Wenzel & Wenzel, PLLC

Elective Share

2011-12-01T13:37:00.001-05:00

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!
http://www.ncga.state.nc.us/EnactedLegislation/Statutes/HTML/ByArticle/Chapter_30/Article_1A.html

IRA Beneficiary Designations

2011-10-21T14:18:00.002-04:00

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.
http://trustsandestates.com/news/estate_death_ira_beneficiary/

2011-10-21T13:40:00.001-04:00

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