April 21, 2012 (Press-News.org) Avoid These Mistakes When Creating or Updating an Estate Plan
Few people like to think about death, and planning for a time for after they have passed on often gets put off "for another day." When people do get around to making estate plans, they often end up making some common errors that leave their heirs in as poor of a condition as if they had not planned at all. People should avoid some of the following recurring estate planning blunders.
Not Naming Beneficiaries
The biggest mistake people can make in estate planning is not to have a plan at all. Some people assume that they do not have enough money to warrant making an estate plan, but even small and medium-sized estates require planning. If a person dies without a will, then the state's intestacy laws will determine which of the person's surviving relatives get his or her property, not the individual.
Another common mistake is to have a will that conflicts with beneficiaries that a person has named on non-probate assets such as life insurance policies and retirement accounts. For example, a person could intend all of his or her assets to go to a current spouse, and state that intent in a will, but still have a former spouse listed as a beneficiary of a non-probate asset. The will does not control the non-probate asset, so the wrong person may end up getting the asset if a person does not update beneficiaries regularly.
Leaving No Instructions for Spending Money
Many people want their heirs to use their inheritances for specific purposes. Common examples include college tuition or living expenses for those with special needs. They may indicate their wishes to their heirs but fail to put any formal restrictions on how heirs can spend the money. The way to avoid this pitfall is to create a trust with directions for the trustee to allocate the money for specific purposes.
Ignoring Tax Issues
Tax issues regarding inheritances can be complicated. Tax rules and penalties for retirement accounts can also be complex. If people do not factor in taxes their heirs may owe on inheritances when making estate planning decisions, they may end up leaving their heirs with nothing more than tax obligations. People can take steps to avoid estate taxes, such as making lifetime gifts or charitable donations.
Planning Without Professional Advice
Trying to make an estate plan without the input of professionals such as attorneys and financial advisors exposes a person to potential problems. Professionals can advise on the most efficient way to pass along assets, reduce tax liabilities and make sure documents such as wills and trusts comply with the laws.
Article provided by Gemma Law Office, P.C.
Visit us at http://www.gemmalawoffice.com
Avoid These Mistakes When Creating or Updating an Estate Plan
When people create or update estate plans, they end up making some common errors that leave their heirs in as poor of a condition as if they had not planned at all.
2012-04-21
ELSE PRESS RELEASES FROM THIS DATE:
It's All About Taxes: Variety Is the Reason to Establish an LLC
2012-04-21
It's All About Taxes: Variety Is the Reason to Establish an LLC
When first introduced as a business entity, Limited Liability Corporations were widely hailed as a great way to shield owners from personal liability for their business obligations. This "corporate veil," as it is known in legal circles, ensures that an owner can operate a business while protecting his or her personal assets from most types of lawsuits and business debts.
Well and good, most business owners and entrepreneurs agree. But for many what it really comes down to is taxes.
Taxes ...
Former Student Convicted of Bias Intimidation for Webcam Spying
2012-04-21
Former Student Convicted of Bias Intimidation for Webcam Spying
In a case that has garnered national controversy, a jury has convicted a former Rutgers University student of bias intimidation, invasion of privacy and evidence tampering, convictions that could bring as many as 10 years in jail. Dharun Ravi, the student convicted, was born in India and also likely faces deportation. The charges, and subsequent conviction, arose from an incident where Ravi used a webcam to spy on his gay roommate. Shortly after seeing Ravi's tweets about the incident, his roommate, Tyler ...
New Jersey Bans Synthetic Marijuana
2012-04-21
New Jersey Bans Synthetic Marijuana
New Jersey's Division of Consumer Affairs has banned all forms of synthetic drugs that mimic marijuana's effects. Previously, five types of synthetic marijuana had been banned in the state, but New Jersey has joined three other states in banning all forms of the drug. Most states ban some form of the substance, as does the federal government. The all-inclusive ban is the latest attempt by New Jersey to crack down on drug crimes.
Synthetic marijuana is a mixture of synthetic compounds chemically similar to THC, the active ingredient ...
Connecticut Dog Bite Liability
2012-04-21
Connecticut Dog Bite Liability
There are approximately 800,000 dog-bite injuries requiring medical treatment each year in the U.S. Another one to two million bites annually do not get reported, according to the Turlock Journal. Many of these incidents can be prevented, but some aggressive dogs are simply uncontrollable. When dog attacks lead to injuries, Connecticut law can provide a way for victims to obtain the compensation they need to recover and get back on their feet.
Potentially Liable Parties
Victims of dog biteslikely have legal claims if another person's ...
How Bankruptcy Affects Car Loans
2012-04-21
How Bankruptcy Affects Car Loans
Many people considering bankruptcy have questions about how the process will affect their vehicle loans. Unlike credit card debt, medical bills and other forms of unsecured debt, which are often dischargeable in bankruptcy, car loans are usually secured debts. This means that the vehicle itself is used as collateral in the loan agreement, allowing the lender to repossess the vehicle in lieu of payment if the buyer fails to pay off the debt.
