Naming Your Surviving Spouse as the Beneficiary of Your IRA
Most people will want to name their spouse as the beneficiary of their IRA. In this article, we will explore:
Why You Might Need a Power of Attorney
Have you thought about your legacy? We highly recommend that you appoint a trusted family member or friend as your power of attorney (POA), giving them the ability to help with your financial or health needs, should an unfortunate event occur in your life.
7 Tips to Successfully Transfer Wealth to Your Kids
70% of family wealth is lost by the end of the second generation and 90% by the end of the third. Get our step-by-step guide to help you successfully pass your wealth to the next generation. Download Guide
Everyone Has a Will – Even if You Have Not Had an Attorney Prepare One
OVERVIEW Everyone has a will—either by design or by default. If you do not have a will and live in Mississippi, the state legislature has created one for you through intestacy laws. This article examines the default estate distribution plan and why many people choose to create their own wil …
Knowing When to Update Your Estate Plan
From the family tea set to the most complex estate, transferring wealth is quite common. What’s less common, but just as important, is outlining a specific plan for this transfer and updating it as circumstances change.
The Power of a Revocable Trust That Names a Corporate Trustee as Successor Trustee
OVERVIEW A Revocable Trust is an arrangement in which you transfer ownership of your property into a trust while still retaining control of the assets during your lifetime. If you become incapacitated or upon your death, the successor trustee you have named will manage and distribute your a …
Trust T.I.P.S: Trust and Investment Planning & Sentiment
What Happens to Your Financial Affairs If You Become Incapacitated? With life expectancy rising—reaching approximately 79.25 years as of 2024—Americans are living longer than ever. However, living longer increases the risk of becoming incapacitated, making it essential to plan for who will …
What are the Pros and Cons of Naming an Individual to Serve as a Trustee of a Trust
BACKGROUND A trust is a legal arrangement in which a trustee manages property in a fiduciary capacity for the benefit of one or more beneficiaries. A trustee is a fiduciary, meaning they are legally required to act in the best interest of the trust and its beneficiaries.
The ABC’s of Being a Trustee
INTRODUCTION Many people who create a trust put little thought into selecting a trustee. Most simply choose a friend or a relative they trust. However, many times that trusted friend or relative does not have the knowledge to properly administer the trust or does not understand what it actu …
Put Not Your Trust in Money But Rather Put Your Money in Trust
CONSIDERING A CORPORATE TRUSTEE The practice of putting property in trust dates back to medieval England when large landowners sought to secure their estates in a world fraught with danger. They transferred ownership to a trust and often chose a reliable friend, relative, or a representativ …
COMPLIMENTARY RESOURCE
A Guide to Gifting to Your Heirs
Gifting to your loved ones now or posthumously each carries their own positives and negatives as they relate to your estate plan, taxes, your goals and your legacy.
