Topic: News

A Quick Mini Checklist


Joe Grandma Blog_Page_1

Audrey

 

 

Audrey wrote, “The funeral director is very helpful in making the arrangements and will advise what steps should be taken. If possible, it would be advisable to make a few decisions BEFORE setting up an appointment.”

 

Screen Shot 2019-04-17 at 1.07.53 PM

 

These decisions range from the immediate matter of organizing a funeral ceremony and selecting the nature of the deceased’s burial or cremation to managing financial transfers from the deceased to his or her heirs.

One useful tip is to prioritize settling the affairs and transitioning the assets of the deceased. Be sure to cancel the deceased’s appointments and either cancel or re-direct pension checks and Social Security benefits to a surviving spouse as soon as possible. You should consider adding a co-signer for bank accounts to streamline this process for an elderly parent. 

Compiling all necessary documents of the deceased is also an important step. For example, Audrey recommended ordering copies of the death certificate immediately to be issued to the deceased’s banks, life insurance companies, medical insurance companies, pension companies and the Social Security agency.

 

Screen Shot 2019-04-17 at 1.09.57 PM

 

She also advised bringing the cemetery deed to the funeral home, as well as preparing checks for expected expenses, including the headstone, the excavation of the grave, funeral fees and fees for ceremony personnel such as an organist.

Making ceremonial decisions in advance, preferably with regard to the previously stated wishes of the deceased, can reduce stress and uncertainty after a loved one passes away. These decisions may include the number of receiving dates, who will serve as pall bearers, whether the casket will be open or closed and the type of flowers that will be present at the ceremony, or whether burial or cremation is desired.

Having a plan can make even the most tragic occasion more manageable and turn it into a celebration of life. By following Audrey’s sage advice, you can spend less time organizing logistics and more time honoring the life and legacy of your loved one.

VIEW AUDREY'S LETTER  DOWNLOAD AUDREY'S CHECKLIST

May 13, 2019

Topic: News

STATE BY STATE TAX RATE COMPARISONS MAP

DOCR_Map copy CLICK TO ENLARGE IMAGE

 

Looking at the retirement landscape through a tax lens, where you retire can have a big impact on your spending power and quality of life. This view of State by State Tax Comparisons was created specifically to assist you in your estate plan process.

Consult with your attorney for the best strategy, including moving your assets to a NH trust no matter where you live.

 

 

 

March 12, 2019

Topic: News

TOP TEN REASONS TO UPDATE YOUR ESTATE PLAN

iStock-886482572

If you already have an estate plan, then you're off to a great start. If you haven't begun this process yet, now is the time to take the necessary steps to do so. Once your estate plan has been drawn up, it is strongly recommended that you revise and review it every three to five years. 

Whether you're here because you've made those initial steps and are staying ahead of the game, or you just don't know where to start, we have you covered. Here's the top ten reasons why you should update your estate plan:

1. New Child or Grandchild

Welcoming a new child to your family is always a joyous occasion. It is also a great time to ensure your estate will benefit and support the next generation.

2. New Marriage

Make sure that your estate will provide for your new spouse or protect assets from your child’s spouse. Even if you are not yet married, you can adjust your estate to benefit your partner.

3. Retirement

Feel secure as you transition to the next stage of your life by reviewing your estate plan at retirement. 

4. New Laws

Whether or not you plan on moving to a new state, reviewing state laws for regular updates is always wise. In addition, federal laws, including the 2017 Tax Cuts and Jobs Act, continue to adjust for inflation and change over time, so  it is important to make sure your estate maximizes the benefits that these changes provide. 

5. Expand Your Beneficiaries 

Beyond family and loved ones, many clients allocate their estates to benefit organizations and charities that serve their passions.

6. Child Has Reached the Age of 18

Celebrate this important milestone by making sure all your estate documents are up to date and properly recognize your new adult beneficiary. Additionally   adult children need Power of Attorney, HIPAA Release and Health Care Proxy before heading off to college, so that their parents can still act on their behalf in the event of an emergency.

7. Divorce or a Death in the Family

It is important to adjust your estate so that assets allocated to former beneficiaries are redistributed to other loved ones. 

8. Opening a New Business

Safeguard your livelihood by establishing a business succession plan in your estate.

9. Receiving an Inheritance

If you find yourself the beneficiary of a sudden windfall, be sure to account for your new assets in your estate.

10. The Passage of Time

It is always a best practice to review your estate every three to five years to take into account new life events and changes to the law.

February 21, 2019