Most estate planning documents can be changed. Noted exceptions are those specifically designed to prevent alterations, such as an irrevocable trust. There are typically 3 ways to change your estate plan, although some are recommended over others. 1 – Hand Edits Let’s start with the one people seem most inclined to try, which is to […]
23
Sep
Sep
Estate plans should be reviewed every year and updated as needed, which is why we have an ongoing Client Care Program (for more information see https://www.sslawoffices.com/client-care/) . It goes without saying that updating documents correctly is just as important as preparing the original estate plan. Unfortunately, mistakes can make revisions invalid and result in disputes, […]
08
Sep
Sep
There are several decisions to make when creating a power of attorney as part of an estate plan. Beyond selecting who to name as primary agent, you must also consider alternates and the specific powers to grant. There is no single or standard power of attorney document that works for everyone. This is why it’s […]
08
Sep
Sep
A power of attorney is one of several common documents included in estate plans. Unlike most documents that take effect after your death, this one is active while you are still living. It is important to understand the purpose of a power of attorney in MA estate plans before deciding to include one in yours. […]
24
Aug
Aug
Trusts are one of the most popular estate planning tools because they can accomplish very specific goals. You’ve probably heard of revocable and irrevocable trusts, which are the most common. There are actually many other types of trusts that can be created to handle special circumstances. Here are a few potential reasons to create special […]
17
Aug
Aug
Tax laws for retirement accounts can be very complex. When you start receiving distributions, how much you receive and for how long are important factors. When 401(k) accounts are inherited, the rules are somewhat different. Understanding the tax implications of inherited 401(k) accounts can help you minimize tax burdens. Payout Options At Death of Account […]
10
Aug
Aug
401(k) accounts are among the few non-probate assets where beneficiaries must be directly named on the account rather than through other estate planning documents. Naming a beneficiary is extremely important, but there are also some rules to be aware of. Here’s what you should know about 401(k) beneficiary rules based on marital status. Single Account […]
18
Jul
Jul
There are many different life insurance policies available. Some are straight forward with premiums and payouts and others include investment, annuity, and other features for retirement planning. It’s easy to get overwhelmed. Sometimes the best solution is the simplest one. Here’s why term life insurance may be the best solution for estate planning. What Is […]
18
Jul
Jul
Incorporating life insurance into an estate plan goes beyond simply purchasing life insurance. Since these policies allow you to list direct beneficiaries and essentially bypass anything outlined in a will, you must make special arrangements to maintain more control over life insurance proceeds. Here’s a closer look at this topic and the best ways to […]
05
Jul
Jul
When couples divorce, they each prepare separate estate plans. However, when children are involved, it would seem that some coordination might be helpful for the benefit of their children. There are a few important things to know about coordinating estate plans of divorced parents. Using the Same Attorney Some couples opt to use the same […]
