Most of us have an idea whom we’d choose to receive our assets at our death. But often we don’t contemplate what should happen if the people whom we’ve selected die before us. Read on to learn more about contingent beneficiaries. Whom Do You Want to Get Your Assets? … [Read more...]
Joint Tenancy Pros and Cons
Joint tenancy is a commonly used form of ownership between two or more people. It can be an easy solution. However, it can have drawbacks. Read on to learn more. Joint Tenancy Pros and Cons … [Read more...]
Best Places to Retire: State Taxation
You owe federal income tax wherever you live. But your overall tax burden can vary dramatically depending on where you live. Read on to learn more. Best Places to Retire: State Taxation … [Read more...]
Choosing Your Fiduciaries
During the creation of your estate plan, you will be required to make numerous decisions. Some of those decisions will seem relatively unimportant; however, others will have a direct impact on the success – or failure – of your overall estate plan. Among the more important decisions you will make are those that involve choosing a fiduciary. A Westport estate planning attorney at Nirenstein, Horowitz & Associates, P.C. explains the importance of choosing your fiduciaries carefully when … [Read more...]
When to Update Your Living Will
Incapacity planning is an important part of any comprehensive estate plan. Advance directives are frequently used as part of an incapacity plan. If you executed a Living Will as part of your incapacity plan, it might be time to update it. Toward that end, a Westport estate planning attorney at Nirenstein, Horowitz & Associates, P.C. explains when you should consider updating your Living Will. What Is an Advance Directive? An advance directive is a legal document that allow you to plan … [Read more...]
Do You Need More than One Will?
A Last Will and Testament likely serves as the foundation of your estate plan. If you have already executed a Will, you know what a Will can accomplish. You probably also know that you may need to modify the terms of your Will from time to time as your family and your estate grow. What you may not know, however, is that you may need a second Will at some point. If your estate assets grow to include assets located in a foreign country, you may need to execute a separate Will in that country or … [Read more...]
The 2020 Lifetime Exemption
Creating a successful estate plan requires you to do more than just decide how your estate assets are to be distributed after you are gone. In order to ensure that you have assets left to distribute, your estate plan should also help grow your assets during your lifetime and protect them after you are gone. One significant threat to your assets is the impact federal gift and estate taxes could have on the estate you leave behind. A Westport estate planning attorney at Nirenstein, Horowitz & … [Read more...]
Choosing Your Fiduciaries
Within the average estate plan, you will find the need to choose several fiduciaries. One of the most common estate planning mistakes is to appoint the wrong people to those positions. To help you avoid making that mistake, a Westport estate planning attorney at Nirenstein, Horowitz & Associates, P.C. explains the importance of choosing the right Fiduciaries within your estate plan. What Is a Fiduciary? The law defines a fiduciary as “a person who holds a legal or ethical relationship … [Read more...]
Planning for the SECURE Act
The SECURE Act passed in late December. The SECURE Act changes some lifetime rules, but the biggest change concerns rules for beneficiaries. The first article in this series examined the SECURE Act. This article examines some planning strategies for dealing with the SECURE Act. Read on to learn more. … [Read more...]
The SECURE Act and What It Means for You
The SECURE Act passed in late December. The SECURE Act changes some lifetime rules, but the biggest change concerns rules for beneficiaries. Read on to learn more. … [Read more...]
