Monday, May 20, 2013

Money Outside Your Estate Plan

I hope you found last week’s blog, “Show Me The Money” interesting.  I am looking forward to hearing some stories as you try your luck in the government gold mine.

Back again with more thoughts on Estate Planning after completing your divorce, but now I want to talk to you about retirement assets.  Technically, these are not in your Estate Plan, but they must be dealt with correctly in your estate planning.

You have completed your divorce, and you have life insurance, a pension, a 401K, an IRA, an Annuity, a Health Savings Account or some type of retirement/death benefit, you probably designated your ex as the beneficiary or trustee for the benefit of your children.  Good chance you haven’t changed that designation yet, or simply forgot to.  Guess what I just reminded you to do?  We need to make sure that these beneficiary name changes happen, after your divorce is final, which means Judgment in hand and in conjunction with your Estate Plan.

One thing I believe in, is having the right team of professionals to help you move forward in life.  Hire experts and follow their advise.  No one is a master of all aspects of Estate Planning.  My job would be to advise you and develop your Estate Planning documents.  You may need a Financial Advisor to help you with these retirement investments.  You may need an Insurance Broker to make sure you have the right type of insurance investment or annuity.  You may need a personal banker to assit you with the proper controlling accounts.  You may need an Accountant to help maximize your tax planning or even lifetime gifting.  You may need a Property or Mortgage Specialist if you are fortunate enough to have a home or investment property.  These and others are your Estate Planning team.  Each of them will have something to contribute to your decision making for these special assets that go outside your Estate Plan, but are an important part of your Estate Planning.

In the days that follow, I will give you more reasons to create, review and revise your Estate Plan. However, if you are interested in learning more about an Estate Plan, Wills, Trusts, Advanced Healthcare Directives, or Divorce, Custody, Visitation, Child Support, Spousal Support, Property Division, Modifications, Remarriage, or Pre-Nuptial Agreements, and you live in Santa Clara County or thereabout, please contact me at, or through my other websites at, or at for Fred Begun