Happy Thanksgiving from NFS

by NFS | Nov 27, 2014 | Archives

8 Estate Planning Mistakes to Avoid

by NFS | Nov 12, 2014 | Archives

Estate planning can be complicated, and it’s not uncommon for people to make mistakes with their plans. But financial advisors make errors, too, so here are the most common mistakes I have encountered from other financial and estate planners.

1. Improper beneficiary designations

I frequently see advisors improperly completing beneficiary designations. Examples: not changing the beneficiary due to divorce or a death, or listing a special needs child or grandchild directly as a beneficiary, rather than a trust FBO (for benefit of), thereby affecting their eligibility for Social Security disability benefits.

2. Not changing asset titles to trusts

Incorporating revocable living trusts into a client’s estate plan but forgetting to update all the account titling to the name of the trust. Not changing titles creates problems that include having to pay additional probate costs, losing the private nature of settling the estate, etc.

3. Incorrectly assuming clients’ goals

Many advisors assume a client’s main goal is to save estate taxes, for example. However, when really connecting with a client, we might find that taxes are only a small aspect of their objectives. Sometimes, in listening to the client, we realize that their fears are more about their heirs’ ability to manage the inheritance as well as decisions such as trustees, etc.

4. Naming minor children as account beneficiaries

Letting clients name minor children outright as primary or contingent beneficiaries of life insurance or retirement plans. When minor children inherit, a court must appoint a guardian who must be bonded and must file a laborious annual accounting with the local court.

5. Wrong choice of executors and trustees

Naming a financial institution as successor executor/trustee after surviving spouse or instead of surviving spouse. In some cases, this is to the detriment of the spouse and other beneficiaries because large institutions usually follow their fiduciary responsibilities with a less personable approach than another trustee could provide.

6. Failure to address medical directives

Many attorneys will draft a health-care power of attorney (POA) and living will. If the two documents co-exist, they may conflict since the POA allows another to make decisions while the living will already states what is to be done. Absent statutory (or document) direction, health-care providers may experience a conflict in what to do.

7. Ignoring state estate and inheritance taxes

Many states follow the federal $5 million-plus exemption for taxable estates, but the states do not always exempt this larger amount. For example, in Massachusetts, estates over $1,000,000 that are not left to the surviving spouse are subject to a Massachusetts estate tax.

8. Failure to address asset protection

Most couples fear losing their assets to nursing homes. For couples nearing retirement, strategies that protect assets should be explored. Strategies include lifetime credit shelter trusts, life estate deeds, gifting and other techniques that make assets available for use but beyond the reach of creditors.

Income Tax Extension Deadline – October 15

by NFS | Oct 14, 2014 | Archives

If you filed for a federal tax extension in April, your tax forms need to be filed by TODAY, October 15th.

Taxes are normally due on April 15th every year, but taxpayers are eligible to file for an automatic extension if they need more time to prepare their tax return.

Please contact our office if you are having trouble completing your returns today and need help getting them done by midnight tonight.





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Happy Columbus Day

by NFS | Oct 12, 2014 | Archives

Happy Columbus Day from NFS!

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Last Day of Life Insurance Awareness Month

by NFS | Sep 29, 2014 | Archives

As we have presented this September, life insurance can do some pretty amazing things for people. It can buy loved ones time to grieve. It can pay off debts and loans, providing surviving family members with the chance to move on with a clean slate. It can keep families in their homes and pre-fund a child’s college education. It can keep a family business in the family. It can provide a stream of income for a family to live on for a period of time. Life insurance can do all of these wonderful things for your family…there’s just one small catch. You need to own life insurance.

There’s a growing crisis of too many Americans not having adequate life insurance protection. According to the industry research group LIMRA, 30 percent of US households have no life insurance whatsoever. Today there are 11 million fewer American households covered by life insurance compared with six years ago. Here’s the bottom line: A majority of families either have no life insurance or not enough, leaving them one accident or terminal illness away from a financial catastrophe for their loved ones.

What if you were suddenly gone and your family had to manage on their own? When was the last time you did the math to make sure your loved ones would be OK financially? Have you checked with your employer to find out what kind of life insurance benefit you have through work and whether you have the option to increase your coverage? When was the last time you had your life insurance needs reviewed by an insurance professional? Northeast Financial Strategies is here to help!

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