that going to probate court is not a fulfilling experience for most, and that estate taxes can be inevitable, but it is all a part of distributing property after a person dies. Having aRead more
With the abundance of legal software and internet resources, more and more people are turning to writing their own wills. This can be a minefield and is often not foolproof, but if you have a fairly straightforward estate and your bequests aren’t complicated, writing your own will is an option. But how do you getRead more
As you go through the process of planning your estate, you will need to designate beneficiaries for certain types of assets, including some insurance policies and accounts. For example, certain retirement plans (IRAs, 401(k)s, etc.), life insurance policies and payable on death accounts will all ask you to name a beneficiary. Beneficiary designations are independentRead more