Secured loans are generally more difficult to discharge through bankruptcy than unsecured debt. ...
Florida Rolls Out Significant Personal Injury Protection Changes
2012-04-21
Florida Rolls Out Significant Personal Injury Protection Changes
Big changes to Florida's personal injury protection, or PIP, insurance system are coming soon. Several legislators say the state, medical providers and consumers have all suffered from too much fraud in recent years and that the new law will return PIP to its original purpose of providing benefits for emergency treatment after auto accidents. The new law is intended to lower insurance rates and ease the burden of PIP litigation on Florida courts.
Auto Insurance Premiums
According to The News-Press, ...
Mediation -- It's up to You
2012-04-21
Mediation -- It's up to You
Using mediation in divorce and family law disputes can result in settlements that stand the test of time. Studies show that mediated agreements result in the least number of reappearances in court. In divorce mediation, the divorcing couple uses a neutral third party to negotiate between themselves on issues such as property division, child custody and alimony.
Mediation is not for everyone, however. Some situations demand zealous representation by a Massachusetts divorce lawyer because of the emotionally charged nature of divorce cases. ...
Uncovering Hidden Assets in Divorce
2012-04-21
Uncovering Hidden Assets in Divorce
While no one likes to think they could be defrauded by their spouse, even under the worst circumstances, asset concealment during divorce is relatively common. Some spouses hide assets for purely financial reasons, perhaps fearing that they will not have enough to get by on after the divorce; others engage in asset concealment for other reasons, such as feelings of entitlement or a desire to seek revenge.
Divorcing spouses hide assets from one another in a wide variety of ways, ranging from highly sophisticated to deceptively simple. ...
Texas Department of Transportation Encourages Drivers to Share the Road
2012-04-21
Texas Department of Transportation Encourages Drivers to Share the Road
Hundreds of motorcyclists are killed every year in Texas, and that number is tragically rising. Because motorcyclists have very little protection other than a helmet (if even wearing one) motorcycle riders have a disproportionally higher fatality rate than drivers of other motor vehicles. A motorcycle rider is 25 times more likely to die in an accident than other vehicle drivers, according to the National Highway Traffic Safety Administration. NHSTA data shows that nearly 90 percent of motorcycle ...
Tired Truckers May Create Big Problems for Others on the Road
2012-04-21
Tired Truckers May Create Big Problems for Others on the Road
According to the Centers for Disease Control and Prevention, adults should get between seven and nine hours of sleep every night. While being drowsy during the workday is an issue for many people, sleep fatigue among commercial truck drivers can result in deadly consequences.
A recent study conducted by the National Sleep Foundation measured the sleep health of transportation workers like truckers, pilots and train engineers and compared their results to employees outside of the transportation industry. ...
LAST 30 PRESS RELEASES:
Exercise as an anti-ageing intervention to avoid detrimental impact of mental fatigue
UMass Amherst Nursing Professor Emerita honored as ‘Living Legend’
New guidelines aim to improve cystic fibrosis screening
Picky eaters by day, buffet by night: Butterfly, moth diets sync to plant aromas
Pennington Biomedical’s Dr. Leanne Redman honored with the E. V. McCollum Award from the American Society for Nutrition
CCNY physicists uncover electronic interactions mediated via spin waves
Researchers’ 3D-printing formula may transform future of foam
Nurture more important than nature for robotic hand
Drug-delivering aptamers target leukemia stem cells for one-two knockout punch
New study finds that over 95% of sponsored influencer posts on Twitter were not disclosed
New sea grant report helps great lakes fish farmers navigate aquaculture regulations
Strain “trick” improves perovskite solar cells’ efficiency
How GPS helps older drivers stay on the roads
Estrogen and progesterone stimulate the body to make opioids
Dancing with the cells – how acoustically levitating a diamond led to a breakthrough in biotech automation
Machine learning helps construct an evolutionary timeline of bacteria
Cellular regulator of mRNA vaccine revealed... offering new therapeutic options
Animal behavioral diversity at risk in the face of declining biodiversity
Finding their way: GPS ignites independence in older adult drivers
Antibiotic resistance among key bacterial species plateaus over time
‘Some insects are declining but what’s happening to the other 99%?’
Powerful new software platform could reshape biomedical research by making data analysis more accessible
Revealing capillaries and cells in living organs with ultrasound
American College of Physicians awards $260,000 in grants to address equity challenges in obesity care
Researchers from MARE ULisboa discover that the European catfish, an invasive species in Portugal, has a prolonged breeding season, enhancing its invasive potential
Rakesh K. Jain, PhD, FAACR, honored with the 2025 AACR Award for Lifetime Achievement in Cancer Research
Solar cells made of moon dust could power future space exploration
Deporting immigrants may further shrink the health care workforce
Border region emergency medical services in migrant emergency care
Resident physician intentions regarding unionization
[Press-News.org] Avoid These Mistakes When Creating or Updating an Estate PlanWhen people create or update estate plans, they end up making some common errors that leave their heirs in as poor of a condition as if they had not planned at all.