Norton Basu LLP

If you’re married, make sure you and your partner are on the same pageyou should both know how to track and pay bills. Talk to your adult children about your finances and your estate plan.

A great deal of preparation goes into drafting an estate plan. The more information and details you gather regarding your finances, the more options and tools your estate planning lawyer can use to create a sound estate plan. http://ow.ly/qmjP50DrDH8 #estateplanning

To start, find a segue into the conversation, like a family event or news article. Then, plan a conversation with them and make sure all siblings can be involved. http://ow.ly/q3Ko50DrCNO #estateplanning

Request change of beneficiary forms for all retirement accounts IRA, 401(k), 403(b) and life insurance policies. Without a stipulation in the divorce decree terminating their interest, an ex-spouse still listed as beneficiary of an IRA or life insurance policy could lead to problems upon your death. http://ow.ly/qfNY50DnX7K #estateplanning

For those with the ability and desire to give, a wealth management plan that involves optimizing the lifetime exemption, annual exclusion gift limits, and/or other exempt gifts can be a very simple and effective tax-saving strategy over time. http://ow.ly/Ok0P50DnWHn #estateplanning

Now is a good time to check on who will receive your benefits after your death. That means looking at all your retirement plans and life insurance to make sure the beneficiaries are updated and correct. http://ow.ly/JPXq50CWlEQ #estateplanning

As much emphasis is placed on saving and investing, there often are other important areas missed in planning as mentioned, such as estate planning, life insurance and long-term care, to name a few. http://ow.ly/V32Q50CWl9Z #estateplanning

Happy Holidays & many thanks! In unfamiliar times, our clients and partners stuck by us. We couldn’t do it without you. Wishing you and your family a happy and healthy holiday season! In gratitude, your team at Norton Basu LLP.

It’s important to make sure that your will, living trust, living will or advance directive, power of attorney, and any other estate-planning documents you have are in full compliance with your new state’s laws. http://ow.ly/aXZj50CRCj2 #estateplanning

As we come to the time of year when New Year’s resolutions take center stage, here’s one to add to the list: update your beneficiary designations. http://ow.ly/QeY050CRCdm #estateplanning

For many young couples with kids and bills to pay, a common response to estate planning is what estate? Yet an important aspect of having a willone that couples tend to overlookis choosing a guardian. Failing to choose a guardian could mean chaos after your death, with the potential scenario of your child being placed into a foster home. Here’s what you need to consider: http://ow.ly/Jbc650CbPgA #estateplanning

Last year, Rupple saw the wife of one his best friends get sick and die. I remember how painful it was for them while she was on her deathbed, having attorneys in there doing estate plans for the two of them, he says. I would never want that, and now the situation with COVID made me realize it’s probably a good time to get ahead of that sort of thing. http://ow.ly/X3ds50CbOZq #estateplanning

In simple terms, an estate plan is the process of preparing for the transition of control and distribution of your assets in the event you can no longer manage them yourself, and ultimately in the event of your death. http://ow.ly/L42W50CbOtA #estateplanning

There will come a time when you realize that you have spent a lifetime building your wealth and you want to know how it can provide a lasting legacy to the next generation. This type of wealth planning is what we call Legacy Planning. http://ow.ly/p3T450CbOjm #estateplanning

A new study (The Pandemic’s Impact on Women) released last week by Fidelity brought this statistic to light: The majority of women surveyed (67%) said they are now more engaged in managing their money since the onset of the pandemic. http://ow.ly/RtZT50CbGtk #estateplanning

"I don't care what happens to my assets because I'll be dead." Your estate plan is not limited to the transfer of assets at your death. Revocable living trusts are a valuable estate planning tool that can provide protection if you are ever unable to pay your bills and manage your affairs due the natural aging process, illness or an accident. http://ow.ly/4aJs50BUZHN... #estateplanning

Though it might seem counterintuitive, the holidays are a good time to address estate planning with your parents if your family will be gathering together. It allows everyone to feel equally included. http://ow.ly/6EV350BUYQy #estateplanning

It's birthday season at Norton Basu LLP! Please join us in wishing Partner & Co-Founder, Zakiya Norton, a happy birthday!!

Wishing you a safe and spooky Halloween! . . . #estateplanning #womenlawyers #happyhalloween

Estate planning is a critical part of financial planning, but something many Americans procrastinate about. An estate planner can help you prevent crucial missteps and assist you in adjusting your plans as your circumstances, and laws, change. . . . #estateplanning #womenlawyers

Creating a trust is only the first step in the process; it must also be funded. To fund a living trust is to transfer property to the trust either by giving the trust ownership or, in some cases, by designating the trust as a beneficiary. http://ow.ly/z0JW50C39od #estateplanning

Please join us in wishing Partner & Co-Founder, Somita Basu, a happy birthday!! Many happy returns!

Estate planning is the best way to ensure that your loved ones are cared for after you pass away. By creating your estate plan early, you can give yourself, and your family, the benefit of peace of mind. . . . #estateplanning #womenlawyers #deathplanning