Keeping Beneficiaries Research Paper

According to the Social Security Administration 2015 data, approximately 78 percent of the beneficiaries are retirees or elderly widow(er)s. Roughly 18 percent of the beneficiaries are disabled, and around 3

"One question many have is, "what is probate?". This legal process begins when a loved one passes and is designed to show a will is valid, In addition, the process involves the identification

1. Why should you never designate minor children as your primary beneficiary, but instead put assets intended for them into a trust?

I direct that all legally enforceable debts as well as funeral expenses, be paid from the assets within my estate at the most practicable time after my death. I direct any and all other death taxes, or any property of all kinds tangible and intangible as a part of my gross estate, shall be paid by my residuary estate.

Thankfully, there are ways to minimize the amount of probate your family and friends will have to go through. Work with an estate lawyer to find alternate ways to divide your

The first option will treat the surviving spouse the same as any other beneficiary and require

When a person dies, filing final tax returns becomes mandatory for the executor of the estate. The executor must file a final federal income tax return and a final state income tax return (if required) reporting all income earned by the decedent in the final year of life up until the day of death. Furthermore, even if the executor hires a tax professional to file the final tax returns, the executor must know how to prepare the information needed by the tax professional. Otherwise, the tax professional will charge the estate a substantial amount to handle the preparation as well as the filing of the final tax returns.

One decision that must be made when drafting your Will, is who to name as Executor of the Estate. An Executor is an individual, named in the Will, who will administer the estate. This involves everything from opening an estate checking account and paying the final debts of the estate (funeral bills, final utility bills, etc.) to making sure the beneficiaries receive the assets of the decedent.

1) The transfer of the 2 million dollars to the irrevocable trust is a taxable event resulting in gift tax liability. (USC Title 26 §2523, Gift to spouse) “For transfers of property between spouses the donor may take an unlimited marital deduction for the full amount of the transfer; all transfers of assets between spouses are tax-free.” if you make a gift "in trust," meaning you donate money to a trust for someone's immediate benefit, then the gift is subject to gift tax. Irrevocable trusts, unlike revocable trusts, are used to avoid estate taxes.

Having an estate plan is vastly important, even if you don’t consider yourself wealthy. This is because, everyone, has assets of some sort and it should be your choice to whom those assets will transfer upon your death, not the state’s probate office. Thankfully, simply by constructing an estate plan that includes a will, you will allow your loved ones an easier transition after your death because they will know how you wanted things done.

The will provided for a twisted distribution formula and I had to get it right. So, I wrote a draft of the distribution and had the attorney and tax professional look it over. They both approved of the distribution and, at that point, I wrote out the checks. Along with the checks, I included a letter explaining that this is the first distribution of three. The next distribution will distribute the last of the estate property, and the third distribution was to close out what remains in the estate account. To get the beneficiaries feeling giddy, I told them that the first distribution consisted of only the proceeds from the sale of the rental property, which accounted for about a third of the estate value. So, after reading this letter, I am sure the beneficiaries would feel pleasantly surprised. If not

When most people think of probate attorneys, they often think of an attorney that is needed to disperse assets after a family member has died, and it is true that this is one of their functions. But there are many services they provide while an individual is still alive, and the more you can take advantage of these services now, the fewer problems there will be after your death. The following are among the most important services this type of lawyer can provide you.

Whenever there is a change in a person’s finances, his or her estate plan should be updated to reflect the difference. This is true if the change is positive, like winning a large sum of money, or negative, like dealing with a lengthy illness. By updating your will to reflect your current financial state, you will have a better idea of your ability to provide for your family after your death.

In this case, because Joan turned 77 in the year that she died, all of the inherited IRAs established from her IRA at her death would use her life expectancy factor of 12.1 as the starting point for RMD calculations. Thus, the factor for the 2005 RMD for the inherited IRAs for Joan’s children would have been 11.1, and the IRAs would have been fully distributed no later than this

If any beneficiary named or described in this Will fails to survive me for 120