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September 2014 Archives

Mistakes celebrities made in their estates can be avoided

The estate planning mistakes of some celebrities can teach Pennsylvania retirees some very important lessons. Michael Crichton, Casey Kasem, Phillip Seymour Hoffman and Robin Williams all made some critical errors that could have been avoided. These mistakes affected the privacy of their estate, the amount of money their heirs paid to the government and, in Chrichton's case, the inheritance of one of his children.

Avoiding important estate planning mistakes

A Pennsylvania resident with few assets may figure that there is not really a need for an estate plan. However, this is just one of many errors that could affect the outcome for that person as well as for possible beneficiaries. It is easy to put off estate planning, but the issue should not be ignored. Even with a modest estate, a plan may help in limiting challenges for those expecting to inherit a decedent's assets.

Considerations for IRAs and estate planning

Those who seek a legal professional's assistance with will preparation and estate planning in Pennsylvania may feel ready for the future, but in some cases, these planners may fail to consider the different strategies that might maximize an individual retirement account's payouts. Without clear beneficiary designations, the issues of who gets these assets and how quickly the funds must be withdrawn are out of a beneficiary's control.

Good and bad assets to keep through retirement

Pennsylvania retirees who have enough money in their savings to live comfortably for the rest of their lives may serve themselves well by focusing on ways to reduce the tax burden for their children and other loved ones when they inherit their assets. Some assets are most valuable when they are passed down as they are and others that should be converted to cash to get the most benefit from the tax code.

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