We write to share a recent change in the law governing retirement plans as of January 1, 2020. If you have one or more retirement plans (e.g. 401(k)s or IRAs), this change could impact your estate plan.
Some Cautionary Celebrity Tales; Why Careful Estate Planing Is Important
Even celebrities die without wills. Picasso’s unplanned estate paid an extra $30 million in taxes. Prince’s $300 million estate faced unnecessary significant taxes and disputes, with false claims by alleged heirs, including a convicted felon.
What’s In A Name? Non-Probate Property And Estate Planning
As part of the estate planning process, it is important to distinguish between so-called “probate” assets and “non-probate” assets because your Will only controls the disposition of your probate assets.