Author: berwitzandditata

An IRA or qualified plan is often a family’s largest investment. Improperly designating your beneficiaries, failing to name beneficiaries, or failing to update your designations, can have unforeseen and even disastrous results. A retirement plan that defaults to the estate is subject to debts, taxes and creditor claims, in addition to accelerated income tax. What...

Alarmingly, instances of financial abuse perpetrated against the elderly and disabled are on the rise. According to the National Council on Aging [NCOA], 1 in 5 individuals in the United States is aged 60+ and 1 in 13 of these individuals will experience some instance of abuse, neglect and/or financial exploitation. Perhaps the most alarming...

A Step Ahead is intended to provide our clients, friends and family with information that we believe is of interest to them concerning estate planning, retirement planning, Medicaid planning, guardianships, probate and estate administration and the practical considerations of caring for those who are aging, blind or disabled. However, Berwitz & DiTata LLP also represents...

As we approach the end of another year, we have been asked by clients whether 2013 should be a year in which they make gifts. Gifting is usually thought of as a tax saving strategy, but whether it should be implemented to reduce future estate tax liability or for some other purpose, gifting and the...

A Last Will and Testament, known simply as a Will, is a formal legal document governed by strict statutory requirements. It directs how a deceased person’s property and assets will be legally distributed to named individuals and entities. People often misunderstand how property is transferred after death. They believe that when they name their spouse,...

Some topics are meant to be private. This list should include “what happens with my money and property when I pass away.” People are generally unaware that a Last Will and Testament is a public record. After you die, if a Last Will and Testament is the means by which your estate is administered, your...

It is not uncommon for an elder parent to add an adult child’s name to his or her checking or savings account, or to any other asset, thereby making the child a joint owner. While this is often done for convenience purposes, it can have serious, unexpected and undesirable consequences. Since the child legally owns...