We Need to Talk About Estate Planning
IF YOU HAVE DONE YOUR ESTATE PLANNING…GREAT! WE NEED TO TALK
IF YOU HAVE NOT-WHY NOT? WE NEED TO TALK
If you have done your Estate Planning, we need to see that your beneficiary designations are coordinated. If you are not yet done, we need to talk about the beneficiaries and titling of your assets.
Most of us have recognized that over the years, everything we do in the world of business and finance seems to require more and more paperwork. New consumer information laws require disclosure forms; then there are those forms to comply with the Patriot Act and those for the Privacy Act. And because we live in such a litigious society, there are forms to protect you from not getting the right information and forms to protect those who give you the information. All in all, everything requires a document or form of some sort.
If you are a client of The Musuneggi Financial Group, you have undoubtedly been reminded numerous times of the need to have an updated will, beneficiary forms, powers of attorney, living will and family letter. Although having these documents was always important, in today’s world they are critical. Over the years, our firm has too often had to be party to situations where the lack of the correct documents has cost our clients time and money; and even put strains on their businesses; or on their relationships with family members, spouses and business partners.
We, once again, want to encourage you to meet with your attorney to be sure your documents are up-to-date. If you do not have the proper documents, we want to encourage you to get these as soon as possible. If you don’t know an attorney, we will be glad to introduce you to one who is a specialist in the areas of estate and business planning. If you update your documents, be sure to contact us, so that we can help coordinate your beneficiaries with your updated wills.
The way that your assets are titled is extremely important as to how they will be handled in case of your death, divorce or any other life changing situation. Be sure all of your investments, savings and bank accounts are titled correctly.
The way that your assets are titled is extremely important as to how they will be handled in case of your death, divorce or any other life changing situation. Be sure all of your investments, savings and bank accounts are titled correctly.
A FINANCIAL POWER OF ATTORNEY IS A MUST…AND HERE IS WHY
If you have accounts that are titled in your name only, you need to have a Financial Power of Attorney who can act on these accounts, if you are unable to do so. The solution may not be to add someone else’s name to the account. This could cause a gifting issue or other serious problems. Many married couples believe that because all of their accounts are held jointly, they do not need a Power of Attorney.
But IRA’s are owned individually; and if you are disabled, your spouse cannot automatically act on your behalf for these accounts. And if you are the person who normally handles an account for another, such as a parent or even an adult child, there may be times that you need to act on their behalf when they are not here to sign or give consent. A Power of Attorney can help resolve this issue, too. And with privacy laws, our firm is not permitted to give a child, a sibling, or even a spouse, information on another individual’s account, without written permission.
We are, therefore, requiring that all of our clients provide us with a copy of their Power of Attorney or we will provide you with an “Authorization To Provide Information” Form. Please fax the form to 412-341-0725, mail it to our office, or bring it to your next appointment. If you are not prepared to do a complete Estate Plan, we do have attorneys on our team who will prepare a Financial Power of Attorney as a standalone document.
As financial consultants, we feel it is part of our responsibility to help our clients survive any unexpected life situation that may arise. When you are in need of our help we want to be in a position to help. This is one way we hope to accomplish this goal.
Financial advisors do not provide specific legal advice and this information should not be considered as such. You should always consult legal advisor regarding your specific situation.