Thursday, December 1, 2011

Elective Share

Most people are not aware that North Carolina enacted a newly revised elective share statute in 2009.  This matters most for those in second marriages or those who wish not to leave everything to their spouses.  Essentially, a surviving spouse can elect against a will and beneficiary designations on on financial accounts, to receive either a half or quarter of all of the deceased spouse's assets.  This comes as a big shock to the named beneficiaries!

Friday, October 21, 2011

IRA Beneficiary Designations

I find that most people do not want to think about their own death, but usually realize they need a will.  However, it is equally important to think about those assets that pass outside of your will, such as retirement accounts.  Designating a beneficiary is really a bit trickier than most people think - such as not naming a minor, or setting up tax planning trusts, but simply naming your spouse.  I recently read a relevant article that highlights some of these issues.

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