Estate Planning and Insurance Concerns When You Divorce
If you are getting a divorce from your spouse, you have a lot of planning to do.
You will need to name your own beneficiaries, organize your divided assets, and
set up your individual estate. It is important that you meet with a qualified attorney to discuss the specifics
of planning your estate to ensure that your wishes are carried out as you desire. You need to be well versed in the most strategic methods of dividing your joint estate so that you do not end up paying all of the taxes while he or she enjoys the benefits of your assets. I have outlined some important information for you to be aware of when planning
your estate after your divorce.
Please keep in mind that divorces lend themselves
to new structures for individuals. You will want to meet with a qualified attorney
to discuss how to best protect your new estate. Assigning Your Beneficiary
During your marriage, chances are your spouse was the sole or major beneficiary of your estate. After your divorce, it is important that you designate a new beneficiary on all of your documents and for all of your accounts. The federal law called ERISA pre-empts state laws that automatically remove an ex-spouse as the beneficiary of retirement plans.
Therefore, its important that you remove the ex-spouse as the beneficiary unless you wish for him or her to remain as your designated beneficiary. Please note: Once you re-name your beneficiary, it is possible that your ex-spouse will still retain the rights to part of your retirement benefits that you accrued during the time of your marriage. I recommend consulting with a qualified estate planning attorney to determine just how much of your benefits and estate will be designated to your ex-spouse after your divorce. Dividing Your Assets
During the course of your divorce, you and your ex-spouse determine how your joint estate will be divided. Take a minute to review a few assets that you will need to divide:
- appreciated assets, such as mutual funds, and stocks;
- real estate, including investments, repairs, insurances and mortgages;
- personal property, such as jewelry, artwork and clothes;
- retirement plans, such as qualified plans and IRAs; and
- your home, which can be divided in different ways to meet both parties financial needs.
- The Revocable Living Trust helps you avoid probate by allowing your Trustee to distribute your assets according to the instructions that you have outlined.
- The Childrens Trust allows you to designate funds that your child will use later in his life to pay for his education, home, etc.
- The Irrevocable Life Insurance Trust, otherwise known as ILIT , allows you to distribute the death benefit estate tax-free when and how you want, even long after youre gone.
. Thomas McNally is the staff writer at the National Directory of Estate Planning, Probate & Elder Law Attorneys. McNally stresses the importance of finding a qualified estate planning attorney to ensure that your estate passes to whom you want, when you want, and is carried out in the manner you've chosen.
Five Top Colorado Bioscience Company CEOs Present at This Year’s BioWest Investor Forum
Denver, CO (ContentDesk) July 28, 2006 -- The Colorado BioScience Association (CBSA) and the Colorado Office of Economic Development and International Trade (OEDIT) jointly announce participation of the following Colorado bioscience CEOs in the BioWest Investor Forum on August 24, 2006 (3:45 - 5:45 p.m.), at the Colorado Convention Center:
Paul Berns, Allos Therapeutics; John Serino, Encision; Bill Freytag, Myogen; Patrick Mahaffy, Pharmion; and Ken Collins, Replidyne. This is the first time that a group of CEOs at this level have presented in one place at one event in Colorado, says Denise Brown, CBSA Executive Director. They will discuss their newest clinical findings, regulatory approvals and other relevant investor information. Conference registration is required in order to attend the Investor Forum.
Complete registration details for the BioWest Conference and Expo are available at http://www.BioWestConference.com."The...
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Budgeting For Prosperity
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Budgeting For Prosperity
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Five Top Colorado Bioscience Company CEOs Present at This Year’s BioWest Investor Forum
Denver, CO (ContentDesk) July 28, 2006 -- The Colorado BioScience Association (CBSA) and the Colorado Office of Economic Development and International Trade (OEDIT) jointly announce participation of the following Colorado bioscience CEOs in the BioWest Investor Forum on August 24, 2006 (3:45 - 5:45 p.m.), at the Colorado Convention Center:
Paul Berns, Allos Therapeutics; John Serino, Encision; Bill Freytag, Myogen; Patrick Mahaffy, Pharmion; and Ken Collins, Replidyne. This is the first time that a group of CEOs at this level have presented in one place at one event in Colorado, says Denise Brown, CBSA Executive Director. They will discuss their newest clinical findings, regulatory approvals and other relevant investor information. Conference registration is required in order to attend the Investor Forum.
Complete registration details for the BioWest Conference and Expo are available at http://www.BioWestConference.com."The...
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The Basics of Business Record Keeping
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Normally, tax records should be kept for three years, but some documents - records relating to a home purchase or sale, stock transactions, IRA and business or rental property - should be kept longer.Good record keeping not only enables the IRS to evaluate your business...
The Basics of Business Record Keeping
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Five Top Colorado Bioscience Company CEOs Present at This Year’s BioWest Investor Forum
Denver, CO (ContentDesk) July 28, 2006 -- The Colorado BioScience Association (CBSA) and the Colorado Office of Economic Development and International Trade (OEDIT) jointly announce participation of the following Colorado bioscience CEOs in the BioWest Investor Forum on August 24, 2006 (3:45 - 5:45 p.m.), at the Colorado Convention Center:
Paul Berns, Allos Therapeutics; John Serino, Encision; Bill Freytag, Myogen; Patrick Mahaffy, Pharmion; and Ken Collins, Replidyne. This is the first time that a group of CEOs at this level have presented in one place at one event in Colorado, says Denise Brown, CBSA Executive Director. They will discuss their newest clinical findings, regulatory approvals and other relevant investor information. Conference registration is required in order to attend the Investor Forum.
Complete registration details for the BioWest Conference and Expo are available at http://www.BioWestConference.com."The...
Ira > Five Top Colorado Bioscience Company CEOs Present at This Year’s BioWest Investor Forum
Financial Planning for the MTV Generation
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Financial Planning for the MTV Generation
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Estate Planning and Insurance Concerns When You Divorce Ira
Estate Planning and Insurance Concerns When You Divorce
High Power, High Stability 660nm Wavelength Laser Diode Module
(ContentDesk) November 6, 2005 -- UK optoelectronics device manufacturer and laser diode specialist, Photonic Products, has launched a new 660nm laser diode module with a very high, very stable output power of 70mW and adjustable AR coated glass optics.The 660nm Photon Laser Module, PM806G-GR, incorporates an Opnext HL6548FG high power laser diode (100mW absolute maximum optical output power), with internal monitor photodiode in a 9mm package. An internal monitor photodiode is a unique feature...
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The Ugly Truth About Commercial Cosmetics
Boston, MA (ContentDesk) May 4, 2006 -- Over 90% of all ingredients in commercially available cosmetics are of synthetic origin and directly linked to serious health risks like cancer, infertility, kidney and liver disease and severe skin issues. Skin Deep's Report which recomends Natural Cosmetics has identified over 900 chemicals commonly available for use in cosmetics that have toxic substances and are...
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Beds In A Bag Make You An Instant Designing Pro!
If you feel bedroom-designing challenged like I am, then bed in a bag sets may just be perfect for you! Everything you need comes in one complete set, and is designed to match or coordinate perfectly.With no guess work, your bedroom will come out looking just like those in the finest home design magazines and at a price you can afford.If you stick with the better designer brands names like Lawrence, Burlington House, Dan River, and Croscill you'll find the attention to detail, fabrics and quality...
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