What Are the Drawbacks of Naming Beneficiaries?
September 8, 2023
Although in many situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions. What Is a Beneficiary? Beneficiaries are individuals who you select to receive money, various other assets, or specific bequests (such as sentimental items) upon your death. You can name these individuals in estate planning documents such as a will. […]
The Powers and Responsibilities of Representative Payees
August 18, 2022
Do you have a friend or loved one who receives Social Security and is unable to manage her payments? If so, you can request that the Social Security Administration (SSA), the government agency that disburses Social Security, name you as the representative payee for that person. Being a representative payee gives you the power and […]
Dynasty Trusts: A Tax-Efficient Way to Pass Wealth Down Through the Generations
July 25, 2022
If you want to pass money to future generations without having it subject to gift and estate taxes, then a dynasty trust may be right for you. A dynasty trust allows trust assets to be used for the benefit of multiple generations while keeping the assets out of the grantor’s and the beneficiaries’ taxable estates. […]