- Make sure to designate beneficiaries correctly and currently. Often investments are changed to new accounts and family situations occur which both make it necessary to review your beneficiary designation on current and new accounts so that they accurately reflect your intentions.
- Not advisable to put a minor as a beneficiary. Instead list the Guardian designated in your will to manage investments until the child attains the age of 18 or 21.
- Fund a trust once it’s established. Failing to fund an established trust is a common mistake. To “fund,” you must place your assets into the trust. This includes changing the title on your assets from being individually owned to being owned by the trust.
- Estate planning can be enhanced by purchasing a life insurance policy so the death benefit passes tax-free to your heirs.
- Many prefer not to think about it but a few hours settling one’s estate are well worth it. It will give peace of mind to yourself and your loved ones. A great gift you can leave your family is a solid estate plan.
Our firm can help you with this task. We will guide you through the process and help you every step of the way. Joe is great at reassuring clients and answering any question you may have regarding this important decision.