Everyone knows that IRAs are a great way to save for retirement, but the potential to protect against creditors is another valuable aspect of these accounts. Is the same protection extended to beneficiaries? This article from Forbes, “Estate Planning Tip: Creditor Protection for IRAs & Beneficiaries,” explains in detail how these rules apply to various bankruptcy situations and the issues to consider when naming your IRA beneficiaries.
Financial Literacy Month: Your Assets Are the Key
The month of April is Financial Literacy Month, so we at Family Estate Planning Law Group will be focusing on the importance of assets, beneficiary designations and the impact of correctly titling assets. When clients focus solely on documents, they never learn the importance of aligning asset ownership with the estate plan, and that can have a detrimental effect on the family and inheritances later on.
This is one of the primary estate planning mistakes. We know that life changes, what we own changes, our family situations change and the law changes. However, how many of us speak with our estate planning attorney regularly about these changes? Even moving to a new company or a new position with new employee benefits can impact your estate plan and create new assets that need to be aligned.
Read MoreParents of a Special Needs Child Should Consider These 5 Types of Insurance
Many of us have a life insurance policy to take care of any debts and care for our families should anything happen to us. But families with a special needs child should consider additional coverage. An article from Savvy Parents highlights five types of policies every family with a special needs child should investigate.
Special Needs Trusts and the $14,000 Annual Exclusion
Is there anything more confusing than the tax code? There’s plenty of contradictory advice out there, especially when it comes to the gift tax. An article from Special Needs Answers highlights the confusion around the $14,000 annual exclusion amount and its impact on special needs trust planning.
Aligning Assets with Estate Plans Especially Crucial for Special Needs Children
Many dread beginning their estate planning. But while it’s certainly not fun to confront our own mortality, it’s another way to take care of your family. Even once you see an attorney and have your estate planning documents in hand, however, it’s only half the battle. As a recent article emphasizes, it’s crucial to ensure assets are aligned with your plan, especially when planning for special needs beneficiaries.
