Don’t Name Minor Children as Beneficiaries

A common mistake, particularly with young parents who come into my office, is the naming of minor children as beneficiaries to financial assets such as life insurance, retirement accounts, or beneficiary designations on brokerage accounts. I can best illustrate this by example: Assume that Joe and Sally Youngparent have two children, Bobby (age 12) and […]

Different Baskets

When choosing how to approach your estate plan, it’s important to realize that the different types of assets that you own have different legal and tax treatments. The way that I most often explain it is to consider them grouped into separate baskets, and then deciding how you want your estate plan to distribute each […]

When an IRA Distribution Causes a Probate

Most clients who have revocable trusts believe that there won’t be a probate opened upon their passing. I’ve written in the past how your trust won’t avoid the probate process if all of the assets that would have otherwise been subject to probate haven’t been transferred into the trust. But there’s another issue for those […]