Don’t Be Left in the Dark – Part One
Too often, beneficiaries do not receive adequate communication about their inheritance. Beneficiaries have rights and they need not sit by idly and wait until the trust/estate representative voluntarily provides material information. On the other side of the coin, trustees and executors have obligations they must fulfill, while acting in the best interest of the beneficiaries.
Don’t Be Left in the Dark – Part Two
In Part One of this series, we discovered that some beneficiaries do not receive adequate communication about their inheritance, while some trustees and executors have obligations they must fulfill, while acting in the best interest of the beneficiaries. What obligations do trustees have and what rights do Trust beneficiaries have?
QUESTION: Are You Confident About Your Estate Planning Team?
Estate Planning is not static nor is it an individual endeavor. Estate Planning evolves over time. It’s a “team sport”. If you have a team, you might as well assemble the strongest team possible. In this article we talk about what comprises an estate planning team: both professional advisors and personal folks (e.g. family and/or friends). Who are candidates to assist you, as needed? There’s no time like the present to: reflect on what team members are in place; decide whether or not these people are still the best suited to fill their position; and take affirmative steps to substitute for and add team members, as necessary or appropriate.
LEGAL READ: Estate Planning for IRAs – 7 Important Rules to Know
Many people have a significant portion of their wealth in their Individual Retirement Accounts (IRAs). Yet, the rules related to inheriting an IRA are often shrouded in mystery. The IRA owner should be sure he or she has primary and contingent beneficiary designations on file with the IRA custodian and that IRA planning is coordinated with his or her estate planning. People inheriting an IRA should obtain legal, financial and tax advice and proceed with great care before taking any action with respect to the IRA being inherited. Here is some good general insight.
This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.
REAL ESTATE LEGAL SERVICES: Need to find a real estate attorney in Walnut Creek CA? Contact Robert Silverman at 925-705-4474 for legal advice on Real Estate Titling, Limited Liability Company (LLC) Formation, Purchase/Sale Transactions (Residential & Commercial), Commercial Leasing, Real Estate Legal Representation, Joint Ownership (aka T.I.C or Equity Share) Agreements, Buyer/Seller Disputes, and Promissory Notes & Deeds of Trust.