Estate Planning

Estate Planning after the Death of a Spouse

Published on: October 3, 2019 | by Ettinger Law Firm

There are few things as painful in life as the death of a spouse. In addition to weathering the devastating emotions like loneliness and sadness that accompany this process, it is still important to plan for your future as a widow or widower.

Unfortunately in some situations, the surviving spouse might have even been left out of financial and estate planning decisions that were made before death.

This article reviews some of the important strategies that you should remember when it comes to estate planning and the death of a spouse.

A Quick Guide to the SECURE Act

Published on: October 1, 2019 | by Ettinger Law Firm

When it comes to preparation for retirement, an overwhelming number of American do not feel secure in their assets. Approximately only one in five Americans believe they have enough for retirement. This means that almost 50% of Americans have little or no confidence in their retirement savings.

The Role of the SECURE Act

The House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act (SECURE) in May, 2019. The purpose of this act was to increase retirement savings. The Act then stalled in the Senate, which makes the future of this body of legislation uncertain.

Advice on Estate Planning for Children

Published on: September 27, 2019 | by Ettinger Law Firm

There are many parents who have questioned how to create the best possible estate plan for their children. Some parents even make mistakes about how beneficiaries are able to access assets. As a result, this article reviews some important advice that should be followed by parents with young children.

# 1 – Create a Living Document

While it might not seem like it would directly help your children, one of the best steps to take is to make sure that your own living documents are written.

What Happens to Digital Currency following Death

Published on: September 23, 2019 | by Ettinger Law Firm

The amount of attention as well as the volume of digital currencies like Bitcoin is at an all time high.

Digital currency is just one of several trends away from traditional assets and towards digital elements. While digital currency has made business in some senses much easier, digital currency also present some challenges.

For one, when the owners of digital currency die or become incapacitated, digital currencies can make the transfer of assets much more complex. This is because traditional estate planning documents were not designed to address the numerous challenges that can arise with digital currency.

Estate Planning Issues for Couples who Marry Later in Life

Published on: September 21, 2019 | by Ettinger Law Firm

Remarriage among individuals who are 55 and older increased approximately 15 percent between 1960 to 2013.

No matter the reason for remarriage, estate planning often becomes much more complex when a new partner is involved. These issues can be made even more complex if a couple makes the decision to remarry later in life.

# 1 – Determine what Each Person Brought into the Marriage

Spotting Common Errors Associated with Estate Planning

Published on: September 19, 2019 | by Ettinger Law Firm

There are a number of common estate planning errors that we see people make. These errors occur in almost equal proportion among the wealthiest as well as individuals of modest means.

In the hopes of making the estate planning process more efficient for everyone, this article reviews some of the most common mistakes made by people during the estate plan.

# 1 – Not Having an Estate Plan

Tips on Keeping Estate Planning Documents Safe

Published on: September 16, 2019 | by Ettinger Law Firm

After creating an estate plan, you might think that you’ve made all of the steps necessary to plan for your future.

Instead, it is just as important to make sure that estate planning documents are stored in a safe location. This article reviews some of the various options that people utilize to make sure that estate planning documents are safely stored.

# 1 – A Lawyer Holds the Documents

Reasons to Routinely Update Beneficiary Designations

Published on: September 14, 2019 | by Ettinger Law Firm

Many of us don’t keep our assets in tangible items. Instead, many people’s assets are retirement accounts including 401(k)s, IRAs, and worker benefit plans.

One way in which retirement accounts differ from more tangible assets is that wills do not dictate how individual accounts are disposed. As a result, it is vital to make sure that beneficiary designations on individual retirement accounts are properly updated.

After all, there are a number of events including births and deaths, which can greatly impact a person’s estate plans.

Irrevocable Trusts and Divorce: Words of Caution

Published on: September 12, 2019 | by Ettinger Law Firm

A recurring theme in estate planning is that it is not a once and done activity. Instead, it is critical to revise estate plans following major life changes.

One of the countless life changes that many people still do not think necessitates changes to estate plans is divorce. In reality, divorce changes a number of things about asset ownership as well as forever alters plans that a couple might have for the future.

If you’re navigating the divorce process, you might encounter irrevocable trusts.

Important Details You Should Know about Federal Estate Tax

Published on: September 9, 2019 | by Ettinger Law Firm

The federal estate tax is a tax that is placed on a person’s estate after death.

While many people are familiar with this general concept, they have a number of more specific questions about what the federal estate tax does and does not include.

For one, many people confuse estate taxes with income taxes. One difference between these two is that estate taxes are not a tax placed on a person’s income.