Beneficiaries
5 Estate Planning Nightmares from Around the Country
With the proper estate planning, the following situations could have been avoided. The truth is, many fail to adequately plan their estate, which can potentially lead to outcomes such as these worst-case scenarios. 1. Mom had been in the nursing home on private pay for over 7 years. After paying over $700,000 to the nursing…
Read MoreHow Estate Taxes May Impact your Life Insurance Policy
In the process of estate planning, there are many things to consider. An estate planning attorney can be essential to formulating a sound plan that is best tailored to your individual situation and long-term legacy. Life insurance is a staple of many estate plans, but there is one factor that is often overlooked when people start thinking…
Read MoreEstate Planning Must-Haves for Parents of Children with Special Needs
A solid estate plan is vital when considering the future of your loved ones. After all, you want to ensure that they are protected and provided for even when you are no longer there to do it personally. A standard estate plan will cover the basics, including wills, trusts, power of attorney and health care…
Read MoreEstate Planning Lessons from Tony Soprano
The tragic and untimely death of James Gandolfini shocked and saddened fans of the talented actor. And, since his will became public last month, there has been much commentary on the state of his affairs prior to his passing. The actor’s will exposes common estate planning problems that can easily occur with blended families. Gandolfini…
Read More"We are Family": Estate Planning for Adult Children Living at Home
With the state of the economy, the low unemployment rate for graduates, and the general cost of living, many children are continuing to live with their parents long after they turn eighteen. Having an adult child live with you can simultaneously be a benefit and a burden. Children at home can assist with the tasks…
Read MoreSame-Sex Marriage Estate Tax Milestone
Recently, with a landmark decision in U.S. v. Windsor, the U.S. Supreme Court has determined that a stipulation of the Defense of Marriage Act (DOMA) is unconstitutional. The decision in this benchmark case paves the way for gay couples to receive tax refunds on taxes paid because the federal government didn’t recognize their marriage. The…
Read MoreEstate Planning for Young Adults
Turning eighteen is a milestone for many reasons. You are legally an adult, with the ability to vote, and you may be heading off to college or starting a career. The future is upon you, the world is your oyster, and any other number of clichés. Regardless of where you are headed, it is most likely…
Read MoreCelebrity Estate Planning Mistakes to Avoid
In an interesting article, Fox Business delved into the “Monumental Estate Planning Blunders of 5 Celebrities.” The piece looks at estate planning mistakes made from some well-known, now-deceased stars who’s estate ended up out of their hands. Leona Helmsley, widow of real estate tycoon Harry Helmsely, famously left a $12 million dollar trust to her dog, Trouble. Ultimately, this only served to cause trouble…
Read MoreThe Importance of Keeping Beneficiaries Updated
The importance of updating your beneficiary designations, specifically for policies which fall under Federal Employees’ Group Life Insurance (“FEGLI”) for life insurance policies has just been highlighted by the Supreme Court’s 9-0 decision in Hillman v. Maretta. During the marriage of Mr. Hillman and Ms. Maretta, Mr. Hillman named Ms. Maretta as the beneficiary of his…
Read MoreEstate Planning Faux Pas
Estate planning is important. If you haven’t already considered an estate plan, there is no time like the present. When considering how to start this process, you should consider professional advice. Fields and Dennis has years of experience under its belt and can help you produce an estate plan that is secure, cares for all…
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