Estate Planning

Estate planning is not just having a Last Will and Testament.  A common misconception among clients is that life insurance and retirement accounts are controlled by the Will.  In reality, the beneficiary designations on life insurance and retirement assets control ultimate distribution for those assets.  It is very important to ensure that the beneficiary designations compliment the Will.  For example, if the Will says your kids receive all assets through a trust until he/she is 30, then the beneficiary designation should name the trust as the beneficiary until the child is 30.  Note, additional provisions are required in the trust to facilitate tax deferral where a trust is the beneficiary of a retirement account.


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