|Volume LVIII||May 2011||Number 2|
Cautions in Estate Planning
For all of you who have planned your estate, a few cautions are in order. There are a number of common unforeseen problems that are easily overlooked, and can quietly derail your intentions in your Will.
A prime example is something in nearly everyone's estate: titled assets. These include such things as IRAs, investment accounts and insurance policies. Caution here is warranted because the named beneficiaries in these assets override your Will.
This means that if your estate's value is mainly in titled assets, your Will in fact may not determine the distribution of most of your estate. Family and charitable heirs may not receive what you want.
There are other potential problems as well. They can reduce gifts to heirs, reduce the size of your estate, put a big smile on Uncle Sam's face, or have other adverse effects.
In some cases, Masonic Charities can help. For persons considering including the Masonic Charities in their estate plan, assistance is available. A licensed attorney with a focus in estate planning is on staff. He can provide a complimentary review of your estate plan, and offer guidance which may help you avoid unforeseen problems. (Please note that Masonic Charities does not provide formal legal advice, and in most cases it is necessary to meet with your own independent attorney to complete final documents.)
Such a review also may save you money. It can reduce your overall legal costs for your estate plan. This is because you will be better prepared to discuss with your attorney your personal estate planning documents necessary to attain your goals.
If you are considering including Masonic Charities in your estate plan, and would like suggestions on how best to accomplish your goals for estate and charitable planning, please call us at the number below or return the Reply Form. Our sincere thanks for your charitable intentions.
14th Annual Meeting in the Hills - Friday, June 24, 2011
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