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Recent Posts
What Did We Learn about Investments in 2023?

Reflecting on the tumultuous investment landscape of 2023, Buckingham Strategic Partners distilled invaluable insights into their “Top 10 Investment Lessons of 2023.” ...

The post What Did We Learn about Investments in 2023? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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What Does the IRS’s recruiting efforts mean for taxpayers?

The IRS’s recent intensification in recruitment to address wealthy taxpayers is raising eyebrows among high-net-worth ...

The post What Does the IRS’s recruiting efforts mean for taxpayers? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim

Estate planning for business owners, particularly those known for impulsive decision-making, requires a nuanced approach. ...

The post Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Are You Subject to The Estate Planning Minefield? Beneficiary Designations Should Not Be Overlooked

You probably had no idea about just how many things can go wrong by listing the wrong person or a person who should no longer have this authority on your beneficiary designation forms.

There are some best practices that you can implement in your estate planning instead that could minimize the possibility for unfortunate and uncomfortable situations for your loved ones.

Most people are familiar with the beneficiary designation form, given that they would have come into contact with it when opening a 401(k), an IRA, or completing a life insurance policy application. This form designates who is eligible to receive that asset if the account owner passes away.

Unfortunately, however, many people don’t understand the far-reaching consequences of a piece of paper such as a beneficiary designation form since it overrides other instructions in your estate plan including your will.

These forms can create turmoil, unintended bequests to former spouses and even confusion. Multiple account types are governed by beneficiary designations, such as a annuities, IRAs, life insurance, and 401(k)s. These contractual provisions override your will, meaning that if you have an outdated beneficiary designation form, the person listed on that form is still legally entitled to receive your assets even if you are no longer married to them.

It can be very problematic to fail to update your beneficiary designation forms. Set an annual reminder on your calendar to sit down with your estate planning attorney and discuss beneficiary designation forms and other tools.      

Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
What Did We Learn about Investments in 2023?

Reflecting on the tumultuous investment landscape of 2023, Buckingham Strategic Partners distilled invaluable insights into their “Top 10 Investment Lessons of 2023.” ...

The post What Did We Learn about Investments in 2023? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
What Does the IRS’s recruiting efforts mean for taxpayers?

The IRS’s recent intensification in recruitment to address wealthy taxpayers is raising eyebrows among high-net-worth ...

The post What Does the IRS’s recruiting efforts mean for taxpayers? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim

Estate planning for business owners, particularly those known for impulsive decision-making, requires a nuanced approach. ...

The post Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more