Estate Planning Essentials: December 2019
Chambliss Estate Planning Essentials brings you legal developments and other trends of vital interest in the world of estate planning. This post is brought to you by Estate Planning and Tax Team of Chambliss Law Firm.
Chambliss Law Firm Monthly Editorial
Helpful Tips for Year-End Planning
by the Estate Planning and Tax Team
The end of the year is quickly approaching and we all know what that means – New Year’s resolutions! Members of our estate planning and tax team offer some helpful tips for you and your family to consider as we approach the end of the year and decade.
- If you have not reviewed your estate planning documents in the last three years, dust them off and make sure they are up to date.
- If you have not completed your estate plan, now is the time to finalize the details.
- Review your account ownership arrangements for each of your accounts. This includes joint owner or pay on death beneficiaries, and the primary beneficiary and contingent beneficiary on your life insurance and retirement plans. [Click to read the full story.]
The Most Important Estate Planning Documents
Making sure you have the right estate planning documents is one of the simplest ways to have a positive impact on your family’s future. Proper planning ensures that your wishes will be followed after you are gone.
Understanding How Assets Are Distributed in a Will
When creating an estate plan, the main decision is how your assets will be distributed after you pass away. Understanding “per stirpes” and “per capita” distribution is key to that decision.
Special Ownership for Married Couples: Tenancy by the Entirety
Married couples have a special way to jointly own property in some states that has advantages over regular joint ownership. If you are married and own property jointly, you should make sure you have the right form of ownership.
Do Surviving Spouses Have a Right to a 401(k) or an IRA?
When choosing a beneficiary for a retirement plan, it is important to understand how your spouse will be treated under the plan.