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Beth A. Botti, CFP®, ChFC, CLU, CDFA™
Financial Consultant
California Insurance License #0G24537
612 Wheelers Farms Road, Milford, CT 06460
Phone: 203-877-6556 Ext. 169
Fax: 203-301-0736
Email: beth.botti@equitable.com
November/December 2019
Filling in the Cracks
If you think of estate planning as something that is necessary for only the very wealthy, it might surprise you to learn differently. From keeping an updated will to having healthcare and legal powers of attorney, estate planning is so much more. And with so much paperwork involved to ensure your loved ones inherit what you intend, it’s easy to miss a crack or two that can create an estate planning nightmare.
Whether you’re creating your first estate plan or updating an existing one –with the help of an estate planning attorney – there are some missteps you can avoid when you know what to look for. Here are a few tips:
Even-Steven
An estate plan may include tax-saving strategies, but its basic intent is to govern how your assets are distributed when you’re gone. Many estate plans and wills go the Even-Steven route, simply stating that heirs receive the exact same percentage of assets. That works when you’re distributing cash. It doesn’t if you have to split Grandma’s brooch or Grandpa’s handmade chess set three ways.There are two ways you might distribute the assets that can’t be split, and both begin with conversations with heirs to learn what is meaningful to whom. Once determined, you might distribute these assets while alive. Or you can add specific language to your will to ensure everyone gets their assets intact.
Match Assets
You don’t need a will to distribute life insurance policy proceeds, IRAs and other retirement accounts because they already have – or should have – beneficiaries designated. Another reason to not include this information in a will is the public glare of probate. If you must include this information in your will or estate plan, take extra care to make sure beneficiaries and assets line up.Review Regularly
Whether dealing with beneficiary-linked or will-directed inheritances, make it a practice to review your designations and will at least annually. Divorces, remarriages, blended families, new family members and family deaths can create the need to redo beneficiary designations and change the terms of a will or estate plan.Talk to an attorney to learn more and to a financial professional to learn how life insurance can work in estate planning situations.
GE-2572772 (06/19)(exp.06/21)
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
GE-6572038.1 (4/24)(Exp. 4/26)
CFP®, and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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