Beneficiary Designation

Will for Heroes 2016

Will for Heroes 2016

I spent yesterday at the Bethesda-Chevy Chase Rescue Squad building as a volunteer at Wills for Heroes. In the morning I taught the basics of the law behind a will and probate administration to volunteer lawyers whose daily practice is in other...

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Forms of Bequests

The decision to make a bequest from a will or trust can be done in many ways: Outright to the person Uniform gift to minors account Trust for the child until the child reaches a certain age (often 25) Trust for all of your children until the...

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Asset Protection

I recently attended a Maryland State Bar Course that covered the latest laws and decisions on asset protection in Maryland. Asset protection is a key factor in the decision to establish trusts for beneficiaries. The trust you establish for your...

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Trends

Our firm increasingly sees clients with large retirement account balances or large life insurance policies without a contingent or secondary beneficiary.  These assets will pass according to the beneficiary designation without being part of your...

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Life Insurance

I recently spent the afternoon with an elderly woman planning how to distribute her large real estate holdings fairly upon her death.  I asked her how she had accumulated all that property.  She said that her husband had died at fairly young age...

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Inherited IRAs

I recommend using this format: John Smith IRA/ Deceased 1/1/2009/ FBO (for the benefit of) Mary Smith as beneficiary. Make sure that the financial institutions gets the titling right not only on the statements it sends to you, but also on the...

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Beneficiary Designations

Beneficiary designation is critical to your estate plan especially when naming who gets the proceeds of your life insurance proceeds and your retirement plans. These funds are transferred directly to the people you name without going through...

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