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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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What Not to Include When Writing a Will

Your will is the most basic component of your estate plan, but it doesn’t cover all your primary needs. In this official legal document, you can state a lot of things about your intentions, such as who you intend to take over as the executor of your estate and who you’d like to have the responsibility of caring for your minor children if something happens to you.

But it’s a mistake to assume that your will encompasses every aspect of your planning. Leaving your will as the only document might not accomplish all the goals you intended, leaving your loved ones to handle the rest.

Many things pass to loved ones or intended organizations outside of your will. Some do this by default based on the ownership of those assets at the time, but others will require you to fill out additional paperwork. This includes your IRA or your life insurance policy, where you’ll need to direct the managers of those accounts how to handle the transfer of your assets or funds.

In addition to those accounts, there are other things your will cannot accomplish, such as:

  • Adding privacy to your estate plan. A will is public record in your state, so other people can legally request access to that documentation and see what’s in your estate.
  • Pass on property designated as joint with right of survivorship. This will automatically go to the joint owner when you pass away.
  • Pass on property that technically belongs to a living trust. The trust and the trustee are responsible for adhering to the terms of the created trust in these circumstances.

If you have more questions about what a will can do and cannot do, run these questions by an experienced estate planner today.

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