Text Box: One Gateway Center - 8 South Pittsburgh, PA 15222 Text Box: Law Firm of Martin J. Hagan LLC Text Box: Many people believe that by having a Will, and perhaps also a revocable lifetime trust, all of their affairs will be in order at the time of death. However, this may prove to be a false assumption, especially if they own retirement accounts (including IRAs and 401(k) plans), life insurance, and annuities. These assets will typically pass at death directly to the individuals designated as beneficiaries under the contract, not to the owner’s estate. Likewise, jointly owned property with right of survivorship will pass to the surviving owners, not under the Will of the first owner to die. In many cases, very little property will actually pass under the Will. Good estate planning includes COORDINATING how all of your property will pass at death. A periodic review of your estate plan should include looking at the current beneficiary designations of your retirement accounts, life insurance policies, and annuities, as well as the names of the joint owners, and updating them as necessary to make sure that these assets will pass at death to the same persons, charities, or trusts that you have provided for in your Will or revocaText Box: Coordinating how your assets will pass at death Text Box: 412-433-9996 412-433-9980 Fax mhagan@haganlaw.net www.haganlaw.net Text Box:

DISCLAIMER

 

This newsletter is intended for informational purposes only, and is not intended to be used nor should it be relied on as legal advice.

DISCLAIMER

Martin J. Hagan is licensed to practice law in the Commonwealth of Pennsylvania. This website is intended solely for informational use and is not intended to solicit clients. Likewise, any information contained in or obtained from this web site is for informational purposes only and is not intended to be used as legal advice.

IRS CIRCULAR 230 DISCLAIMER:   Pursuant to Treasury guidelines, any tax advice contained in this website (or any link from it) does not constitute a formal opinion. Accordingly, any tax advice contained in this website (or any link from it) is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be asserted by the Internal Revenue Service. You should seek advice based on your particular circumstances from an independent tax advisor.

Send mail to mhagan@haganlaw.net  with questions or comments about this web site.
Copyright © 2007 Martin J. Hagan, One Gateway Center - 8 South; Pittsburgh, PA 15222-1435
Last Updated: 06/29/07