“An executor is responsible for sorting out finances such as assets, liabilities, taxes, etc. of the deceased and distributing the assets to the heirs. An executor is not required to be legal or financial expert but takes on a fiduciary duty by maintaining highest degree of trust, impartiality, good faith, diligence and honesty” explains Komal Matwani,…
Category: Estate Planning
A condensed crash course in estate planning with implications for inherited IRAs
Wow, that’s a long title for a blog post but the link below to Inheritance and IRAs is a good refresher/reminder on tasks to complete…soon, maybe before the fast approaching end of the year. The importance of having a will The tax implications of inheritance for spouses and other beneficiaries The different scenarios that can…
Remote online notarization (RON)
Besides the Covid factor, RON (also called Remote Electronic Notarization) is useful for convenience and safety, as well as when you are in a different state from the notary. Having just helped a relative settle an estate, RON could have saved us some trips to offices. Thanks to the Consumer Financial Protection Bureau for this…
What to Do When a Loved One Dies
“Settling a deceased family member’s affairs is not a one-person task. You’ll need the help of others, ranging from professionals like lawyers or CPAs, who can advise you on financial matters, to a network of friends and relatives, to whom you can delegate tasks or lean on for emotional support.” Leanne Potts, writing for AARP,…
Get Started on Your ‘Last Instructions’
Are you prepared if a loved one becomes incapacitated or dies? What if you are the one to check out? Writing for The Wall Street Journal, 10/5/20, Glenn Ruffenach explains why and how to let your family know your final wishes and how to deal with your financial affairs. “I assume you already have an…
Got a will? Here are 11 more end-of-life documents you may need
“Anyone remember the death rate in the United States? It’s… one per person. Nobody is getting out of here alive. We never know when death will happen, just that it will,” Amy Florian explained to a group of financial professionals. In these days of coronavirus, the need for detailed instructions for your financial and digital…
Having difficulty motivating your parents or yourself to do estate planning?
Behavioral psychologist Dan Ariely has some advice from his column: Hi, Dan. I am trying to motivate my sister, who is 84, to meet with an estate-planning lawyer. She acknowledges the need, but there’s always an excuse for not proceeding. Nothing is happening. Any suggestions? —Paul Encourage your sister to meet with the lawyer in…
A plan for your digital legacy
“When thinking about your digital legacy consider: social networks, such as Facebook, Twitter, or LinkedIn blogs and licensed domain names your presence in online communities or listserves music, photos, or other files that you store online seller’s accounts on Amazon, eBay, or Itsy, and access to financial accounts or utilities.” As part of your estate…
Dealing with the financial aspects of death of spouse
How to prepare for the death of your spouse:Important documents and account numbers to know. by Art Koff In addition to multiple copies of a death certificate you’ll need: • A copy of your marriage license • Your spouse’s Social Security number and last statement • Your spouse’s insurance policy • The last will…
21st Century wills need to address digital asset ownership
If you use email, Facebook, blogs, Twitter, own Bitcoin, frequent flyer miles, Amazon account, or other rewards programs, youneed to plan for access to and transfer of your digital assets at death or if you become incapacitated. Robert Powell explains how to protect one’s digital assets and allow access to appropriate persons. he explains that…