Posts Tagged ‘Kathy Tatone’

Most people use either a Last Will and Testament or a Revocable Living Trust as their primary Estate Planning instrument.  So what’s the difference?  Both instruments control the distribution of assets to loved ones upon death but the manner in which this happens is one of the main differences between these two documents. A Last […]

ANSWER:  One simple action that EVERYONE should take regarding Estate Planning is to Check Their Beneficiary Designations. Many people fail to change the beneficiaries named in their IRA or retirement plans. If you have been divorced and especially if you’ve remarried, don’t give your ex your hard-earned retirement savings. Make sure the beneficiaries on your […]

Naming who should get the life insurance money after you die sounds simple, but designating beneficiaries can get tricky. Mistakes are common, financial advisers say — and they can be heartbreaking and expensive. When mistakes are made “you’re not creating problems for you.”  “You’re creating problems for the people you leave behind.” Here are 7 […]

ANSWER: The mere passage of time has no effect on the validity of the will. Individuals and families experience life changes every 2 to 5 years. So even though a will remains valid, the individual and family’s needs change. Tax laws and statutes controlling wills and trusts change as well. – Your estate plan – […]

ANSWER: No! There are times when titling a particular item of property in joint tenancy makes sense.  However, putting all your assets in joint tenancy, especially without proper planning, can be disastrous. Your joint tenant isn’t just a signer, he or she owns an undivided one-half (½) of your assets. Nothing prevents a joint tenant […]

A staggering number of people will need to be assigned guardians in the next 10 to 20 years.  The sad fact is many people assigned to guardians have no other choice.  At least some of them could have avoided that eventuality by setting up a power of attorney (POA) while they were still deemed capacitated. […]

ANSWER:  In and of themselves, trusts do not avoid taxes, but they help to carry out good tax planning. As far as income taxes go, revocable living trusts are “tax neutral.” During your lifetime, your trust will not need to file its own income tax returns. The taxpayer identification number for your trust is your […]

Whether it’s an honor or a burden (or both), you have been appointed trustee of a trust. What responsibilities have been thrust upon you? How can you successfully carry them out? Here are nine do’s and one don’t to get you started: Do read the trust document. It sets out the rules under which you […]

My father is entering a nursing home and I signed the legal documents for him.  Does signing for him make me financially responsible for the nursing home costs? If possible, the resident should sign the agreement him- or herself. If the resident is incapacitated, someone else may sign the agreement.  Whether this person is financially […]

Step 1. Ask yourself this question: “What are your most important values and priorities in connection with decisions about serious life-limiting health conditions?” Priorities, values, and goals of care change at different life stages. A healthy 18 year old may not have strong preferences, but every decade of life brings experiences such as the deaths […]