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    Joshua and Laura Meier Newport Beach Trust and Estate Planning Attorneys Focused on Helping Families with Young Kids
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    Oct 30 12

    Important Tips for Designating Beneficiaries in Newport Beach

    Newport Beach Law Firm

    Assets that allow beneficiary designations
    provide powerful benefits that permit the owner to designate who will inherit
    the assets, how they can inherit the assets, avoidance of probate, and
    potential tax minimization, to name a few. Most individuals do not give the
    necessary attention to how they designate their beneficiaries.

    Family on HillThere is the right way to do
    just about anything, and it’s usually not the easy way. Thankfully there are
    those rare shortcuts that are actually pretty solid, so long as you remember
    when and where to take them.

    When it comes to proper estate
    planning, the shortcuts are the existing options you already have with
    insurances and retirement accounts that allow you to designate your
    beneficiaries on a simple beneficiary designation form.

    For many of us, the beneficiary
    form is the first practical experience we have with estate planning. For
    thoughtful and downright tactful tips for designating your beneficiaries
    designations, consider a recent article in Fox
    titled “Bulletproofing Your Beneficiaries.

    When it comes to beneficiary
    designations, some of them are shortcuts and some of them are dead-ends, and
    still others can completely undo your estate plans if you simply forget about
    them. That noted, there are at least two key points to consider. The second
    point is the beneficiary designation must be coordinated with your overall
    estate plan to the right beneficiaries (or even a system of trusts) to
    eliminate probate and minimize taxes. The first point, and a source of
    immediate concern, is that you must know who all of your beneficiaries are on
    all your accounts at all times. If you don’t know already, then it’s high time
    for a “beneficiary audit” of all your accounts and, if necessary, a reworking
    of those designations to meet your distribution goals.

    Contact your Newport Beach estate planning attorneys at Meier
    Law Firm to discuss all of your estate planning needs

    Reference: Fox Business
    (October 1, 2012) “Bulletproofing Your Beneficiaries

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