At the Gupta Law Firm, we can provide estate planning for you to protect you, your family, and your family members with special needs. An advanced plan will provide comfort to you that your loved one is protected. We will work with you to create a complete estate plan that will address some of the biggest concerns that family members have when protecting a loved one with special needs. The components include a proper financial plan, protection from creditors and other third parties, required advocacy, and proper estate preservation. At your strategy session, we will provide an overview of the information needed to prepare a plan, suggestions on the proper way to implement the plan, and review the need for any special needs trust or other planning vehicle.
Half of seniors depend on income from defined benefit pension plans, and poverty rates among households without pension income are six times higher than those with retirement income from a pension, current statistics reveal. At the Gupta Law Firm, we can help you assert your pension rights.
Life insurance policies and certain types of accounts, such as 401(k)s and IRAs, have beneficiary clauses that override wills. This means that the funds in these accounts will be distributed to whomever you named as beneficiaries, no matter what you specify in your will. Make sure you're up to date on who you've already named as beneficiaries for these accounts. Many people often forget to designate a beneficiary. Make sure the beneficiaries you listed on these accounts are correct and that they align with your will.
You can also use a trust to distribute funds from these accounts. A trust is a legal entity that allows your estate to be distributed without having to go through the courts. With a trust, you can list the trustee as your beneficiary and then these accounts won't go through legal proceedings.
If you, your spouse, or someone else own real estate, a bank account, or other real property together, then you can draft an agreement that will name you as "joint tenants with rights of survivorship," which means that both of you are named as equal owners of the property. When you die, the surviving joint tenant has a right to 100 percent of those assets, even if this is contrary to what your will says.
Another way to hold assets jointly with another person is what's called tenancy in common. Under this form of joint tenancy, you can write in your will that your share of the assets will be distributed to a person of your choice.