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Estate Planning

Beck & Lenox Estate Planning & Elder Law, LLC

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Estate Planning
Estate Planning

Should You Transfer Your Home to Your Children?

Adding an adult child to your house deed, or giving them the home outright, might seem like a smart thing to do. It usually isn’t.

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Successful Estate Planning
Estate Planning

Successful Estate Planning

Your estate plan is much more likely to be successful, when you recognize and avoid the most common mistakes and take some key actions that often are overlooked.

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Why Do I Need a Will or a Trust?
Estate Planning

Why Do I Need a Will or a Trust?

Should I terminate these trusts and just have my children as beneficiaries of my investment accounts and life insurance?

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I’ve Been Appointed Power of Attorney- What Now?
Estate Planning

I’ve Been Appointed Power of Attorney- What Now?

We see recurring confusion about what it means to be appointed with authority over money in a Durable Power of Attorney (DPOA) for aging parents.

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Estate Planning

A Living Trust Can Be an IRA Beneficiary

It’s generally a bad idea to name a trust as beneficiary of your IRA. The IRA usually loses the power of tax deferral, because it must be distributed faster than in other scenarios.

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Comparing a Traditional vs Roth IRA
Estate Planning

Comparing a Traditional vs Roth IRA

Traditional IRAs have been available to retirement savers who have earned income since 1974. That’s 23 years longer than Roth IRAs (introduced in 1997) have been on the scene. The big difference between these two types of individual retirement savings vehicles is when you pay federal (and possibly state) income tax on your savings.

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The 411 on 529 College Savings Plans
Estate Planning

The 411 on 529 College Savings Plans

College savings accounts, known as the 529 Plan, can be confusing. Parents know that they have tax incentives. However, what exactly are those benefits? Which investment options make the most sense? Which costs are covered, and which aren’t? Many parents don’t care if they have so many questions. Here are answers to frequently asked questions about the 529 plan to help get rid of some of the fog.

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Who Receives an Inherited IRA after the Beneficiary Passes?
Estate Planning

Who Receives an Inherited IRA after the Beneficiary Passes?

What happens if a non-spouse beneficiary inherits an IRA account but dies before the money is put in her name. There were no contingent beneficiaries. Which estate would get the IRA?

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Making Sure Your Estate Plan Works
Estate Planning

Making Sure Your Estate Plan Works

Your estate plan is much more likely to be successful, when you recognize and avoid the most common mistakes and take some key actions that often are overlooked.

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Should I Add Someone to My Bank Account?
Estate Planning

Should I Add Someone to My Bank Account?

I know of someone who was joint account holder with his dad for many years, then later his dad then appointed him as power of attorney. How does that work? Is the son still a joint account holder?

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